15th Oct 2013 10:27
LONDON (Alliance News) - Ithaca Energy Inc. Tuesday said it has achieved key milestones at its greater Stella Area in the UK North Sea but has experienced lower production across its operations.
The North Sea oil and gas producer said a new 60 kilometre gas export pipeline has been fully installed and is ready to receive gas from the site and that drilling is going to plan at the "A2" development well at the site, which is expected to take 80-90 days to drill.
The company said that ongoing works at its FPF-1 floating production facility have been completed and the vessel has returned to the water.
Ithaca also said that due to the major shutdown of its Taqa-operated North Cormorant platform during the three months ended September 30, the company's third quarter net average export production was down at 12,000 barrels of oil equivalent per day compared to 14,300 boepd in its first half.
The company said its third quarter financial results are scheduled to be published on November 11.
Ithaca shares were down 0.3% to 149.00 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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