Operational PerformanceIthaca's 2Q24 results show poor operational delivery, with FY24 production guidance cut due to issues across both the operated and non-operated portfolio.
Regulatory EnvironmentExposure to a frequently changing UK fiscal regime creates uncertainty around the development of key growth projects.
Tax PolicyThe largest driver of equity value remains uncertainty over windfall taxes, with Labour policy clear on increasing the headline rate to 78%, but unclear on what might happen to investment allowances.