Click here to close now.

Welcome!

Microsoft Cloud Authors: Aleksei Gavrilenko, Elizabeth White, Liz McMillan, Pat Romanski, Jaynesh Shah

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.

@ThingsExpo Stories
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps 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 opportunity. Submit your speaking proposal today!
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Architect for the Internet of Things and Intelligent Systems, described how to revolutionize your archit...
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, 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. Among the proven benefits, DevOps is corr...
SYS-CON Events announced today that Secure Infrastructure & Services will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Secure Infrastructure & Services (SIAS) is a managed services provider of cloud computing solutions for the IBM Power Systems market. The company helps mid-market firms built on IBM hardware platforms to deploy new levels of reliable and cost-effective computing and high availability solutions, leveraging the cloud and the benefits of Infrastructure-as-a-Service (IaaS...
To many people, IoT is a buzzword whose value is not understood. Many people think IoT is all about wearables and home automation. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed some incredible game-changing use cases and how they are transforming industries like agriculture, manufacturing, health care, and smart cities. He will discuss cool technologies like smart dust, robotics, smart labels, and much more. Prepare to be blown away with a glimpse of the future.
SYS-CON Events announced today that ProfitBricks, the provider of painless cloud infrastructure, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. ProfitBricks is the IaaS provider that offers a painless cloud experience for all IT users, with no learning curve. ProfitBricks boasts flexible cloud servers and networking, an integrated Data Center Designer tool for visual control over the cloud and the best price/performance value available. ProfitBricks was named one of the coolest Clo...
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises are using some form of XaaS – software, platform, and infrastructure as a service.
Internet of Things is moving from being a hype to a reality. Experts estimate that internet connected cars will grow to 152 million, while over 100 million internet connected wireless light bulbs and lamps will be operational by 2020. These and many other intriguing statistics highlight the importance of Internet powered devices and how market penetration is going to multiply many times over in the next few years.
The basic integration architecture, as defined by ESBs, hasn’t changed for more than a decade. Most cloud integration providers still rely on an ESB architecture and their proprietary connectors. As a result, enterprise integration projects suffer from constraints of availability and reliability of these connectors that are not re-usable across other integration vendors. However, the rapid adoption of APIs and almost ubiquitous availability of APIs amongst most SaaS and Cloud applications are rapidly redefining traditional integration approaches and their reliance on proprietary connectors. ...
SYS-CON Events announced today that Dyn, the worldwide leader in Internet Performance, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Dyn is a cloud-based Internet Performance company. Dyn helps companies monitor, control, and optimize online infrastructure for an exceptional end-user experience. Through a world-class network and unrivaled, objective intelligence into Internet conditions, Dyn ensures traffic gets delivered faster, safer, and more reliably than ever.
"We have a tagline - "Power in the API Economy." What that means is everything that is built in applications and connected applications is done through APIs," explained Roberto Medrano, Executive Vice President at Akana, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
WebRTC converts the entire network into a ubiquitous communications cloud thereby connecting anytime, anywhere through any point. In his session at WebRTC Summit,, Mark Castleman, EIR at Bell Labs and Head of Future X Labs, will discuss how the transformational nature of communications is achieved through the democratizing force of WebRTC. WebRTC is doing for voice what HTML did for web content.
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi’s VP Business Development and Engineering, will explore the IoT cloud-based platform technologies driving this change including privacy controls, data transparency and integration of real time context wi...
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists peeled away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud environment, and we must architect and code accordingly. At the very least, you'll have no problem fillin...
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of profound change in the industry.
Internet of Things (IoT) will be a hybrid ecosystem of diverse devices and sensors collaborating with operational and enterprise systems to create the next big application. In their session at @ThingsExpo, Bramh Gupta, founder and CEO of robomq.io, and Fred Yatzeck, principal architect leading product development at robomq.io, discussed how choosing the right middleware and integration strategy from the get-go will enable IoT solution developers to adapt and grow with the industry, while at the same time reduce Time to Market (TTM) by using plug and play capabilities offered by a robust IoT ...
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society-changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world and it starts with business models and monetization strategies.
SYS-CON Events announced today that BMC will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. BMC delivers software solutions that help IT transform digital enterprises for the ultimate competitive business advantage. BMC has worked with thousands of leading companies to create and deliver powerful IT management services. From mainframe to cloud to mobile, BMC pairs high-speed digital innovation with robust IT industrialization – allowing customers to provide amazing user experiences with optimized IT per...
There will be 150 billion connected devices by 2020. New digital businesses have already disrupted value chains across every industry. APIs are at the center of the digital business. You need to understand what assets you have that can be exposed digitally, what their digital value chain is, and how to create an effective business model around that value chain to compete in this economy. No enterprise can be complacent and not engage in the digital economy. Learn how to be the disruptor and not the disruptee.