Ithaca Energy said average production rose to 12,758 barrels of oil equivalent per day in the second quarter of the year.
The company its revenues fell to $116.4million from $202.9million as a result of the fall in oil prices.
Output was in line with guidance and up from 10,528 boepd a year ago.
Ithaca said it was resilient to the current price decline with two years of hedging in place and an average of 6,400boepd at $70 a barrel until 2017.
Operating costs have been reduced by approximately 29% to $35 compared to last year.
Les Thomas, chief executive, said:“Despite a challenging oil price environment, the Company delivered strong cashflow from operations in the first half of the year, driven by solid production performance, reduced operating costs and substantial hedging gains.
“At the same time the Stella development progressed in line with the planned schedule, with the Technip 2015 subsea campaign materially complete and Petrofac continuing to advance the FPF-1 modifications programme.”
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