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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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.
NR
-
Christmas at Chatsworth: review of The Cavendish Hotel at BaslowMoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
-
Tycoon Truong My Lan on death row over world’s biggest bank fraudProperty tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
