Ithaca Production In Line with Forecasts

UK North Sea-focused Ithaca Energy reported Thursday that its average production for the second quarter of 2014 was approximately 14,400 barrels of oil equivalent per day (boepd). The firm said that the performance was in line with its 2014 production guidance range of between 13,500 and 15,500 boepd.

The production included that from assets acquired from Sumitomo Corporation earlier in the summer and which was backdated to January 1 2014. Excluding these assets Ithaca's production was approximately 11,900 boepd – which was also in line with the firm's previous guidance.

Ithaca said that its 2014 production is forecast to be weighted towards the second half of the year, notably from the third quarter of 2014 after the completion of planned summer maintenance shutdowns. Among the firm's plans are: the start-up the Don Southwest TJ infill well, the drilling of which has recently been completed; the production optimization and resolution of operational issues in the Causeway Area; the recommencement of production from the Pierce field following completion of the ongoing modification works being performed on the field's FPSO vessel; and the completion of the planned well worover on the Athena field, for which the rig is scheduled to arrive on location in August.

The company added that it will release its 2Q 2014 financial results on August 12.



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