Ithaca Energy said it expects to begin production from its North Sea Greater Stella field early next year.
Progress on the FPF-1 floating production facility modifications programme and sail-away of the vessel to the field are both on track for delivering first hydrocarbons in the second quarter of next year.
The firm also reported hedging 10,187 barrels of oil per day (bopd) at $96/bbl – well above a market average of $62/bbl.
The Canadian-based company produced 12,667bopd in its latest quarter.
The tie-in of its Ythan field development was finished in time for the planned maintenance shutdown of the Dons facilities and the Sullom Voe Terminal in Shetland. The initial performance of the Ythan well has been encouraging, according to the firm.
However, Ithaca added it expected production to dip in the third quarter due to a two-month shutdown of the Cook Field.
The firm will release its full financial results next month.
The company recently strengthened its cash flow after selling off its Norwegian operations for $30million.
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