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Record earnings despite production setback for Ithaca Energy

Record earnings despite production setback for Ithaca Energy

North Sea operator Ithaca Energy has delivered record earnings despite oil production falling below expectations.

The company – which is Canadian incorporated but has its operational headquarters in Aberdeen – saw quarterly earnings climb to $54.1 million in the third quarter, up from $4.9m a year earlier.

Total revenues grew to $114.1m – almost treble the $41.6m achieved in the same period in 2012 – in the three month period.

However, the company yesterday said total pro-forma production – inclusive of new output from the assets of Vailant Petroleum which Ithaca acquired in the Spring – was forecast to average 13,000 barrels of oil equivalent per day during 2013.

Ithaca said the figure was lower than originally anticipated and was 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.”

Despite the production setback, chief financial officer Graham Forbes remained confident about the firm’s future prospects.

He said: “Continued high netbacks of over $70/boe have enabled us to deliver both record cashflows and earnings during a quarter where annual shutdowns have tempered production.

“These results, together with the enhanced debt facilities announced in October, provide an excellent financial platform to drive the company forward.”