|By Marketwired .||
|January 10, 2013 02:00 AM EST||
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
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducted a live demonstration of how quickly application development can happen when the need to comply wit...
Jul. 29, 2015 07:30 AM EDT Reads: 229
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...
Jul. 28, 2015 06:30 PM EDT Reads: 1,372
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.
Jul. 28, 2015 04:30 PM EDT Reads: 1,752
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
Jul. 28, 2015 04:00 PM EDT Reads: 219
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.
Jul. 28, 2015 03:00 PM EDT Reads: 1,247
Discussions about cloud computing are evolving into discussions about enterprise IT in general. As enterprises increasingly migrate toward their own unique clouds, new issues such as the use of containers and microservices emerge to keep things interesting. In this Power Panel at 16th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the state of cloud computing today, and what enterprise IT professionals need to know about how the latest topics and trends affect their organization.
Jul. 28, 2015 02:00 PM EDT Reads: 1,157
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Jul. 28, 2015 11:45 AM EDT Reads: 410
Converging digital disruptions is creating a major sea change - Cisco calls this the Internet of Everything (IoE). IoE is the network connection of People, Process, Data and Things, fueled by Cloud, Mobile, Social, Analytics and Security, and it represents a $19Trillion value-at-stake over the next 10 years. In her keynote at @ThingsExpo, Manjula Talreja, VP of Cisco Consulting Services, discussed IoE and the enormous opportunities it provides to public and private firms alike. She will share what businesses must do to thrive in the IoE economy, citing examples from several industry sectors.
Jul. 28, 2015 11:00 AM EDT Reads: 2,029
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Opening Keynote at 16th Cloud Expo, Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, d...
Jul. 27, 2015 09:00 PM EDT Reads: 2,038
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.
Jul. 27, 2015 10:00 AM EDT Reads: 2,019
Akana has released Envision, an enhanced API analytics platform that helps enterprises mine critical insights across their digital eco-systems, understand their customers and partners and offer value-added personalized services. “In today’s digital economy, data-driven insights are proving to be a key differentiator for businesses. Understanding the data that is being tunneled through their APIs and how it can be used to optimize their business and operations is of paramount importance,” said Alistair Farquharson, CTO of Akana.
Jul. 27, 2015 09:00 AM EDT Reads: 309
Business as usual for IT is evolving into a "Make or Buy" decision on a service-by-service conversation with input from the LOBs. How does your organization move forward with cloud? In his general session at 16th Cloud Expo, Paul Maravei, Regional Sales Manager, Hybrid Cloud and Managed Services at Cisco, discusses how Cisco and its partners offer a market-leading portfolio and ecosystem of cloud infrastructure and application services that allow you to uniquely and securely combine cloud business applications and services across multiple cloud delivery models.
Jul. 27, 2015 08:00 AM EDT Reads: 1,891
The enterprise market will drive IoT device adoption over the next five years. In his session at @ThingsExpo, John Greenough, an analyst at BI Intelligence, division of Business Insider, analyzed how companies will adopt IoT products and the associated cost of adopting those products. John Greenough is the lead analyst covering the Internet of Things for BI Intelligence- Business Insider’s paid research service. Numerous IoT companies have cited his analysis of the IoT. Prior to joining BI Intelligence, he worked analyzing bank technology for Corporate Insight and The Clearing House Payment...
Jul. 26, 2015 09:00 PM EDT Reads: 1,558
In his keynote at 16th Cloud Expo, Rodney Rogers, CEO of Virtustream, discussed the evolution of the company from inception to its recent acquisition by EMC – including personal insights, lessons learned (and some WTF moments) along the way. Learn how Virtustream’s unique approach of combining the economics and elasticity of the consumer cloud model with proper performance, application automation and security into a platform became a breakout success with enterprise customers and a natural fit for the EMC Federation.
Jul. 26, 2015 08:00 AM EDT Reads: 2,140
"Optimal Design is a technology integration and product development firm that specializes in connecting devices to the cloud," stated Joe Wascow, Co-Founder & CMO of Optimal Design, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
Jul. 25, 2015 02:00 PM EDT Reads: 379
SYS-CON Events announced today that CommVault has been named “Bronze Sponsor” of 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. A singular vision – a belief in a better way to address current and future data management needs – guides CommVault in the development of Singular Information Management® solutions for high-performance data protection, universal availability and simplified management of data on complex storage networks. CommVault's exclusive single-platform architecture gives companies unp...
Jul. 25, 2015 01:00 PM EDT Reads: 1,943
Electric Cloud and Arynga have announced a product integration partnership that will bring Continuous Delivery solutions to the automotive Internet-of-Things (IoT) market. The joint solution will help automotive manufacturers, OEMs and system integrators adopt DevOps automation and Continuous Delivery practices that reduce software build and release cycle times within the complex and specific parameters of embedded and IoT software systems.
Jul. 25, 2015 12:15 PM EDT Reads: 442
"ciqada is a combined platform of hardware modules and server products that lets people take their existing devices or new devices and lets them be accessible over the Internet for their users," noted Geoff Engelstein of ciqada, a division of Mars International, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
Jul. 25, 2015 12:00 PM EDT Reads: 1,521
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.
Jul. 25, 2015 09:00 AM EDT Reads: 1,480
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.
Jul. 24, 2015 11:00 PM EDT Reads: 2,044