Ithaca Energy Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013; Provides Production Guidance for the Full Year 2013
Nov 11 13
Ithaca Energy Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company’s revenue was $114,112,000 against $41,579,000 a year ago. Operating profit was $34,794,000 against $13,847,000 a year ago. Profit before interest and tax was $50,874,000 against $2,606,000 a year ago. Profit before tax was $45,921,000 against $1,970,000 a year ago. Profit after tax was $54,104,000 or $0.17 diluted per share against $4,894,000 or $0.02 diluted per share a year ago. Net cash from operating activities was $69,861,000 or $0.25 diluted per share against $22,832,000 or $0.12 diluted per share a year ago. Capital expenditure was $139,304,000 against $60,456,000 a year ago.
For the nine months, the company’s revenue was $302,241,000 against $117,912,000 a year ago. Operating profit was $56,259,000 against $31,672,000 a year ago. Profit before interest and tax was $129,485,000 against $39,349,000 a year ago. Profit before tax was $117,297,000 against $37,476,000 a year ago. Profit after tax was $109,805,000 or $0.37 diluted per share against $48,051,000 or $0.18 diluted per share a year ago. Net cash from operating activities was $198,229,000 or $0.63 diluted per share against $77,855,000 or $0.29 diluted per share a year ago. Capital expenditure was $196,943,000 against $114,745,000 a year ago.
For the full year 2013, total pro-forma production is forecast to average approximately 13,000 boepd; this reflects inclusion of full year production from the assets acquired as part of the Valiant Petroleum plc acquisition, which completed on April 19, 2013. This is lower than originally anticipated for the year due primarily to production deferrals resulting from the longer than anticipated duration of the shutdowns that impacted the Cook and Causeway Area fields during the second half of the year, and delay to completion of the electrical submersible pump related works on the Taqa-operated host facility for Causeway.
Ithaca Energy Inc. Reports Production Results for the Third Quarter of 2013
Oct 15 13
Ithaca Energy Inc. reported production results for the third quarter of 2013. Total net export production was approximately 1.1 million barrels of oil equivalent, which equates to an average rate over the quarter of approximately 12,000 boepd, with oil production accounting for 96% of the total. Production during the quarter was reduced as a result of the previously advised shutdowns. Production during the quarter was derived from the operated Athena, Causeway Area (Causeway and Fionn), Beatrice, Jacky and Anglia fields and the non-operated Dons (Don Southwest and West Don), Cook, Broom and Topaz fields. Total production was impacted by commencement of the major planned shutdown of the Taqa-operated North Cormorant platform, which serves as the host facility for the Causeway Area fields. This shutdown is forecast to be completed around mid-October 2013, slightly behind the original schedule. The timely completion of this shutdown and thereafter execution to plan of the remaining platform modifications required to deliver power to the Causeway electrical submersible pump package installed in the well represents a key remaining risk to full year 2013 production. Production was also effected by the previously advised unplanned shutdown of the Shell operated Cook field in August 2013 for inspection of the infield flowline connecting the field to its host facility, the Anasuria floating production, storage and offloading vessel. The inspection has now been completed, with the results enabling the reinstatement of production. The shutdown duration was longer than initially anticipated by the field Operator, with production having just recently been restored.
Ithaca Energy Inc. Executes Extended and Improved Long Term Senior Bank Debt Facilities
Oct 10 13
Ithaca Energy Inc. announced that it has executed extended and improved long term senior bank debt financing facilities and oil sales agreements. Increased existing Reserve Based Lending ("RBL") facility from $430 million to $610 million, with enhanced terms in the form of a reduced margin cost and greater flexibility over future unallocated capital. This has enabled retirement of the $350 million bridge credit facility established to facilitate the Valiant Petroleum plc acquisition in April 2013. Established a new five year $100 million corporate facility, providing additional funding flexibility to add new appraisal /development opportunities to the existing portfolio. The $610 million RBL facility replaces both the existing $430 million RBL facility that was put in place in May 2012 and the $350 million bridge credit facility that was established in March 2013 to facilitate Ithaca's acquisition of Valiant. This increased RBL facility is based on conventional oil and gas industry borrowing base financing terms, with a loan term until June 2017, and is available to fund on-going development activities and any producing asset acquisitions.