Ithaca Energy posts Q4 production up 31 per cent on previous quarter

North Sea focused oil and gas company Ithaca Energy reported Thursday that its fourth quarter production results came within expectations, up 31 per cent on the previous quarter.

Net average export production - including net production from the Cook and MacCulloch field interests being acquired from Noble Energy - for the final quarter of 2012 totalled 6,631 barrels of oil equivalent per day (boepd), with approximately 90% being oil production.

Production benefited from a strong performance by the Athena field, which continues to produce "dry" oil at a stable gross daily rate of between 10,000 and 11,000 barrels of oil per day.

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Looking ahead to 2013, net average export production is forecast to be in the range of 6,000 to 6,700 boepd, including the net contribution anticipated from the Noble Assets.

The capital expenditure programme for the year will be focused on the execution of the Greater Stella Area development and is anticipated to total $360m, which will be funded from existing financial resources.

The share price fell 1.86% to 132p by 14:06.

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