Ithaca hit by delays to planned maintenance shutdowns

North Sea focused oil and gas company Ithaca Energy has reported third quarter production at 5,061 barrels of oil equivalent per day (boepd), an increase of 28 per cent on the previous quarter.

North Sea focused oil and gas company Ithaca Energy has reported third quarter production at 5,061 barrels of oil equivalent per day (boepd), an increase of 28 per cent on the previous quarter.

The three month period was boosted by the first full quarter's contribution from the Athena field and strong performance from the Beatrice and Jacky fields, which have compensated for the anticipated reduction in Cook and Broom production during the quarter due to planned maintenance shutdowns.

However, the shutdown at the Cook Field took 20 days longer than the planned 50, ending instead earlier this month.

The firm said that production from the Athena field has stabilised at a gross daily rate of between 10,000 and 11,000 barrels of oil per day, of which 2,250 to 2,475 is net to Ithaca.

Production for the current quarter is forecast to be in the range of 6,300 to 6,900 boepd, including the net contribution anticipated from the Cook and MacCulloch field interests being acquired from Noble Energy.

The share price fell 1.3% to 123.25p by late morning.

NR

Recommended

The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
6 Feb 2023
The outlook for Shell shares is mixed, despite bumper profits
Energy stocks

The outlook for Shell shares is mixed, despite bumper profits

With profits surging, it looks as if Shell is on a roll, but the company’s growth from here is hard to see as Rupert Hargreaves explains.
6 Feb 2023
The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into accord…
2 Feb 2023
The top ten dividend stocks in the FTSE 250
Share tips

The top ten dividend stocks in the FTSE 250

The average FTSE 250 dividend yield is around 4%, but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income investo…
17 Jan 2023

Most Popular

Share tips of the week – 3 February 2023
Investments

Share tips of the week – 3 February 2023

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages
3 Feb 2023
The best one-year fixed savings accounts - February 2023
Savings

The best one-year fixed savings accounts - February 2023

Earn almost 5% on one-year fixed savings accounts.
6 Feb 2023
Will energy prices go down in 2023?
Personal finance

Will energy prices go down in 2023?

Wholesale gas prices are on a downward trajectory, but does this mean lower energy bills later this year?
6 Feb 2023