Ithaca Energy stock expands in Canada with 103 million boe

Published on 10/08/2026 at 10:01 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Ithaca Energy stock was last at GBp 276.60 on October 8, 2026, up 0.73 percent. Its Canada deal adds 103 million boe of reserves.

Ithaca Energy, GB00BPJHV584, Illustration mit AI erstellt.

Ithaca Energy stock (ISIN GB00BPJHV584) was last at GBp 276.60 on the London Stock Exchange on October 8, 2026, up 0.73 percent from GBp 274.60. The company had agreed on October 5, 2026, to buy offshore Canadian assets from Suncor for USD 860 million upfront, with up to USD 250 million in contingent payments.

Canada deal adds 103 million boe

According to Investegate, the October 5, 2026, transaction covers a 48 percent operated interest in Terra Nova and interests of 40 percent and 38.6 percent in White Rose assets. Ithaca said the portfolio adds 103 million barrels of oil equivalent of 2P reserves.

The acquired assets are expected to contribute average production of 30,000 barrels of oil equivalent per day between 2027 and 2031, rising to 35,000 to 40,000 barrels per day in 2029. The deal also lifts Ithaca's medium-term production outlook to 140,000 to 150,000 barrels of oil equivalent per day, with completion targeted for the first half of 2027.

Cash flow meets execution risk

Reuters reported on October 5, 2026, that Ithaca expects the acquisition to be immediately accretive to adjusted EBITDAX, free cash flow and dividend per share after completion. The same report noted that Ithaca will assume investment commitments and future liabilities, including a C$500 million regulatory well program and C$1.4 billion of abandonment and lease liabilities.

The latest reported operating picture also contains a measurable earnings comparison. Simply Wall St cited Q2 2026 revenue of US$811.1 million and net income of US$59.7 million, compared with US$746.4 million and US$41.1 million in Q2 2025. Net margin was 7.4 percent, up from 5.5 percent.

Analyst view remains divided

According to Markets Insider on October 5, 2026, Barclays maintained a Sell rating and a GBP 2.50 price target. The published consensus was Hold with an average target of GBp 283.67, placing the average target GBp 7.07 above the October 8 price.

Stock stays below yearly high

At GBp 276.60 on October 8, 2026, Ithaca Energy stock stood 7.37 percent below its 52-week high of GBp 298.60 and above its 52-week low of GBp 149.80. Market capitalization was GBP 4.5 billion as of October 8, 2026, while volume reached 141,344 shares at 8:55 a.m. BST.