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Ithaca Energy Keeps Production Guidance On Higher Third Quarter

Mon, 05th Oct 2015 09:02

LONDON (Alliance News) - Ithaca Energy Inc Monday reiterated its full year production guidance as it reported a rise in average production for the third quarter of 2015.

Ithaca said its average production for the quarter to end-September was 12,000 barrels of oil equivalent per day, compared to 11,600 boepd in the previous year.

This takes its average year to date production as the end of the third quarter to 12,300 boepd, compared to 11,600 a year before.

Ithaca reiterated its full year expectation of 12,000 boepd.

The company reduced its full year forecast capital expenditure by USD30 million to USD120 million, as a result of lower subsea infrastructure installation costs.

Ithaca will release its financial results for the third quarter November 16.

Shares in Ithaca were up 5.2% at 35.25 pence Monday morning.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews