Welcome!

News Feed Item

Ithaca Energy - Q4 2012 Production & 2013 Outlook

ABERDEEN, SCOTLAND -- (Marketwire) -- 01/10/13 --




Not for Distribution to U.S. Newswire Services or for Dissemination in
the United States


                        Ithaca Energy Inc.

               Q4-2012 Production & 2013 Outlook

                         10 January 2013

Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) reports fourth quarter 2012
("Q4-2012" or the "quarter") production results and provides guidance
on the Company's planned 2013 production and capital expenditure
programme.

Highlights

o   Q4-2012 net average export production, including net production
    from the Cook and MacCulloch field interests being acquired from
    Noble Energy Inc. (the "Noble Assets"), was 6,631 barrels of oil
    equivalent per day ("boepd"), within the Company's guidance range
    for the quarter.

o   Net average export production for 2013 is forecast to be in the
    range of 6,000 to 6,700 boepd, including the net contribution
    anticipated from the Noble Assets.

o   The Company's 2013 capital expenditure programme is focused on
    execution of the Greater Stella Area ("GSA") development and is
    anticipated to total US$360 million, which will be funded from
    existing financial resources.

Q4-2012 Production
Total net export production in the quarter, including net production
from the Noble Assets, was 610,070 barrels of oil equivalent ("boe"),
resulting in an average rate of 6,631boepd, with approximately 90%
being oil production. This represents a 31% increase on production in
the third quarter of 2012 (Q3-2012: 5,061boepd) and is within the
Q4-2012 guidance range issued by the Company of 6,300 to 6,900 boepd.

Production in the quarter came from the operated Athena, Beatrice,
Jacky and Anglia fields, the non-operated Cook, Broom and Topaz fields
and the Noble Assets. The effective date of the Noble Assets
acquisition is 1 January 2012, with completion anticipated to occur in
Q1-2013.

Production in Q4-2012 benefited from strong performance by the Athena
field, which continues to produce "dry" oil at a stable gross daily
rate of between 10,000 and 11,000 barrels of oil per day ("bopd"),
2,250 to 2,475 bopd net to Ithaca. Forecast production was achieved
from the Beatrice, Jacky, Cook, Broom and MacCulloch Fields.

Both the Anglia and Topaz fields were shut-in for a considerable period
during the quarter due to issues on the ConocoPhillips operated
Lincolnshire Offshore Gas Gathering System ("LOGGS"), the gas export
infrastructure that receives and transports gas from these fields to
shore. Both fields came back online at the end of December 2012.

2013 Production and Capital Expenditure Programme Guidance
The Company's 2013 net average export production is anticipated to be
in the range of 6,000 to 6,700 boepd, including approximately
1,000boepd from the Noble Assets; approximately 90%is forecast to be
oil production.Approximately 80% of total net production is
anticipated to be derived from the Cook, Athena and Beatrice / Jacky
fields.

The production guidance range reflects anticipated water breakthrough
on the Athena field during 2013 and the impact of planned maintenance
shutdowns, most notably including approximately 25 days on the Shell
operated Anasuria FPSO, the host facility for the Cook field, and 20
days for the Beatrice Complex.The MacCulloch field is currently
shut-in due to suspected damage resulting from the recent period of
extreme weather in the North Sea.The field operator, ConocoPhillips,
is currently investigating the exact nature of the damage and the
schedule associated with reinstating production.The 2013 production
guidance range allows for a potential extended shutdown period
associated with the resumption of normal operations on the MacCulloch
field.

The Company anticipates 2013 net capital expenditure to total
approximately US$360 million. This expenditure is almost entirely
focused on execution of the GSA development, involving commencement of
the development drilling campaign, scheduled for late Q1-2013,
performance of the key offshore subsea infrastructure installation
works by Technip and the FPF-1 modifications programme by Petrofac at
the Remontowa shipyard in Poland.

The Company will fund the 2013 capital expenditure programme from its
existing cash balance, anticipated cashflow from its producing asset
portfolio and some of its currently undrawn US$430 million debt
facility.

Over the course of 2013, the Company intends to issue quarterly
operational updates (alongside its usual quarterly production updates)
highlighting progress on key GSA development activities. Specific
announcements are anticipated to be issued upon the completion of
milestones including for example, commencement of the development
drilling campaign and completion of each well, execution of the subsea
infrastructure installation works and completion of various stages of
work on the FPF-1.

Additional Information
An updated corporate presentation is available on the Company's
website, www.ithacaenergy.com. The presentation includes a production
and cashflow outlook for the years 2013-15.Specific guidance for the
years 2014 and 2015 will be provided at the start of each of these
years.Shareholders should note that cashflows from operations
includes the impact of executed hedges and does not include non-cash
items such as depreciation, depletion and amortisation ("DD&A"),
revaluation of financial instruments, impairments of fixed assets and
movements in goodwill, each of which may have a significant impact on
the Company's profit.

The Company intends to publish its full year 2012 accounts and year-end
reserves, as evaluated by Sproule International Limited, on 26 March
2013.



Enquiries:

Ithaca Energy:
Iain McKendrick, CEO     [email protected]
                                                   +44 (0) 1224 650 261
Graham Forbes, CFO       [email protected]
                                                   +44 (0) 1224 652 151

FTI Consulting:
Billy Clegg              [email protected]
                                                   +44 (0) 207 269 7157
Edward Westropp          [email protected]
+44 (0) 207 269 7230
Georgia Mann             [email protected]
                                                   +44 (0) 207 269 7212

Cenkos Securities plc:
Jon Fitzpatrick          [email protected]
                                                   +44 (0) 207 397 8900
Ken Fleming              [email protected]
                                                   +44 (0) 131 220 6939

RBC Capital Markets:
Tim Chapman              [email protected]
                                                   +44 (0) 207 653 4641
Matthew Coakes           [email protected]
                                                   +44 (0) 207 653 4871


Notes to oil and gas disclosure:

In accordance with AIM Guidelines, John Horsburgh, BSc (Hons)
Geophysics (Edinburgh), MSc Petroleum Geology (Aberdeen) and Subsurface
Manager at Ithaca is the qualified person that has reviewed the
technical information contained in this press release. Mr Horsburgh
has over 15 years operating experience in the upstream oil and gas
industry.

About Ithaca Energy:

Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) and its wholly owned
subsidiary Ithaca Energy (UK) Limited ("Ithaca" or "the Company"),is an
oil and gas operator focused on North Sea production, appraisal and
development activities. The Company's strategy is centred on building
a highly profitable North Sea oil and gas company by maximising
production and cashflow from its existing assets, the appraisal and
development of existing discoveries on properties held by the Company
and the delivery of additional growth via acquisitions and licence
round participation.

   Not for Distribution to U.S. Newswire Services or for Dissemination
   in the United States

Forward-looking statements
Some of the statements in this announcement are forward-looking.
Forward-looking statements include statements regarding the intent,
belief and current expectations of Ithaca Energy Inc. or its officers
with respect to various matters.When used in this announcement, the
words "anticipate", "continue", "estimate", "expect", "may",
"will","project", "plan", "should", "believe", "could", "target" and
similar
expressions, and the negatives thereof., whether used in connection
with operational activities, production forecasts, budgetary figures
contained in the corporate presentation, potential developments or
otherwise, are intended to identify forward-looking statements. Such
statements are not promises or guarantees, and are subject to known and
unknown risks and uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in such
forward-looking statements or information.These forward-looking
statements speak only as of the date of this announcement.Ithaca
Energy Inc. expressly disclaims any obligation or undertaking to
release publicly any updates or revisions to any forward-looking
statement contained herein to reflect any change in its expectations
with regard thereto or any change in events, conditions or
circumstances on which any forward-looking statement is based except as
required by applicable securities laws.

                                  -ENDS-

                    This information is provided by RNS
          The company news service from the London Stock Exchange

END

Contacts:
RNS
Customer
Services
0044-207797-4400
Email Contact
http://www.rns.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
With over 720 million Internet users and 40–50% CAGR, the Chinese Cloud Computing market has been booming. When talking about cloud computing, what are the Chinese users of cloud thinking about? What is the most powerful force that can push them to make the buying decision? How to tap into them? In his session at 18th Cloud Expo, Yu Hao, CEO and co-founder of SpeedyCloud, answered these questions and discussed the results of SpeedyCloud’s survey.
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
"This week we're really focusing on scalability, asset preservation and how do you back up to the cloud and in the cloud with object storage, which is really a new way of attacking dealing with your file, your blocked data, where you put it and how you access it," stated Jeff Greenwald, Senior Director of Market Development at HGST, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develo...
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Basho Technologies has announced the latest release of Basho Riak TS, version 1.3. Riak TS is an enterprise-grade NoSQL database optimized for Internet of Things (IoT). The open source version enables developers to download the software for free and use it in production as well as make contributions to the code and develop applications around Riak TS. Enhancements to Riak TS make it quick, easy and cost-effective to spin up an instance to test new ideas and build IoT applications. In addition to...
Predictive analytics tools monitor, report, and troubleshoot in order to make proactive decisions about the health, performance, and utilization of storage. Most enterprises combine cloud and on-premise storage, resulting in blended environments of physical, virtual, cloud, and other platforms, which justifies more sophisticated storage analytics. In his session at 18th Cloud Expo, Peter McCallum, Vice President of Datacenter Solutions at FalconStor, discussed using predictive analytics to mon...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effi...
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
"We've discovered that after shows 80% if leads that people get, 80% of the conversations end up on the show floor, meaning people forget about it, people forget who they talk to, people forget that there are actual business opportunities to be had here so we try to help out and keep the conversations going," explained Jeff Mesnik, Founder and President of ContentMX, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.