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.

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.

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

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Oil producers are back at their Covid-19 lows – is it time to buy?
Oil

Oil producers are back at their Covid-19 lows – is it time to buy?

With demand for oil hammered by Covid-19 and talk of “peak oil demand”, there are lots of good reasons to be bearish on oil producers. So, asks John S…
22 Sep 2020
IAG's share price is ready for take-off - here's how to play it
Trading

IAG's share price is ready for take-off - here's how to play it

The owner of British Airways has had a turbulent year, but is now worth a punt. Matthew Partridge explains the best way to play it.
8 Sep 2020
Will a second wave of Covid lead to another stockmarket crash?
Stockmarkets

Will a second wave of Covid lead to another stockmarket crash?

Can we expect to see another lockdown like in March, and what will that mean for your money? John Stepek explains.
18 Sep 2020