15th Jan 2014 10:35
LONDON (Alliance News) - Ithaca Energy Inc Wednesday announced its production guidance for 2014 after lower production rates in the company's fourth quarter.
The North Sea oil and gas producer said its production for the full-year ended December 31 was roughly 13,000 barrels of oil equivalent per day, in line with previous guidance, after average production in the company's fourth quarter was down at 11,300 barrels per day after an unplanned shutdown of the company's Cook field to repair a gas export compressor at the site.
The company said its 2014 net production is expected to be in the range of 11,000 to 13,000 barrels of oil equivalent per day and that production during the first-half is expected to be lower than the guidance as the Cook field is not expected for re-start until February.
Ithaca also noted that the figures do not include any production from the Greater Stella Area hub, which is expected to provide annualised production for the company of roughly 16,000 barrels of oil equivalent per day and should start producing at the end of the year.
The company also expects a total capital expenditure for 2014 of USD295 million, the majority of which will go towards the development of the Greater Stella Area hub.
Ithaca shares were down 7.1% to 145.00 pence, putting it in the top AIM losers in early trading Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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