9th Oct 2014 08:03
LONDON (Alliance News) - Ithaca Energy Inc Thursday said it has revised its full-year production target following planned maintenance completed in the summer and equipment failure in the Causeway Area of the North Sea.
Average production in the third quarter reached 11,600 barrels of oil equivalent per day. Production during the third quarter was reduced by planned summer maintenance shutdowns, and Ithaca said it expects full-year production for its Causeway Area in the North Sea to be down 1,400 barrels of oil equivalent following equipment failure, which is still being fixed.
This has resulted in a revised full year production estimate of 12,500 barrels of oil equivalent, down from the initial target of 13,500 barrels.
Ithaca have hedged 6,400 barrels of oil per day for two years from July 1, at an average price of USD102 per barrel, above the current oil price, it said.
It has completed its fourth development well and has started drilling its fifth at its Greater Stellar Area in the North Sea, which is due to deliver its first hydrocarbons in the middle of 2015, it said in a statement.
Ithaca shares were down 2.9% to 101.19 pence per share Thursday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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