Welcome!

.NET Authors: Liz McMillan, Jim Kaskade, Lori MacVittie, Yeshim Deniz, Ivan Antsipau

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 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Noted IoT expert and researcher Joseph di Paolantonio (pictured below) has joined the @ThingsExpo faculty. Joseph, who describes himself as an “Independent Thinker” from DataArchon, will speak on the topic of “Smart Grids & Managing Big Utilities.” Over his career, Joseph di Paolantonio has worked in the energy, renewables, aerospace, telecommunications, and information technology industries. His expertise is in data analysis, system engineering, Bayesian statistics, data warehouses, business intelligence, data mining, predictive methods, and very large databases (VLDB). Prior to DataArcho...
Cultural, regulatory, environmental, political and economic (CREPE) conditions over the past decade are creating cross-industry solution spaces that require processes and technologies from both the Internet of Things (IoT), and Data Management and Analytics (DMA). These solution spaces are evolving into Sensor Analytics Ecosystems (SAE) that represent significant new opportunities for organizations of all types. Public Utilities throughout the world, providing electricity, natural gas and water, are pursuing SmartGrid initiatives that represent one of the more mature examples of SAE. We have s...
The Internet of Things (IoT) is going to require a new way of thinking and of developing software for speed, security and innovation. This requires IT leaders to balance business as usual while anticipating for the next market and technology trends. Cloud provides the right IT asset portfolio to help today’s IT leaders manage the old and prepare for the new. Today the cloud conversation is evolving from private and public to hybrid. This session will provide use cases and insights to reinforce the value of the network in helping organizations to maximize their company’s cloud experience.
Disruptive macro trends in technology are impacting and dramatically changing the "art of the possible" relative to supply chain management practices through the innovative use of IoT, cloud, machine learning and Big Data to enable connected ecosystems of engagement. Enterprise informatics can now move beyond point solutions that merely monitor the past and implement integrated enterprise fabrics that enable end-to-end supply chain visibility to improve customer service delivery and optimize supplier management. Learn about enterprise architecture strategies for designing connected systems tha...
IoT is still a vague buzzword for many people. In his session at Internet of @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, will discuss the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. The presentation will also discuss how IoT is perceived by investors and how venture capitalist access this space. Other topics to discuss are barriers to success, what is new, what is old, and what the future may hold.
Whether you're a startup or a 100 year old enterprise, the Internet of Things offers a variety of new capabilities for your business. IoT style solutions can help you get closer your customers, launch new product lines and take over an industry. Some companies are dipping their toes in, but many have already taken the plunge, all while dramatic new capabilities continue to emerge. In his session at Internet of @ThingsExpo, Reid Carlberg, Senior Director, Developer Evangelism at salesforce.com, to discuss real-world use cases, patterns and opportunities you can harness today.
All major researchers estimate there will be tens of billions devices – computers, smartphones, tablets, and sensors – connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be!
Software AG helps organizations transform into Digital Enterprises, so they can differentiate from competitors and better engage customers, partners and employees. Using the Software AG Suite, companies can close the gap between business and IT to create digital systems of differentiation that drive front-line agility. We offer four on-ramps to the Digital Enterprise: alignment through collaborative process analysis; transformation through portfolio management; agility through process automation and integration; and visibility through intelligent business operations and big data.
There will be 50 billion Internet connected devices by 2020. Today, every manufacturer has a propriety protocol and an app. How do we securely integrate these "things" into our lives and businesses in a way that we can easily control and manage? Even better, how do we integrate these "things" so that they control and manage each other so our lives become more convenient or our businesses become more profitable and/or safe? We have heard that the best interface is no interface. In his session at Internet of @ThingsExpo, Chris Matthieu, Co-Founder & CTO at Octoblu, Inc., will discuss how thes...
Last week, while in San Francisco, I used the Uber app and service four times. All four experiences were great, although one of the drivers stopped for 30 seconds and then left as I was walking up to the car. He must have realized I was a blogger. None the less, the next car was just a minute away and I suffered no pain. In this article, my colleague, Ved Sen, Global Head, Advisory Services Social, Mobile and Sensors at Cognizant shares his experiences and insights.
We are reaching the end of the beginning with WebRTC and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will want to use their existing identities, but these will have credentials already that are (hopefully) ir...
Can call centers hang up the phones for good? Intuitive Solutions did. WebRTC enabled this contact center provider to eliminate antiquated telephony and desktop phone infrastructure with a pure web-based solution, allowing them to expand beyond brick-and-mortar confines to a home-based agent model. It also ensured scalability and better service for customers, including MUY! Companies, one of the country's largest franchise restaurant companies with 232 Pizza Hut locations. This is one example of WebRTC adoption today, but the potential is limitless when powered by IoT. Attendees will learn rea...
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at Internet of @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, will share some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, deploy, and manage applications integrating voice, video and data. He is the co-founder ...
The Internet of Things (IoT) promises to create new business models as significant as those that were inspired by the Internet and the smartphone 20 and 10 years ago. What business, social and practical implications will this phenomenon bring? That's the subject of "Monetizing the Internet of Things: Perspectives from the Front Lines," an e-book released today and available free of charge from Aria Systems, the leading innovator in recurring revenue management.
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges.
There’s Big Data, then there’s really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at 6th Big Data Expo®, Hannah Smalltree, Director at Treasure Data, to discuss how IoT, Big Data and deployments are processing massive data volumes from wearables, utilities and other mach...
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at Internet of @ThingsExpo, Erik Lagerway, Co-founder of Hookflash, will walk through the shifting landscape of traditional telephone and voice s...
While great strides have been made relative to the video aspects of remote collaboration, audio technology has basically stagnated. Typically all audio is mixed to a single monaural stream and emanates from a single point, such as a speakerphone or a speaker associated with a video monitor. This leads to confusion and lack of understanding among participants especially regarding who is actually speaking. Spatial teleconferencing introduces the concept of acoustic spatial separation between conference participants in three dimensional space. This has been shown to significantly improve comprehe...
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, will discuss single-value, geo-spatial, and log time series data. By focusing on enterprise applications and the data center, he will use OpenTSDB as an example...