Operational issues on one of Ithaca Energy’s Jacky field wells contributed to a drop in sales in the third quarter but the North Sea firm has predicted higher production on its Stella field.
Sales at the Toronto and Aim-listed oil and gas firm fell from £22.5million in the third quarter of 2010 to £16.5million in the three months to the end of September 2011, it said today.
The firm, which is operated out of Aberdeen, said the drop was due to natural field decline on Jacky and the operational issues on the Jacky J01 well, which were resolved at the beginning of the quarter.
However, it said was ploughing ahead with key projects and would benefit from production from its Athena development by the end of the year.
The firm recently completed a deal with Petrofac to help develop its Greater Stella area using a floating production vessel.
Ithaca said production on the development is predicted to be in the second half of 2013 and in the region of 30,000 barrels of oil per day – a higher level than previously estimated by the firm.
Ensco’s Ensco 100 has been contracted to drill the first five wells on the field starting in the second half of 2012. A field development plan is due to be submitted by the end of the year.
An appraisal well is due to be drilled on the neighbouring Hurricane prospect by an Awilco semi-submersible drilling rig in the first quarter of 2012, it added.