North Sea operator Ithaca posted record earnings and cashflow despite being hit by shutdowns during the last quarter.
The company saw earnings up to £33.8million for the three months to September, up from £3million the year before, with revenues up from £25.9million last year to £71million his year.
Production fell to an average of 11,942 barrels of oil per day during the period as autumn shutdowns took their toll, but the high netback value of oil compensated for the drop, the company said.
“Continued high netbacks of over $70/boe have enabled us to deliver both record cashflows and earnings during a quarter where annual shutdowns have tempered production,” said Ithaca finance chief Graham Forbes.
“These results, together with the enhanced debt facilities announced in October, provide an excellent financial platform to drive the company forward.”
Ithaca said it was now progressing with its plans for a new development well on the Greater Stella field, after completing the first well on the find, while subsea infrastructure work is due to be completed shortly.
Watch a video update on the Stella project below