Ithaca Expects Steady Production in 2014

North Sea-focused Ithaca Energy reported Wednesday that it expects its 2014 production to be roughly the same rate at that achieved in 2013. In 2013 Ithaca averaged around 13,000 barrels of oil equivalent per day, while guidance from the company for 2014 is between 11,000 and 13,000 boepd – with 95 percent of this amount being composed of oil.

Ithaca said that it expects first hydrocarbons to be produced from its Greater Stella Area hub at the end of 2014, which should result in net initial annualized production for the company of approximately 16,000 boepd.

Ithaca said that it expects its capital spending in 2014 to be approximately $295 million

Around $185 million of 2014 spending relates to Ithaca’s Greater Stella Area development, $100 million relates to investments in the company’s existing producing asset portfolio and $10 million relates to its Norwegian portfolio.

Ithaca expects a number of production enhancement activities to be completed in the Causeway Area during 2014, while its joint venture at the Don Southwest field is planning to drill a new infill production well during the year. At Athena a workover will be performed on the P4 well during the second half of the year, while extension works are to be undertaken at the Cook field.

Meanwhile, Ithaca said that operations are ongoing at the Handcross prospect in the West of Shetlands sector of the UK Continental Shelf. 

In terms of developing its business further, Ithaca said that it will continue to seek opportunities to enhance the value of its existing UK portfolio. The firm said its growth strategy remains focused on securing appraisal, development and production opportunities.


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