Ithaca posts FY net profit of $7.9m

12th Apr 2010 08:41

Canadian independent oil and gas company Ithaca Energy reported a full year net profit US$7.9m, helped by increased production, sales and a surge in oil prices.Revenues rose to $110.8m from $3.28m before, provided mostly by oil sales of $101.3m and from the provision of facilities and services at the Nigg terminal and other services of $9.2m.Ithaca said it is targeting average daily production of 5,100 barrels of oil a day in 2010, compared to 4,042 in 2009. Commenting on current trading CEO Iain McKendrick said, "We have made a good start to the current year with the drilling of the Stella appraisal well, from which test results are expected shortly.""2009 was a year of great progress and financial transformation. A sustained contribution of production from the Beatrice Field during the year, the start-up of the Jacky Field in April 2009 and increasing crude oil prices throughout the year provided substantial sales revenues."