Ithaca Energy's first quarter profits rise as production grows

13th May 2014 09:54

Ithaca Energy's profit after tax in the first quarter surged to 16.4m dollars from 3.5m dollars the prior year as oil production rose.Average production came to 9,222 barrels of oil equivalent per day (boepd) in the three months ended March 31st 2014, up 50% on the same period last year.The company said production was in line with forecast performance, given the previously announced unplanned Cook field shutdown in January and February and a planned shutdown of the Beatrice Area facilities to complete inspection and maintenance works.Total 2014 production guidance remained unchanged in the range of 11,000 to 13,000 boepd, approximately 95% oil.First quarter cash flow from operations increased by 26% to $43.7m. The average realised price of oil climbed to $108 per barrel from $106 per barrel. Chief Financial Officer Graham Forbes said: "Earnings of $16m represent satisfactory financial results for the first quarter, with the company on-track to deliver the anticipated step-up in operating cashflows over the coming months as the various 2014 production enhancement projects are completed." RD