New York, January 23 (FinanceEnquiry) - Ithaca Energy Inc, whose main area of interest is over the North Sea, has received an anonymous and confidential offer from a buyer for all of its outstanding shares. Financial details of the offer have not been disclosed, as the oil and gas explorer said that the talks are in the initial stage.

As the company is not bound to follow UK city code of Takeovers and Mergers, it will not provide any protection to its shareholders if the takeover takes place. The company, whose shares listed on the Toronto Stock Exchange gained 12 percent on Friday, operates from its offices in Calgary, Canada and
Aberdeen, Scotland.  It has retained CIBC World Markets as its adviser.

During last three months, the company received reasonable gains in the London and Toronto share markets, with 14 percent gain in London and 11 percent gain in Toronto share markets. In London, its shares were trading at 170 pence, while in Canada the shares closed at CAD2.48 during the last trading session.