With all the bid speculation surrounding Ithaca being put to...

With all the bid speculation surrounding Ithaca being put to rest maybe it is they who will now come calling on Lochard.

This is an excerpt from a recent article:

.....Non-executive chairman Jack Lee said the company would instead focus on the delivery of its long term growth plans to establish itself as a “dynamic North Sea operator”. The company certainly has a credible track record when it comes to funding and managing North Sea projects, using innovative partnership deals and offtake arrangements to add value to project economics and minimise risk.

It’s a pedigree that has impressed its bankers, with the company this week securing a three-fold increase in its debt facility with BNP Paribas. The fully-underwritten five-year US$400 million facility, plus a US$30 million cost overrun tranche, gives the company the financial headroom to fund its ongoing development plans and make new acquisitions. Ithaca now has an enviable balance sheet compared to many of its AIM peers, with the new debt facility adding to existing cash balances of US$110.6 million and robust production revenues...............

They have quite clearly stated to the market that they are looking to expand in the North Sea through acquisitions and they are very cashed up so we may have some good news in the coming months.

Mackec

Full article is at:

http://oilbarrel.com/news/ithaca-energy-secures-us-400-million-loan-to-make-its-own-north-sea-acquisitions-as-it-ends-talks-with-potential-buyers