Canadian independent and North Sea player Ithaca Energy has posted a net loss of US$5 million for the third quarter of 2008, a widened deficit of some $4.5 million, as the company has yet to earn operating revenues ahead of its Jacky development offshore Britain.

The Jacky platform and its pipeline — now okayed by the U.K. Department of Energy and Climate Change —are Ithaca’s focus. For Jacky’s development, Ithaca is still flush with US$40 million from a recent US$75 million stock issue.

First oil from Jacky is due in first-quarter 2009, when 7,500 barrels of oil equivalent begin to flow.

A US$10 million lease from Talisman of the Beatrice field’s three platforms and storage gurantees Jacky’s 7,500 bpd of crude exports. Some 2,800 bpd from a newly spruced up leased Beatrice complex is also expected on line.

Tags: Ithaca