16th Nov 2015 10:26
LONDON (Alliance News) - Ithaca Energy Inc Monday reported a rise in average production in the first nine months of 2015, achieving better-than-expected results in the third quarter, and said it is making solid progress on the Stella development.
The oil and gas company said average production grew 16% to 12,355 barrels of oil equivalent per day, which was in line with guidance. It said its producing assets performed well during the period, with solid operational uptime achieved across the main fields.
The planned shutdown maintenance activities scheduled for the third quarter were efficiently executed, resulting in slightly higher-than-anticipated production during the quarter, Ithaca added.
Full-year production guidance remains unchanged at 12,000 boepd.
Ithaca added that the ongoing development activities in the Greater Stella Area, which is located in the Central Graben area of the Central North Sea, remain focused on the completion of the FPF-1 modifications programme which is being undertaken by Petrofac in the Remotowa shipyard in Poland. Sail-away of the FPF-1 from Poland is planned for the end of the first quarter of 2016, with first production from the Stella field anticipated at the end of the second quarter.
"We are very pleased to report a strong set of results thanks to consistent production levels, strong hedging gains and rigorous cost control, all of which has contributed to commencing deleveraging of the business ahead of the step-change that comes with Stella start-up. In parallel, solid progress continues to be made on the Stella development, with commissioning operations advancing on the critical path FPF-1 modifications programme," Chief Executive Les Thomas said in a statement.
Shares in Ithaca were trading down 0.2% at 41.66 pence Monday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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