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Ithaca Energy forecasts net production of 6,000 - 6,700 boepd for 2013

Last updated: 18:14 10 Jan 2013 AEDT, First published: 19:14 10 Jan 2013 AEDT

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North Sea focussed Ithaca Energy (LON:IAE, TSE:IAE) expects net production of 6,000 to 6,700 barrels of oil per day in 2013.

The company this morning revealed its production figures for the fourth quarter of last year, inclusive of the additional interests being acquired from Noble Energy, with a rate of 6,631 barrels of oil a day over the three month period.

Ithaca’s net production totalled 610,070 barrels of oil in the period.

This comes from the company’s four operated fields (Athena, Beatrice, Jacky and Anglia) as well as its non-operated interests in these other fields (Cook, Broom and Topaz).

Though Ithaca highlights that the Anglia and Topaz operations were ‘shut in’ for a considerable part of the quarter because of issues with the ConocoPhilip’s export infrastructure which receives and transports gas from the fields.

Meanwhile it said that Athena - which is operating with a lower than designed capacity, due to a problem with one of its wells during ramp up – had a strong performance in the fourth quarter and it continues to produce ‘dry’ oil at a stable gross rate of 10,000 to 11,000 barrels a day (which is 2,250 to 2,275 net to Ithaca).

Ithaca also highlighted that its 2013 capital expenditure programme will focus on the development Greater Stella Area. In total this project will cost an anticipated US$360mln.

 

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