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Ithaca Energy: 3Q15 operations update

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Oilfield Technology,

Ithaca Energy Inc. has released an operations update following the end of 3Q15. The company is scheduled to issue its financial results for 3Q15 on 16 November 2015.


Average year to date production to the end of 3Q15 was 12 300 boe/d.

Commissioning operations have commenced on the "FPF-1" floating production facility and sail-away of the vessel remains on track for the end of the 1Q16.

Forecast full year 2015 capital expenditure reduced to US$120 million, a reduction of approximately US$30 million against previous guidance.

Further reduction in forecast net debt at the end of 2015 to approximately US$750 million, down from previous guidance of under US$800 million as a result of cost savings across the business.

During 3Q15 the company benefitted from approximately 9600 bbls of oil per day hedged, equating to 80% of production in the quarter, at an average price of US$92/bbl. This compares to an average Brent price for the period of US$50/bbl.

With the majority of the planned 2015 investment programme now completed, it is expected that total expenditure for the full year will be around US$120 million, being US$30 million lower than previously guided. This saving is primarily driven by reduced GSA subsea infrastructure installation costs, resulting from efficient execution of the various offshore campaigns, as well as the removal of expenditure following the sale of the Norwegian business.

Net debt at 30 September 2015 was US$750 million, down from US$788 million at the end of the second quarter of 2015. This was lower than anticipated as a result of cost savings being achieved across the business and also the timing of payments for the GSA capital expenditure programme.

Edited from press release by

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