Canadian oil producer Iona Energy increased North Sea production in the second quarter to June.
The company, which has five key assets in the UK sector, saw 3,303 barrels of oil equivalent per day (boepd) produced compared to 2,382 boepd in the same period in 2014.
Following constraints to Huntington production due to unavailability of the Central Area Transmission System (CATS) gas export system, full production resumed from the Huntington field during April 2015.
Huntington second quarter average production was 20,607 boepd (gross) with 3,091 boepd for Iona’s has a 15% working interest.
Its Trent and Tyne operations averaged 1,060 boepd (gross), with 212 boepd where Iona has a 20% working interest.
The company said its Orlando development remained on track for first production in the fourth quarter of 2016.
Planned works relating to Orlando reception facilities on Ninian Central Platform were completed as planned during the summer shutdown period in June 2015.
Second quarter revenue dropped to $16.3 million, compared to $27.1million in 2014, while adjusted EBITDA was $6.4million (2014: $12.2million).
The loss after tax was US$47.6 million compared to a loss of $28million following the impairment of the Huntington asset to the tune of US$13.4 million, driven by a reduction in oil price expectations and related reduction in the deferred tax asset.
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