12th Jan 2016 08:44
LONDON (Alliance News) - Ithaca Energy Inc, an oil and gas operator, on Tuesday said sail-away of the FPF-1 floating production unit from Poland is expected to be delayed by six to twelve weeks "due to slippage in completion of certain commissioning milestones".
Forecast first hydrocarbons from the Greater Stella Area, which is in the UK North Sea, are now expected in the third quarter of 2016, increasing production by about 16,000 barrels of oil equivalent per day net to Ithaca, the company said.
News of the delay came as Ithaca provided an operations update and guidance for the year ahead.
In 2016 production is forecast to more than double to about 25,000 barrels of oil equivalent per day after Stella start-up, the company said.
Average production in 2015 was about 12,100 barrels of oil equivalent per day, slightly higher than full-year guidance of 12,000 barrels.
Base production in 2016, excluding any contribution associated with start-up of the Stella field during the year, is anticipated to be about 9,000 barrels, of which 95% will be oil, Ithaca said.
Shares in Ithaca were down 11% at 18.25 pence on Tuesday morning.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
IAE.L