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North Sea-focused Ithaca Energy has confirmed plans for a London stock market listing to take advantage of a surge of investor interest in the region as a result of the European energy crisis. The company said on Tuesday that it plans to become a "key player in providing energy security to the UK.” It noted that it holds stakes in six of the top 10 largest UK offshore fields, including the two biggest undeveloped discoveries — Cambo and Rosebank. However it did not provide details about the timing or size of its planned initial public offering (IPO) of shares. High oil and gas prices have led to a new wave of interest in exploration of the UK North Sea after years of declining investment. The UK government wants to increase domestic fossil fuel production, and Ithaca’s controversial Cambo oil field is on a list of priority projects. Ithaca has been an active buyer in the North Sea, where it has picked up assets from Chevron, Sumitomo, Mitsui and Marubeni. In April it agreed a $1.46 billion deal to buy private-equity backed Siccar Point Energy as part of a plan to prepare for an IPO and raise output to 80,000-90,000 barrels of oil equivalent per day for the next decade from an average of 56,000 boe/d in 2021.

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