Ithaca’s first quarter profit increased by 370% after the successful rollout of its production enhancement programme.
The firm recorded $43.7million in cash-flow from operations for its first quarter, up $34.8m from last year’s figures.
Average production in the first quarter was 9,222 barrels of oil equivalent per day (boepd), despite shutdowns on the Cook and Beatrice fields.
The firm said its increased production trend was being driven by the execution of its production enhancement programme.
The firm also gave an update regarding its involvement on the Greater Stella Area Development.
A statement on its website said: “As previously announced on 9 May 2014, Petrofac is forecasting that the FPF-1 floating production facility will be ready for sail-away from the Remontowa yard in Poland to the Stella field in spring 2015. This schedule is anticipated to result in first hydrocarbons from the GSA hub in mid-2015.
“Ithaca is working with Petrofac to expedite the remaining construction and commissioning works on the FPF-1.”
Graham Forbes, chief financial officer, added:”Earnings of $16 million represent satisfactory financial results for the first quarter, with the Company on-track to deliver the anticipated step-up in operating cashflows over the coming months as the various 2014 production enhancement projects are completed.”
Recommended for you
