Ithaca Energy’s Shares Surged 2 Percent to C$3.14

Bloomberg reported that Ithaca Energy’s (TSX:IAE) shares surged 2 percent to C$3.14 as it was approached by more potential buyers.

As quoted in the market news:

Ithaca is attracting interest as an embargo of Iranian oil and stronger global growth pushed Brent crude to its highest price in three years. Casimir Capital projects that Ithaca will boost North Sea output fivefold by 2013 and is worth C$3.75 a share as an independent company, which traded at C$2.20 before the January announcement. In a takeover, Korea National Oil, which expanded in the North Sea after acquiring Dana Petroleum Plc in 2010, and EnQuest, owner of a well with Ithaca, are among the most probable buyers, RBC Capital Markets said.

Click here to read the full Bloomberg report.