(Alliance News) - Ithaca Energy PLC on Thursday said it expects its production to have jumped in 2022, amid anticipations for higher net capital expenditure.
The UK North Sea exploration and production company said it expects its 2022 production to be 71,400 barrels of oil equivalent per day, up 26% from 56,500 boepd in 2021.
This includes the acquisition of Marubeni Oil & Gas UK Ltd in the first quarter of 2022.
Ithaca estimates net operating expenses in the fourth quarter were slightly higher at USD19 per barrel from USD18 barrel a year earlier, which it said was driven by higher fuel gas and diesel costs.
For 2022, Ithaca expects its net capital expenditure to have more than doubled to USD416 million from USD188 million in 2021. This reflected "investment activity across the asset base including the Captain EOR Phase II development; well-work at Erskine and Alba; appraisal drilling at Isabella; and a development drilling campaign at Jade," it said.
The company declared an initial interim dividend of USD0.1321 per share, compared to none a year ago.
Ithaca will release its 2022 results on March 29.
Ithaca Energy shares were 3.7% higher at 192.40 pence each in London on Thursday afternoon.
By Tom Budszus, Alliance News reporter
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