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Ithaca Energy updates guidance on the outlook for 2015


Published Jan 13, 2015
Ithaca Energy Inc.

Ithaca Energy Inc. provides an operational update and guidance on the outlook for the year ahead.

• Average pro-forma production in 2014 was approximately 12,300 barrels of oil equivalent per day (boepd), 95% oil • Base production in 2015, excluding any contribution associated with start-up of the Stella field during the year, is anticipated to be approximately 12,000 boepd, approximately 95% oil • First hydrocarbons anticipated from the Greater Stella Area (GSA) in the third quarter of 2015, delivering an approximately 16,000 boepd step change in production for the Company • 2015 capital expenditure is anticipated to total approximately $150 million, reflecting the advanced status of the GSA investment programme and reduced production enhancement expenditure • 6,300 barrels of oil per day (bopd) hedged at an average of $102/bbl from 1 January 2015 to 30 June 2016 • The executed hedges through to mid-2016 result in the Company having a Brent breakeven price from the existing producing asset base of under $20/bbl

Tags: Ithaca Energy Inc.




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