Aberdeen-based energy company Ithaca saw pre-tax profits double for the first half of 2013.
The North Sea-focused group said it expected full year production figures to be at the lower end of its previous guidance and hit between 14,000 and 16,000 barrels of oil equivalent per day.
The company, which completed its acquisition of Valiant Petroleum in April, posted half-year pre-tax profits of $71.4million, up from $35.5million over the same period last year.
Cashflow for the quarter increased around 300% to £65million, with half year cash flow up from $44.7million to $100.5million
The company said it had farmed out its future exploration and appraisal commitments tied into the Valiant deal, removing around $75million in expenditure.
Despite increasing production during the first half of the year, the company warned it expected full year figures to be at the lower end of its previous expectations, with shut-ins on the Athena and Cook fields.
Work on the Greater Stella field began in June, while drilling on the Norvarg well was completed earlier this month, with the reserves now being evaluated.
“In the first half of the year we have both doubled production and operating cashflow and importantly diversified our producing asset base to 11 fields,” said chief executive Iain McKendrick.
“The Greater Stella Area development is moving forward rapidly and with the integration of the Valiant acquisition now completed, including restructuring of the UK exploration portfolio, we look forward to an active second half of the year.”
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