interview-asset aquisition
INTERVIEW-Ithaca in talks regarding North Sea deals11:05AM ET on Tuesday Mar 29, 2011by Thomson Reuters
LONDON, March 29 (Reuters) - British oil explorer Ithaca Energy <IAE.L>is in talks with several parties regarding asset acquisitions in the North Sea,its chief executive said, adding that a recent tax hike will createopportunities for the firm.
"We aren't just in talks with one party about an acquisition, we're in talkswith several," Chief Executive Iain McKendrick told Reuters in an interview onTuesday, when asked about the company's acquisition plans in the North Sea.
McKendrick said he expected a recent move by the UK government to increasetaxes payable by oil firms could benefit Ithaca <IAE.V> as it has over$200 million of tax allowances but a number of other companies, "tax-payers", donot.
"I think this is going to make quite a lot of companies look again at the UKso there will be more opportunities for a company like Ithaca, at possibly morereasonable prices, as a result of the tax-payers wanting to exit," he said.
(Reporting by Sarah Young; Editing by Kate Holton)