Ithaca Energy (IAE) released financial results for 2013 that contained no major surprises. The North Sea oil group produced roughly 10,400 barrels of oil per day (bopd) in 2013, more than twice 2012 levels, albeit slightly less than consensus estimates of 10,900 bopd. Net profits after tax of $145m (£87m) were broadly in line with expectations.
More encouragingly, 2014 guidance remains unchanged in the range of 11,000 to 13,000 bopd – including the all-important GSA project development, which remains on track to begin production toward the end of 2014 (having previously been pushed back from mid-2014). That said, extreme weather has slightly delayed the third development well, with results now due late in the second quarter, but this is not expected to impact the rest of the development.
