Ithaca Energy has announced that it wants production at Rosebank to commence in 2026/27, despite a court ruling in January which declared the approval of the Scottish oil field as unlawful.
The London-listed company revealed it is collaborating with regulators and the Department for Energy Security and Net Zero to prepare a revised application.
It anticipates the total capital expenditure for the project to be between £147m to £178m, following an estimated spend of around $198m in 2024. Ithaca holds a 20% stake in Rosebank, with the remainder owned by Norway's Equinor.
On Monday, the Aberdeen-based company unveiled its full-year results, announcing an interim dividend of $200m for shareholders.
However, profits took a substantial hit, falling from $292.6m to $153.2m, largely due to increases in the Energy Profits Levy (EPL), also known as the windfall tax. Basic earnings per share also saw a decrease, dropping from 29.1 cents to 13.2 cents.
The energy firm reported a decline in both pre-tax earnings and revenue, attributing this to lower production volumes and realised prices compared to 2023.
Looking forward, the North Sea oil and gas company predicts an increase in production for 2025, bolstered by its recent acquisition of Eni's UK assets worth $975.8m.
The company expects production to range between 105 to 115 barrels of oil equivalent per day.
Executive chair Yaniv Friedman said: "2024 was a transformational year for Ithaca Energy, having made material progress across our strategic objectives creating value organically and inorganically.
"We enter our next era of growth, with a proven strategy and a range of strategic options for growth."
He added: "Our focus in 2025 will continue to be on high-grading investment across our range of growth opportunities, executing in line with our strategy as a value-led investor, to maximise long-term sustainable shareholder value through growth and distributions."
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