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ithaca energy inc (IAE) Snapshot

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03/5/14 - C$2.95
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ithaca energy inc (IAE) Details

Ithaca Energy Inc. explores for, develops, and produces oil and gas in the North Sea. Its principal projects are located in the Northern, Central, and Sothern North Sea; and Moray Firth areas of the United Kingdom Continental Shelf. As of December 31, 2013, the company had proved and probable reserves of 58 million barrels of oil equivalent. Ithaca Energy Inc. was incorporated in 2004 and is headquartered in Aberdeen, the United Kingdom.

50 Employees
Last Reported Date: 03/31/14
Founded in 2004

ithaca energy inc (IAE) Top Compensated Officers

Chief Executive Officer, President and Non-In...
Total Annual Compensation: C$100.7K
Chief Financial Officer
Total Annual Compensation: C$391.7K
Chief Production Officer
Total Annual Compensation: C$351.5K
Chief Technical Officer
Total Annual Compensation: C$327.9K
Chief Developments Officer
Total Annual Compensation: C$338.4K
Compensation as of Fiscal Year 2013.

ithaca energy inc (IAE) Key Developments

Ithaca Energy Inc. Reports Consolidated Operation Update for the Third Quarter of 2014; Revises Production Guidance for the Full Year of 2014

Ithaca Energy Inc. provided operations update for the third quarter of the year 2014. For the quarter, the company reported average pro-forma production was approximately 11,600 barrels of oil equivalent per day. Average consolidated production for the third quarter of 2014 was approximately 10,800 boepd. Net drawn debt at 30 September 2014 was $719 million (excluding the Norwegian tax rebate facility) out of total debt facilities of $1,010 million. It is anticipated that full year 2014 pro-forma production will now be around 12,500 boepd. This is below the 13,500 boepd lower end of the company's 2014 pro-forma guidance range primarily due to production deferrals associated with the Causeway Area fields.

Ithaca Energy Inc. Announces the Successful Completion of Flow Test Operations on the Fourth Development Well on the Stella Field

Ithaca Energy Inc. announced the successful completion of flow test operations on the fourth development well on the Stella field, with the well achieving a flow rate of 12,005 barrels of oil equivalent per day (boepd). Well 30/6a-B2Z is the fourth development well drilled on the Stella field. The well was drilled to a total measured depth subsea of 14,461 feet, with a 2,396 foot gross horizontal reservoir section completed in the Palaeocene Andrew sandstone reservoir. The well intersected high quality sands across a net reservoir interval of 1,658 feet, equating to 69% net pay. As with the previous three Stella development wells, a clean-up flow test was performed on the B2 well in order to effectively remove the drilling fluids used to complete the well. As part of the testing programme the well was flowed at various rates over approximately a 38-hour flowing period in order to obtain additional data and fluid samples from its location on the crest of the structure to assist with reservoir management planning for the field. A maximum flow test was completed during the period, with the well flowing at a rate of 12,005 boepd on a 48/64-inch choke. This rate comprised 5,901 barrels of oil per day and 36.6 million standard cubic feet per day of gas. Fluid samples show that the oil is approximately 47° API. The B2 well is currently in the process of being suspended, with operations scheduled to be completed by the end of the month. The suspension configuration is such that the well can be brought on to production without the requirement for any further well intervention activity once the 'FPF-1' floating production facility is on location and hooked up. Upon completion of operations on the B2 well the ENSCO 100 will be moved approximately three kilometres to the Main Drill Centre to drill a fifth well on the field, in the Stella Ekofisk reservoir that underlies the main Stella Andrew reservoir. The Ekofisk well is targeting light oil production in a chalk formation. The characteristics of the formation mean that initial production rates are likely to be lower than those displayed by the wells in the Andrew sandstone reservoir. Completion of the fifth well, which is expected to be in early 2015, will mark the end of the planned Stella development drilling campaign. Following completion of the B2 well suspension operations, four Stella Andrew reservoir development wells will have been completed, with the combined maximum clean-up flow test results achieved by the wells being in excess of 45,000 boepd. This well production capacity significantly de-risks the initial annualised production forecast for the Greater Stella Area hub of approximately 30,000 boepd (100%), 16,000 boepd net to Ithaca.

Ithaca Energy Inc. Reports Unaudited Consolidated Earnings and Production Results for the Second Quarter and Six Months Ended June 30, 2014

Ithaca Energy Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported revenue decreased by $28.5 million from second quarter of 2013 to $99.9 million. This was primarily driven by a decrease in oil sales volumes partially offset by a modest increase in revenue associated with a higher realized oil price. Operating profit was $7.7 million against $6.4 million a year ago. Loss before interest and tax was $1.3 million compared to profit of $70.7 million a year ago. Loss before tax was $7.1 million compared to profit of $70.7 million a year ago. Loss after tax was $0.7 million compared to $53.8 million a year ago. Net cash from operating activities was $44.9 million against $85 million a year ago. Capital expenditure was $106.0 million against $66.1 million a year ago. For the six months, the company reported revenue of $200 million compared to $188.1 million a year ago. Operating profit was $12.7 million against $16.6 million a year ago. Profit before interest and tax was $9.5 million compared to $80.2 million a year ago. Loss before tax was $2.5 million compared to profit of $73 million a year ago. Profit after tax was $17.0 million or $0.05 per basic and diluted share compared to $57.3 million or $0.20 per basic and diluted share a year ago. Net cash from operating activities was $124 million against $121.3 million a year ago. Capital expenditure was $234.7 million against $91.4 million a year ago. Production in the second quarter of 2014 excluding the Summit Assets was 11,820 boepd, in line with the 2014 guidance range of 11,000 to 13,000 boepd for the Company's existing assets.  This represents a 2% decrease on the same quarter in 2013 (second quarter of 2013: 12,100 boepd), resulting primarily from shutdowns for maintenance and planned production enhancement activities. Average pro-forma production in the first half of 2014, including a contribution of approximately 2,300 boepd from the summit assets, was approximately 12,800 boepd, 94% oil.  Excluding the summit assets, this represents a 15% increase on the same period in 2013 (first half of 2013: 9,138 boepd). The increase is primarily attributable to the inclusion of a full period's contribution from the assets acquired as a result of the Valiant Petroleum plc acquisition, which completed on April 19, 2013, partially offset by an unplanned shutdown of the Cook field in first quarter of 2014 to repair the gas export compressor on the host facility for the field.


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