Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
nice volume energy going to turn next week imo
got a starter here today for swing trade
IAE energy stock strating to turn
Ithaca Energy Inc - Trell Oil Discovery
Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) ("Ithaca" or the "Company")
announces that the TOTAL E&P Norge AS ("TOTAL") operated exploration
well 25/5-9 on the "Trell" Prospect in licence PL102 F/G in the
Norwegian North Sea has discovered oil in the Paleocene Heimdal
Formation.The well intersected 19 metres of net pay in excellent
quality Heimdal reservoir, in a location close to existing
infrastructure.Wireline logs and pressure data have confirmed a
hydrocarbon contact and samples of oil and water were acquired for
further analysis.Preliminary estimates made by the Operator place the
size of the discovery at between 3.1 and 12.5 million barrels of
recoverable oil.
Ithaca entered into an agreement with TOTAL in December 2013 to acquire
a 10% working interest in licences PL102 F/G.Completion of the
transaction is currently progressing through the normal regulatory
consents.The agreement is consistent with Ithaca's strategy in Norway
of gaining access to lower risk exploration opportunities capable of
monetisation prior to development.
The PL102 F/G licensees are TOTAL 40%, (operator), Petoro 30%, Lotos
Exploration and Production Norge 10%, Det Norske Oljeselskap 10% and
Ithaca 10%.
The well was drilled to 2240 metres true vertical depth subsea and
encountered a 21 metre gross oil column.The discovery was made in a
mature area of the Norwegian North Sea, within approximately 10
kilometres of the Heimdal production hub.
Stella A-2 Test Results-
Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) (“Ithaca” or the “Company”) announces completion of flow test operations on the second development well on the Stella field and provides an update on Greater Stella Area (“GSA”) development activities.
Highlights
The second Stella field development well, “A2”, flowed at a maximum rate of 10,442 barrels of oil equivalent per day (“boepd”) on a 44/64-inch choke, with the full production potential of the well limited by the capacity of the well test equipment on the drilling rig.
The rate of 10,442 boepd comprised 7,281 barrels of oil per day (“bopd”) and 19 million standard cubic feet per day (“MMscf/d”) of associated gas. The oil is of high quality, approximately 39° API.
The flow test results achieved on the first two Stella development wells substantially de-risk the initial annualised production forecast of approximately 30,000 boepd (100%), 16,000 boepd net to Ithaca, from the four wells planned for start-up of the GSA hub.
A2 drilling operations were executed according to plan, with only the harsh weather conditions that have recently effected operations across the North Sea slowing the completion of the scheduled flow test.
Following suspension of the A2 well, the ENSCO 100 will be moved approximately three kilometres to the Stella northern drilling centre location to drill the third and fourth development wells.
The 2013 subsea infrastructure installation campaign being executed by Technip UK Limited (“Technip”) has been successfully closed out, with approximately 65% of the overall subsea work programme having now been completed.
The forecast duration of the “FPF-1” modifications work, which is being performed by Petrofac Facilities Management Limited (“Petrofac”) under a lump sum incentivised contract, indicates that first hydrocarbons from the GSA hub is now anticipated to be at the end of 2014.
The current focus of the FPF-1 vessel modifications programme is on preparation of the main deck and construction of the pre-assembled processing plant units that are scheduled to be lifted on to the vessel in the first quarter of 2014.
Les Thomas, Chief Executive Officer, commented:
“The excellent results of the A2 well represent another important step in de-risking the forecast production from the Stella field and realising the significant shareholder value that lies within the Greater Stella Area. Whilst the FPF-1 modification works are now forecast to take longer than initially anticipated, the new processing facilities being installed on the vessel will ensure that a high quality production facility is deployed at the centre of the GSA hub.”
Further Information
Drilling
Well 30/6a-A2Z (“A2”) is the second of four development wells that are to be drilled on the Stella field prior to the start-up of production. The well was drilled to a total measured depth subsea of 14,455 feet, with a 3,123 foot horizontal reservoir section completed in the Palaeocene Andrew sandstone reservoir, within the targeted oil rim of the field.
The reservoir quality encountered by the well was in line with previous appraisal wells drilled on the field. The well intersected a net reservoir interval of 2,514 feet (81% net pay).
As with the first Stella development well, “A1”, a clean-up flow test has been performed on the A2 well in order to effectively remove the drilling fluids used to complete the well and gain additional reservoir data and fluid samples.
The well flowed at a maximum rate of 10,442 boepd on a 44/64-inch choke, with the full production potential of the well limited by the capacity of the well test equipment on the drilling rig. Fluid samples show that the oil is of high quality, approximately 39° API.
The maximum flow rate of 10,442 boepd comprised 7,281 bopd of oil and 19 MMscf/d of associated gas. This compares to the results of the “A1” well completed in late September 2013, which achieved a maximum flow rate of 10,835 boepd (6,499 bopd and 26 MMscf/d) on a 56/64-inch choke. The proportionately higher A2 oil rate is driven by the location of the well entirely within the oil rim of the field.
The test results achieved on the first two Stella development wells substantially de-risk the initial annualised production forecast for the GSA hub of approximately 30,000 boepd (100%), 16,000 boepd net to Ithaca, which was announced at the time the development concept was selected in October 2011.
The A2 well is in the process of being suspended. The suspension configuration is such that the well can be brought on to production without the requirement for any further well intervention activity once the FPF-1 is on location and hooked up.
Following completion of the well suspension operations the ENSCO 100 will be moved approximately three kilometres to the Stella northern drilling centre location to drill the third and fourth development wells.
A2 drilling operations were executed according to plan, with only the harsh weather conditions that have recently effected operations across the North Sea slowing the completion of the scheduled flow test.
The high-spec ENSCO 100 heavy duty jack-up drilling rig that is being used for the GSA development drilling campaign commenced operations on the Stella field in June 2013. Management of the drilling and completion operations is being performed by Applied Drilling Technology International (“ADTI”) under “turnkey” contract arrangements.
Subsea Infrastructure
The 2013 subsea infrastructure installation programme was successfully closed out in November 2013. The main subsea structures for the production and export of hydrocarbons (the manifolds and riser bases), the 60km gas export pipeline and the infield flowlines and umbilicals have all been installed and the associated diver tie-in works completed during the 2013 campaign. This means that approximately 65% of the overall subsea work programme has now being completed; corresponding to a total of over 220 vessel days in 2013.
Planning for the 2014 subsea infrastructure campaign is well advanced, with the key workscopes to be completed involving the tie-in of the wells, installation of the dynamic flexible risers and umbilicals that will connect the riser bases to the FPF-1, the vessel mooring spread and the oil export facilities.
Execution of the main subsea infrastructure manufacturing and installation programme is being completed by Technip under an integrated Engineering, Procurement, Installation and Construction contract.
FPF-1 Modification Works
The forecast duration of the FPF-1 modifications work indicates that first hydrocarbons from the GSA hub is now anticipated to be at the end of 2014. The extended duration of the works is attributable to the longer than estimated time required to install the new, rather than refurbished, oil and gas processing plant on the vessel. While this is now scheduled to take longer than if the original equipment on the FPF-1 had been re-used, the new facilities are designed to ensure that a quality vessel capable of achieving high operational uptime performance is deployed on the hub.
The current focus on the FPF-1 modifications programme is the preparation of the main deck and construction of the pre-assembled processing plant units for lifting on to the vessel in the first quarter of 2014. The units will contain structural steel, pipework spools, cable trays and equipment that will make up key elements of the topsides processing plant on the vessel. All the key long lead pieces of processing plant equipment that will be installed within and alongside the units are now on location at the Remontowa yard.
Execution of the FPF-1 modifications work programme is being performed by Petrofac under the terms of a lump sum incentivised contract with the GSA co-venturers.
Greater Stella Area Development Strategy
Ithaca’s focus on the GSA is driven by the monetisation of reserves within the existing portfolio and the generation of additional value via the wider opportunities provided by the range of undeveloped discoveries surrounding the production hub.
The development involves the creation of a production hub based on deployment of the FPF-1 floating production facility located over the Stella field, with onward export of oil and gas. The FPF-1 will serve as the processing hub for production from the Stella and Harrier fields, plus potential incremental production from Hurricane and other tie-back opportunities in the area.
Ithaca’s GSA joint venture partners are Dyas UK Limited (25.34%), a long established privately owned North Sea oil and gas producer, and Petrofac GSA Limited (20%), a subsidiary of Petrofac plc, the leading international oil and gas services provider listed in the FTSE 100 in London.
- ENDS -
Enquiries:
Ithaca Energy
Les Thomas
lthomas@ithacaenergy.com
+44 (0)1224 650 261
Richard Smith
rsmith@ithacaenergy.com
+44 (0)1224 652 172
futr
IAE to be added to SPX Index - 20 Dec
S&P Dow Jones Indices Announces Changes to the S&P/TSX Canadian Indices15 hours ago by CNW Group
Quarterly Review of the S&P/TSX Composite and Global Mining Indices
S&P Dow Jones Canadian Index Services will make the following changes in the S&P/TSX Canadian Indices effective after the close of trading on Friday, December 20, 2013:
S&P/TSX COMPOSITE INDEX
ADDITIONS
Issue Name Symbol 60/Completion Live Composite GICS
Sector Index
Avigilon Corporation AVO Completion Information Technology
Badger Daylighting Ltd. BAD Completion Industrials
Bellatrix Exploration BXE Completion Energy
Ltd.
Descartes Systems Group DSG Completion Information Technology
Inc.
Horizon North Logistics HNL Completion Industrials
Inc.
Hudson's Bay Company HBC Completion Consumer Discretionary
Innergex Renewable Energy INE Completion Utilities
Inc.
Ithaca Energy Inc. IAE Completion Energy
Raging River Exploration RRX Completion Energy
Inc.
Surge Energy Inc. SGY Completion Energy
DELETIONS
Issue Name Symbol 60/Completion Live Composite GICS Sector
Index
Dundee Precious Metals DPM Completion Materials
Inc.
Endeavour Silver Corp. EDR Completion Materials
Reitman's (Canada) RET.A Completion Consumer Discretionary
Limited
Rio Alto Mining Limited RIO Completion Materials, Div. Metals &
Mining
Rubicon Minerals RMX Completion Materials
Corporation
Taseko Mines Limited TKO Completion Materials, Div. Metals &
Mining
Wi-LAN Inc. WIN Completion Information Technology
Changes to the S&P/TSX Composite Index will also affect the S&P/TSX Capped Composite and Equal Weight Composite Indices. Stocks added to or removed from the S&P/TSX Composite Index will also be added to or removed from the appropriate Global Industry Classification Standard (GICS) sector index.
futr
Here's 1 Oil Opportunity Outside of Our Own Energy Boom
By John Licata
November 27, 2013
http://www.fool.com/investing/general/2013/11/27/oil-opportunties-outside-of-the-us.aspx
Third quarter update
15 October 2013
Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) ("Ithaca" or the "Company")
provides an update on third quarter 2013 ("Q3-2013") operational
activities, including recent key milestones achieved on the Greater
Stella Area ("GSA") development and production performance. The
Company's Q3-2013 financial results are scheduled to be published on 11
November 2013.
Highlights
- The dry dock related marine system works on the "FPF-1" floating
production facility have been completed and the vessel has been
returned to the water.
- The 60km gas export pipeline has now been fully installed and is
ready to receive gas upon the start-up of production from the GSA
hub. Operations to install the infield flexible flowlines and static
umbilicals have commenced.
- Drilling operations are on-going and progressing to plan on the
Stella "A2" development well.
- Net average export production in Q3-2013 was approximately
12,000 barrels of oil equivalent per day ("boepd"), 96% oil,
reflecting the impact of the previously advised shutdowns during
the quarter.
- Production from the Cook field has recently been reinstated
following completion of infield flowline inspection works.The
planned six week shutdown of the host facility for the Causeway
Area fields is forecast to be completed around mid-October 2013,
slightly behind the original schedule.A key remaining risk to full
year production relates to the timely completion of this shutdown
and the follow on platform modifications required to enable start-
up of the electrical submersible pump package on the Causeway field.
Greater Stella Area Development Update
FPF-1 Modifications Programme
Petrofac has recently completed the dry dock related marine system
refurbishment and hull life extension works on the FPF-1 in the
Remontowa shipyard in Gdansk, Poland, and the vessel has now been
successfully refloated.This marks a major milestone in execution of
the FPF-1 modifications programme and will allow the main topsides
processing plant construction and installation activities to
commence.Equipment and materials for the topsides continue to flow to
the yard and work is progressing on construction of the pre-assembled
units and racks that are to be installed on the vessel.
Three additional sponsons have been added to the pontoons on the FPF-1,
involving the construction and installation of approximately 2000
tonnes of steelwork blocks, to provide enhanced buoyancy.Four
buoyancy "blisters" are being fabricated and will be added to the
columns of the vessel during the next phase of operations, in parallel
with the topsides construction works.These modifications are designed
to ensure that the FPF-1 can accommodate the new topsides processing
equipment that is to be installed on the main deck and achieve strong
operational uptime performance.
Subsea Infrastructure Installation Operations
Since the last GSA operations update provided in September a number of
key remaining 2013 subsea installation work programme milestones have
been completed by Technip.
The 60km 10-inch gas export pipeline from the FPF-1 to the BP operated
Central Area Transmission System ("CATS") pipeline has been fully
installed following completion of trench backfill, tie-in and as laid
survey operations.The pipeline is now configured to receive gas
exports upon the start-up of production from the Stella field.No
modifications are required to the onshore Teeside Gas and Liquids
Processing ("TGLP") terminal to receive and process the rich gas that
will be exported from the FPF-1 through the CATS pipeline.
Operations to install the flexible infield flowlines and static
umbilicals that connect the Stella field drill centre manifolds to the
FPF-1 riser bases are on-going.Diving operations to tie-in these
components will be completed immediately following installation of the
infrastructure.Upon completion of the tie-in operations, the 2013
subsea infrastructure installation campaign will have been completed.
As notified in the September update, the GSA co-venturers are in the
process of finalising the oil export route for the development taking
into account the additional information gained from the flow test
results of the "A1" well.Details of the selected option are expected
to be provided later in Q4-2013.
Drilling Programme
Following the successful clean-up flow test performed on the Stella A1
development well, completion operations on the well, including
installation and testing of the xmas tree, were concluded and the ENSCO
100 has commenced drilling of the Stella A2 well.This well is
anticipated to take approximately 80-90 days to drill and complete.A
clean-up flow test will be performed on the well, the results of which
will be announced once available.
Q3-2013 Production & Operations
Total net export production in Q3-2013 was approximately 1.1 million
barrels of oil equivalent, which equates to an average rate over the
quarter of approximately 12,000 boepd, with oil production accounting
for 96% of the total.Production during the quarter was reduced as a
result of the previously advised shutdowns.
Production during the quarter was derived from the operated Athena,
Causeway Area (Causeway and Fionn), Beatrice, Jacky and Anglia fields
and the non-operated Dons (Don Southwest and West Don), Cook, Broom and
Topaz fields.
Total production during Q3-2013 was impacted by commencement of the
major planned shutdown of the Taqa-operated North Cormorant platform,
which serves as the host facility for the Causeway Area fields.This
shutdown is forecast to be completed around mid-October 2013, slightly
behind the original schedule.The timely completion of this shutdown
and thereafter execution to plan of the remaining platform
modifications required to deliver power to the Causeway electrical
submersible pump package installed in the well represents a key
remaining risk to full year 2013 production.
Production during Q3-2013 was also effected by the previously advised
unplanned shutdown of the Shell operated Cook field in August 2013 for
inspection of the infield flowline connecting the field to its host
facility, the Anasuria floating production, storage and offloading
vessel.The inspection has now been completed, with the results
enabling the reinstatement of production.The shutdown duration was
longer than initially anticipated by the field Operator, with
production having just recently been restored.
Further to the announcement made in August 2013, diagnostic testing on
the Athena "P4" well has been completed and this has confirmed that the
electrical submersible pumps installed in the well have failed.The
net production impact of this has been successfully mitigated by the
optimisation of the other wells on the field and the processing
facilities, such that it represents a net production deferment to
Ithaca of just over 300bopd.The options for reinstating full
production from the well, via either a workover or sidetrack, are
currently under evaluation.
- ENDS -
Enquiries:
Ithaca Energy
Graham Forbes gforbes@ithacaenergy.com +44(0) 1224 652 151
Richard Smith rsmith@ithacaenergy.com +44(0) 1224 652 172
FTI Consulting
Billy Clegg billy.clegg@fticonsulting.com +44 (0) 207 269 7157
Edward Westropp edward.westropp@fticonsulting.com +44 (0) 207 269 7230
Georgia Mann georgia.mann@fticonsulting.com +44 (0) 207 269 7212
Cenkos Securities
Jon Fitzpatrick jfitzpatrick@cenkos.com +44 (0) 207 397 8900
Neil McDonald nmcdonald@cenkos.com +44 (0) 131 220 6939
futr
This Seeking Alpha Writeup is pretty good-
http://seekingalpha.com/article/1732132-ithaca-energy-here-comes-the-production-and-the-alpha
futr
New debt facilities
10 October 2013
Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) ("Ithaca" or the "Company")
announces that it has executed extended and improved long term senior
bank debt financing facilities and oil sales agreements.
Highlights
- Increased existing Reserve Based Lending ("RBL") facility from
$430 million to $610 million, with enhanced terms in the form of a
reduced margin cost and greater flexibility over future unallocated
capital.This has enabled retirement of the $350 million bridge credit
facility established to facilitate the Valiant Petroleum plc
("Valiant") acquisition in April 2013.
- Established a new five year $100 million corporate facility,
providing additional funding flexibility to add new appraisal /
development opportunities to the existing portfolio.
Graham Forbes, Chief Financial Officer, commented:"I am delighted to close
a heavily over-subscribed debt facility
process, with a leading group of experienced oil and gas sector banks,
and to be delivering improved financial terms and flexibility
associated with the Company's senior debt funding.It is also
particularly pleasing to put in place a corporate facility, which
underlines the graduation of the Company into that of a leading
independent North Sea oil and gas operator".
Xavier Venereau, Global Head of Structured Debt, Oil & Gas, at BNP
Paribas, commented:"Ithaca is a very important client for BNP Paribas in
the North Sea and
we are delighted to continue our support of the Company through the
establishment of these two new debt facilities. After having
successfully completed the acquisition of Valiant, Ithaca has continued
to actively monitor its portfolio and its developments. The Company
has an attractive portfolio of assets and an excellent reputation in
the debt market, which was clearly demonstrated by the significant
interest shown by banks in these new facilities. We look forward to
continuing our support of the Company and its growth strategy".
Further Information
The $610 million RBL facility replaces both the existing $430 million
RBL facility that was put in place in May 2012 and the $350 million
bridge credit facility that was established in March 2013 to facilitate
Ithaca's acquisition of Valiant.This increased RBL facility is based
on conventional oil and gas industry borrowing base financing terms,
with a loan term until June 2017, and is available to fund on-going
development activities and any producing asset acquisitions.
Restrictions on the previous RBL facility regarding the distribution of
unallocated capital have been reduced, thereby allowing the Company to
consider the optimal allocation of future cashflow upon the
commencement of production from the Greater Stella Area hub.
The corporate facility provides additional financial flexibility for
the Company to continue to deliver upon its strategy of securing lower
risk organic growth such as the acquisition and appraisal of
undeveloped discoveries that have a strong fit within the existing
portfolio.This facility is based on normal corporate debt covenants,
relating to EBITDAX ("Earnings before Interest Tax Depreciation,
Amortisation and Exploration costs") coverage of debt and interest
obligations.
Syndicate Banks
The banks involved in the financing facilities and respective roles in
the RBL facility are as follows:
- BNP Paribas & Scotiabank - Bookrunners and Mandated Lead
Arrangers.
- Deutsche Bank AG, Lloyds Bank, Royal Bank of Scotland, Barclays
Bank PLC, Commonwealth Bank of Australia, Skandinaviska Enskilda
Banken AB (publ) and Societe Generale - Mandated Lead Arrangers.
- NIBC - Manager.
BNP Paribas was also sole Bookrunner and Mandated Lead Arranger of the
corporate facility.
Oil Sales Agreements
As part of completing the integration of the Valiant assets into the
Company's oil sales arrangements, Ithaca has entered into an extension
of its existing agreement with BP Oil International Limited for the
marketing of niche grade crudes and its oil sales agreement with Shell
Trading International Limited ("Shell") for production from the Cook,
Dons, Causeway Area and Broom producing fields.Future volumes from
the Stella field may also be included.This latter agreement includes
the ability for Ithaca, at its option, to receive pre-payments for
future crude sales to Shell.
- ENDS -
Enquiries:
Ithaca Energy
Graham Forbes gforbes@ithacaenergy.com +44 (0)1224 652 151
Richard Smith rsmith@ithacaenergy.com +44(0) 1224 652 172
futr
StoneCap Securities Initiated Coverage-$3.50... 12 month target-
http://www.investmentpitch.com/video/0_f9cmna68/StoneCap-Securities--Initiated-Coverage--Ithaca-Energy-TSX-IAE
futr
Stella Development Well - Successful Test Results
11 September 2013
Ithaca Energy Inc. (TSX: IAE, LSE: IAE) ("Ithaca" or the "Company")
announces completion of a highly successful flow test on the first
development well drilled on the Stella field and provides a progress
update on the Greater Stella Area development activities.
Highlights
- The first Stella field development well, "A1", flowed at a maximum
rate of 10,835 barrels of oil equivalent per day ("boepd") on a 7/
8-inch choke, with the full production potential of the well limited by
the capacity of the well test equipment on the drilling rig.
- Fluid samples have confirmed the high oil content of the
hydrocarbons that will be produced from the well. The maximum rate of
10,835 boepd corresponds to 6,499 barrels of oil per day ("bopd") and
26 million standard cubic feet per day ("MMscf/d") of "liquids rich"
gas.
- The well intersected a high quality net reservoir interval of 1312
feet, with reservoir properties in line with previous wells drilled on
the field. The oil is of high quality, approximately 42degrees API.
- The facilities that will be used on the "FPF-1" floating
production facility to separate and export oil and gas produced from
the field will increase the overall oil relative to gas production rate
associated with the A1 well, by processing more efficiently than the
simple separation facilities available for the purposes of the well
test.
- Following suspension of the A1 well, the ENSCO 100 will move on to
drilling of the second Stella development well from the same drilling
centre location.
- Excellent progress continues to be made by Technip UK Limited
("Technip") with execution of the 2013 subsea infrastructure
installation works. The most weather sensitive activities in this
year's work programme have now been completed.
- Completion of the dry dock works being undertaken by Petrofac
Facilities Management Limited ("Petrofac") on the FPF-1 are progressing
well and the focus of fabrication activities is moving on to the
initial works required to commence installation of the new processing
plant on the vessel.
- The capital expenditure and start-up target schedule for the GSA
hub remain unchanged from that previously issued.
Iain McKendrick, Chief Executive Officer, commented:"This well and the
highly successful test are outstanding results for
the Company. This is an enormous leap forward in de-risking of the
Greater Stella Area development and the creation of a major new
production hub in the UK Central North Sea. The well has accessed the
reserves it was designed to recover and the test confirms the presence
and extremely high quality and deliverability of the reservoir sands.
When these results are combined with progress that has been made on
both the successful execution of the 2013 subsea installation works and
the FPF-1 modifications programme, the development can be seen to be
confidently driving forward at pace."
Further Information
Greater Stella Area Development Strategy
Ithaca's focus on the Greater Stella Area ("GSA") is driven by the
monetisation of reserves within the existing portfolio and the
generation of additional value via the wider opportunities provided by
the range of undeveloped discoveries surrounding the production hub.
The development involves the creation of a production hub based on
deployment of the FPF-1 floating production facility located over the
Stella field, with onward export of oil and gas. The FPF-1 will serve
as the processing hub for production from the Stella and Harrier
fields, plus potential incremental production from Hurricane and other
tie-back opportunities in the area.
Ithaca's GSA joint venture partners are Dyas UK Limited (25.34%), a
long established privately owned North Sea oil and gas producer, and
Petrofac GSA Limited (20%), a subsidiary of Petrofac plc, the leading
international oil and gas services provider listed in the FTSE 100 in
London.
Drilling
Well 30/6a-A1Z ("A1") is the first of four development wells that are
to be drilled on the Stella field prior to the start-up of production.
The well was drilled to a total vertical depth subsea of 9739 feet,
with a 2499 foot horizontal reservoir section completed in the
Palaeocene Andrew sandstone reservoir, close to the targeted transition
between the oil rim and gas condensate cap.
As anticipated prior to drilling, the reservoir quality encountered bythe
well was in line with previous appraisal wells drilled on the
field. The well intersected a net reservoir interval of 1312 feet.
A clean-up and production flow test has been performed on the well.
The purpose of this was to clean out the drilling fluids used to
complete the well, to ensure that it is configured for the immediate
start-up of production following the hook-up of the FPF-1, gain further
information on the productivity of the well and obtain hydrocarbon
fluid samples.
The well flowed at a maximum rate of 10,835 boepd on a 7/8-inch choke,
with the full production potential of the well limited by the capacity
of the well test equipment on the drilling rig. Fluid samples show
that the oil is of high quality, approximately 42degrees API.
The maximum flow rate of 10,835 boepd corresponds to 6,499 bopd of oil
and 26 MMscf/d of liquids rich gas.
The processing facilities that will be used on the FPF-1 to separate
and export oil and gas produced from the field will increase the
overall oil relative to gas production rate associated with the A1
well, compared to that which can be achieved from the simple separation
facilities available for the purposes of the well test. This will be
taken into account in finalising the decision on the most appropriate
oil export route that is to be installed for the development.
The A1 well is in the process of being suspended. The suspension
configuration is such that the well can be brought on to production
without the requirement for any further well intervention activity once
the FPF-1 is on location and hooked up.
Following completion of the A1 well suspension operations the ENSCO 100
will commence drilling of the second development well on the Stella
field, the 30/6a-A2 ("A2") well. The well will be drilled from the
same drill centre location as the A1 well, which means that no rig move
is required to commence operations.
The high-spec ENSCO 100 heavy duty jack-up drilling rig that is being
used for the GSA development drilling campaign commenced operations on
the Stella field in June 2013. Management of the drilling and
completion operations is being performed by Applied Drilling Technology
International ("ADTI") under "turnkey" contract arrangements.
Subsea Infrastructure
Execution of the main subsea infrastructure manufacturing and
installation programme is being completed by Technip UK Limited under
an integrated Engineering, Procurement, Installation and Construction
contract.
Significant progress has been made since the start of the year with
execution of the subsea infrastructure work programme. Initial
infrastructure fabrication works were completed in the second quarter
of 2013 and the first offshore installation operations commenced in
June 2013.
The 60km 10-inch gas export pipeline and main subsea structures have
been installed and infield flowline trenching completed.
Since the update provided at the time of the second quarter financial
results in early August 2013, trenching of the 60km gas export pipeline
has been completed and the trench backfill and as laid survey
activities are now in progress.
The offshore operations that have been performed have benefited from
excellent weather conditions in the North Sea. The most weather
sensitive activities in the 2013 programme have now been completed.
The milestones to be completed in the next two months are installation
of the flexible infield flowlines and static umbilicals that will
connect the Stella field drill centres to the FPF-1 riser base and the
associated diving operations required to complete the tie-in of the gas
export pipeline and flowlines, umbilicals and manifolds.
FPF-1 Modification Works
Execution of the FPF-1 modifications work programme is being performed
by Petrofac under the terms of a lump sum incentivised contract with
the GSA co-venturers. Following removal of the old processing
equipment on the vessel, Petrofac transferred the FPF-1 to the
Remontowa shipyard in Gdansk, Poland, in late 2012 for completion of
the required modifications work programme. The two main aspects of the
modification programme involve the completion of marine system
refurbishment and hull life extension works and the installation of new
oil and gas processing facilities and living quarters.
Good progress has been made on execution of the FPF-1 marine system
works following the transfer of the vessel to the "Remlift" dry dock
facility at Remontowa in April 2013. The hull tank refurbishment
operations are nearing completion; involving inspection, repair and
coating of the tanks. Construction and installation of the steelwork
blocks that will form the additional sponsons being added to the
pontoons of the FPF-1 for enhanced buoyancy is advancing. Fabrication
of the additional buoyancy "blisters" being added to the columns of the
vessel is progressing.
Equipment required at the start of the topsides installation phase
continues to flow to the shipyard from various manufacturing locations
around the world. Key long lead packages, including the gas export
compressors, gas turbine equipment, production separators and exotic
pipework and valves, are all now on-site.
Central to the construction execution methodology for the initial phase
of the topsides processing plant fabrication and installation works is
the construction of pre-assembled units and racks, in which structural
steel, pipework spools, cable trays and various equipment will be
installed. Construction of these racks and associated pipework has
commenced and installation operations will take place once the FPF-1 is
returned to the water in the fourth quarter of 2013.
Additional Information
A presentation summarising the recent activities that have been
completed on the GSA development is available on the Company's website,
www.ithacaenergy.com.
- ENDS -
Enquiries:
Ithaca Energy
Iain McKendrick, imckendrick@ithacaenergy.com +44(0) 1224 650 261
Graham Forbes, CFO gforbes@ithacaenergy.com +44(0) 1224 652 151
FTI Consulting:
Billy Clegg billy.clegg@fticonsulting.com +44 (0) 207 269 7157
Edward Westropp edward.westropp@fticonsulting.com +44 (0) 207 269 7230
Georgia Mann georgia.mann@fticonsulting.com +44 (0) 207 269 7212
Cenkos Securities plc:
Jon Fitzpatrick jfitzpatrick@cenkos.com +44 (0) 207 397 8900
Neil McDonald nmcdonald@cenkos.com +44 (0) 131 220 6939
RBC Capital Markets:
Tim Chapman tim.chapman@rbccm.com +44 (0) 207 653 4641
Matthew Coakes matthew.coakes@rbccm.com +44 (0) 207 653 4871
Notes
In accordance with AIM Guidelines, John Horsburgh, BSc (Hons)
Geophysics (Edinburgh), MSc Petroleum Geology (Aberdeen) and Subsurface
Manager at Ithaca is the qualified person that has reviewed the
technical information contained in this press release. Mr Horsburgh
has over 15 years operating experience in the upstream oil and gas
industry.
References herein to "boe" are derived by converting gas to oil in the
ratio of six thousand cubic feet ("Mcf") of gas to one barrel ("bbl")
of oil. Boe may be misleading, particularly if used in isolation. A boe
conversion ratio of 6 Mcf: 1 bbl is based on an energy conversion
method primarily applicable at the burner tip and does not represent a
value equivalency at the wellhead.
The well test results disclosed in this press release represent
short-term results, which may not necessarily be indicative of
long-term well performance or ultimate hydrocarbon recovery therefrom.
About Ithaca Energy
Ithaca Energy Inc. (TSX: IAE, LSE: IAE) is a North Sea oil and gas
operator focused on the delivery of lower risk growth through the
appraisal and development of UK undeveloped discoveries, the
exploitation of its existing UK producing asset portfolio and a
Norwegian exploration and appraisal business centred on the generation
of discoveries capable of monetisation prior to development. Ithaca's
strategy is centred on generating sustainable long term shareholder
value by building a highly profitable 25kboe/d North Sea oil and gas
company. For further information please consult the Company's website
www.ithacaenergy.com.
futr
RBC Capital Markets Responds to today's Earnings Release
http://www.investorvillage.com/uploads/11814/files/IAE_RBC_20130813.pdf
futr
Company is guiding for cashflow of $1.20 per share so selling for less than 2X fwd cashflow. Incredibly cheap, given the huge gain in production that should begin to show in Q2 financials.
Obviously been disappointed with the stock performance of the last few months but only been on board for that time period.
We'll find out if market cares once the Q2 numbers are filed in mid August.
Ithaca Energy Enjoying Strong Production Growth in 2013 After Completing Valiant Petroleum Acquisition
http://oilbarrel.com/news/ithaca-energy-enjoying-strong-production-growth-in-2013-after-completing-valiant-petroleum-acquisition
After a volatile year-and-a-half or so, one filled with acquisitions and potential takeovers, North Sea specialist Ithaca Energy is sitting pretty as it moves into the latter half of 2013.When we last featured the Calgary-headquartered company in March of this year, it had announced a £203 million bid for Valiant Petroleum, which has now been completed.
The UK-focused producer, which is listed on both sides of the Atlantic, was looking to accelerate its North Sea reserves and production growth, and ward off potential suitors itself.Ithaca was under pressure to stimulate its own share price to avoid possible low ball bids from predators and better reflect the value of its asset base, and its capacity to deliver a step change in production over the next couple of years.
It had rebutted some interest from potential buyers in early 2012, a period that saw share prices swing dramatically upwards and downwards.And yet Ithaca is a strong and well balanced company, with a core focus on a mature but trusted producing region, and one that saw output move resolutely upwards last year.Indeed, this year has seen share prices trade within a far smaller range, currently hovering around the 120p mark.In the company’s last results update, for Q1 2013, it said it was well funded was well funded and production was moving firmly in the right direction. The outlook is for more to come.
Ithaca’s total forecast production for the second half of this year is broadly in line with it’s own guidance range of 14,000 barrels of oil equivalent per day (boepd) to 16,000 boepd.Those numbers are supported by various production enhancement activities, particularly at the Don Southwest field.Moreover, oil production accounts for nearly 95 per cent of the group’s production make-up.
It’s a huge leap from the Q1 results, where total average net export production for the quarter stood at 6,475 boepd, which included output from the Cook field interest acquired from Noble Energy Capital Limited. This was only completed only completed on February 5, 2013. Compare this to the first quarter of 2012, where the production tally was 4,299 boepd, underlining sustained and pretty rapid growth.It’s a nice position to be in although there are still challenges ahead.
Ithaca has warned that production during the latter half of the year is likely to be affected by the next phase of planned maintenance shutdowns on some facilities serving its fields. This includes a six-week shutdown of the Causeway Area fields as a result of maintenance activities on the Taqa-operated Cormorant infrastructure that serves the fields.The company is also busy with portfolio management work, reshuffling some of the assets it picked up through the Valiant transactions.
Most recently, it announced a farm-out agreement with a unit of Edison International SpA in the licences containing the Handcross prospect.This means it has now reduced its share of the forecast cost of the Handcross exploration well to just 6 per cent, while retaining a 45 per cent working interest.
Attracting high quality partners to the team is another added bonus.One other recent pairing saw it farm-out to Shell half of the company's 100 per cent interest in UK licence P2048 (covering blocks 29/24, 29/25, 29/29 and 29/30), awarded during the UK 27th Offshore Licensing Round.
This deal will see Shell pay the full cost of obtaining the required 500 square kilometres of 3D seismic data on the licence area.So plenty of work going on in the field, which means lots to look out for, after all, there’s no better way to lift share prices than some positive drilling.And with production bubbling along nicely Ithaca finds itself better protected than it was this time a year ago.
futr
Report from Jefferies ..............
Thanx to Sumo136 on the London board
IAE --->1.70 Pounds = $2.66
http://oilbarrel.com/media/pub/var/release_downloadable_file/43988.pdf
futr
First Quarter 2013 Financial Results and Impact of Valiant Acquisition
Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) ("Ithaca" or the "Company") announces its quarterly results for the three months ended March 31, 2013 ("Q1 2013"). In light of the Valiant transaction closing on April 19, 2013, also included is the unaudited financial highlights for the same period, for illustrative purposes only, showing the contribution from Valiant Petroleum plc ("Valiant") for the period, together with an update on integration activities.
Ithaca Q1 2013 Highlights
Financial
· Cashflow from operations increased over 20% to $34.8 million (Q1 2012: $28.4 million) - cash flow per share $0.13 (Q1 2012: $0.11).
· $14.6 million of earnings excluding unrealised losses on financial instruments of $11.1 million (Q1 2012: $12.1 million).
· Average realised oil price of $114.32 / bbl (Q1 2012: $116.42 / bbl) including a realised hedging gain of $8.00 / bbl.
· Strong clean balance sheet with cash net of drawn debt of $10.6 million at end Q1 2013.
· UK tax allowance pool of $424 million at end Q1 2013.
· Approximately 2.6 million barrels of future 2013-2014 oil production hedged at a weighted average price of ~$106 / bbl (approximately 25% puts / 75% swaps).
Production & Operations
· Total average net export production in Q1-2013 increased 51% to approximately 6,475 barrels of oil equivalent ("boe") per day ("boepd") (Q1-2012: 4,299 boepd), including production from the Cook field interest acquired from Noble Energy Capital Limited (transaction effective January 1, 2012 and completed on February 5, 2013).
· Production during the quarter was in the upper range of that anticipated by the 2013 annual guidance range of 6,000 to 6,700 boepd. The Ithaca operated Athena field had another strong quarter, with the field continuing to produce "dry" oil at a stable gross daily production potential of between 10,000 and 11,000 bopd, 2,250 to 2,475 bopd net to Ithaca.
Greater Stella Area Development
· The FPF-1 has been moved on to the dry dock barge at the Remontowa shipyard in Gdansk, Poland.
· The Ensco 100 heavy duty jack-up drilling rig has now completed operations on the wells being drilled prior to commencement of the Greater Stella Area ("GSA") development drilling programme - rig scheduled to be on location at Stella field in Q2 2013.
· Delivery to the Remontowa yard of the long lead topsides processing plant equipment and pipework that is to be installed on the FPF-1 has commenced.
· Fabrication of the subsea structures that are to be installed by Technip in 2013 has been completed on schedule at Global Energy Group's facilities in North East ("NE") Scotland. Installation and testing of the pipework spools, valves and control systems being fitted within the structures is nearing completion.
· Welding is underway at Technip's Evanton spool base in NE Scotland of the 10-inch steel export infrastructure linepipe that is to be installed in 2013.
Ithaca & Valiant Q1 2013 Combination Highlights
The financial consolidation of Valiant is only applicable from Q2 2013, as the acquisition completed on April 19, 2013. However, the following unaudited Q1 2013 consolidated financial summary has been prepared, for illustrative purposes only, to provide a high-level overview of the potential cashflow performance of the enlarged Company.
Q1 2013
Ithaca
Valiant
Combined
Total Production
boepd
6,475
8,372
14,847
Av. Realised Oil Price (Exc. Hedging)
$/bbl
106
113
110
Revenue
M$
59.8
90.2
150.0
Inventory Increase/(Decrease)
M$
(3.8)
(3.8)
(7.5)
Operating Costs
M$
(23.2)
(14.2)
(37.4)
G&A
M$
(1.9)
(7.4)
(9.3)
Realised Derivatives Gain / (Loss)
M$
3.9
(0.3)
3.6
Cashflow From Operations
M$
34.8
64.5
99.5
CFPS (using issued Shares 316.9m)
$USD
0.11
0.20
0.31
This information is provided to assist shareholders with quantifying the impact of the Valiant acquisition on the Company. It does not represent a guide to future financial performance. The Valiant data used above has been extracted from the management accounts of Valiant for Q1 2013. The Valiant accounting policies are broadly similar to those used by Ithaca.
The Q1 2013 combined Ithaca and Valiant highlights are:
· Total net average export production of ~14,850 boepd, approximately 95% oil.
· Production in line with the Company's full year 2013 guidance range of 14,000 to 16,000 boepd, with volumes in the second half of 2013 scheduled to benefit from infill drilling activities on the Don Southwest field.
· Cashflow from operations of ~$100 million during Q1 2013.
· A substantial reduction in unit operating costs to ~$28 / boe, driven by the addition of a higher proportion of low cost barrels.
· Over 30% increase in the netback per barrel, to ~$80 / boe, attributable to the predominantly oil production base and lower operating cost per barrel.
· A combined UK tax allowances pool of over $900 million at the end of Q1 2013.
Progress on Valiant Acquisition Integration
The integration of Valiant's activities into Ithaca's existing operations is progressing well. The Company has made major steps since completion of the acquisition to realise the substantial cost synergies that are achievable through removal of operational and administrative overlaps. The Company has formally announced the closure of Valiant's UK office, with all activities being transferred to Ithaca's existing operations in Aberdeen, UK. It is anticipated that over three quarters of the UK integration activities and removal of associated overheads will have been completed within approximately six to eight weeks of completion of the acquisition, with closure of Valiant's UK office anticipated in July 2013.
The Company has made significant progress towards its objective of substantially reducing the future UK exploration expenditure commitments that were transferred to Ithaca as part of the Valiant acquisition. In overall portfolio terms the Company has reduced net exploration expenditure commitments via farm-outs by over $45million.
The Valiant acquisition has established Ithaca as a leading mid-cap North Sea oil and gas operator. The transaction has significantly enhanced the Company's existing production base and producing asset reserves, establishing a highly cash generative business, with tax allowances sheltering the Company from the payment of UK tax over the medium term, and provided operational entry into Norway. The Company has total proven and probable reserves of ~70 million boe and a strong balance sheet containing only low risk / low cost senior debt.
In the announcement made by the Company on March 1, 2013 in connection with the Valiant acquisition, Ithaca confirmed that, upon completion of the acquisition, two existing directors of Valiant, Mr. Jannik Lindbæk and Mr. Michael Bonte-Friedheim, were to be appointed to the Board of Ithaca as Non-Executive Directors.
Mr Bonte-Freidheim has since informed Ithaca that, due to other business commitments, he will be unable to dedicate sufficient time to the proposed role and, accordingly, will be unable to join the Board of Ithaca as previously announced. The Company wishes Mr. Bonte-Freidheim every success in the future and thank him for his invaluable assistance in the post-acquisition integration process.
The Company is pleased to confirm that Mr. Jannik Lindbæk will be appointed to the Board as a Non-Executive Director in May 2013. Mr. Lindbæk was previously Chairman of the Norwegian international oil and gas company, Statoil ASA, prior to its merger with Norsk Hydro in 2007. A further announcement will be made regarding Mr Lindbæk's appointment in due course.
futr
Solid Presentation:
http://www.ithacaenergy.com/uploads/20130326ithacaenergypresentation-fy2012resultswebsite.pdf
futr
Ithaca Energy Posts A Strong Production Update For Q4-2012
http://oilbarrel.com/news/ithaca-energy-posts-a-strong-production-update-for-q4-2012
Canada’s Ithaca Energy had a roller coaster ride in 2012 with its shares rising to 212p on the news of third party interest early in the year before plunging to 90p in May when the TSX and AIM listed company ceased discussions with potential suitors. The share price recovered somewhat in the New Year and now stands at 122.25p
It is not hard to see why the North Sea producer and explorer attracted predators. This is a solid company with its key drivers moving in the right direction. Figures released in a Q4 2012 production update and outlook for 2013 statement showed that output moved resolutely upwards last year. A key milestone was reached in late May when the Athena oilfield, after many years on the drawing board, was finally brought on stream. Another important event was passed in the summer when the Hurricane appraisal well flowed 24 million cubic feet of gas with 1,200 barrels per day of condensate, making this a real candidate for development as part of the major Greater Stella Area (GSA) production hub in the Central North Sea.
For Q-2012 net average export production, including net production from the Cook and MacCulloch field interests acquired from Noble Energy was 610,070 barrels of oil equivalent (boe) resulting in an average rate of 6,631 boepd with around 90 per cent being oil production. This represents a 31 per cent increase on production in the third quarter of 2012 (Q3-2012: 5,061) and is within guidance range for the quarter.
Output in the quarter came from the operated Athena, Beatrice, Jacky and Anglia fields, the non –operated Cook, Broom and Topaz fields and the Noble assets. The Noble assets were acquired on January 1 2012, with completion anticipated to occur in Q1-2013. Production in Q4-2012 benefitted from a strong performance by the Athena field which continues to produce at a stable gross daily rate of between 10,000 bopd and 11,000 with 2,250 to 2,475 bopd net to Ithaca.
Ithaca says the company’s 2013 net average export production is anticipated to be in the range of 6,000 to 6,700 including around 1,000 boepd from the Noble assets. About 90 per cent of the total is expected to be oil production. The production guidance range reflects anticipated water breakthrough on the Athena field during 2013 and the impact of planned maintenance shutdowns.
But what looks like being a hiatus in output in 2013 should not give rise for concern. Substantial output has been established at a comfortable level and shareholders should have a steady flow of news on the Greater Stella Area project to concentrate on. This scheme could see overall output punted up to around 30,000 boepd in the foreseeable future.
Moreover, the financials are potent with Q3 2012 profits before tax and unrealised losses/gains at US$14.9 million. This represented an increase of more than US$10 million on the Q2- 2012 total of US$4.4 million.Q3 cash flow from operations was US$30.1 million against US$18.1 in Q3 2011. At year end the balance street was strong with substantial cash balances and US$ 350 million tax losses available. There is also a US$430 million debt facility with BNP Paribas which has been syndicated to six other banks.
The company has said it expects 2013 net capital expenditure to total around US$360 million. This spending will come from existing cash balances, anticipated cash flow and the undrawn US$430 million debt facility. The expenditure will be almost entirely focused on executing Greater Stella Area developments. Approval for the Field Development Plan (FDP) for the two fields within the GSA (Stella and Hurricane) was approved by the Department of Energy and Climate Change (DECC) en in June 2012 and progress has already been made.
The modifications contract for the FPF-1 floating production unit has been awarded to the Remontowa shipyard in Gdansk, Poland. The FPF-1 is currently located in Gdansk. The Ensco 100 drilling rig is forecast to start the development drilling campaign in Q1-2013, later than expected because of delays in the completion of drilling programmes for other operators. Four initial Stella wells are to be drilled over a period of around 12 months before the arrival of the FPF-1 for hook up and commissioning currently in H1-2014.
Exciting though the GSA scheme is Ithaca has not discounted the possibility of further purchases. Chief Executive Iain McKendrick has said. “The company is cautiously optimistic of being able to add further asset acquisitions to its portfolio”.
futr
Q4-2012 Production & 2013 Outlook
10 January 2013
Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) reports fourth quarter 2012 ("Q4-2012" or the "quarter") production results and provides guidance on the Company's planned 2013 production and capital expenditure programme.
Highlights
o Q4-2012 net average export production, including net production from the Cook and MacCulloch field interests being acquired from Noble Energy Inc. (the "Noble Assets"), was 6,631 barrels of oil equivalent per day ("boepd"), within the Company's guidance range for the quarter.
o Net average export production for 2013 is forecast to be in the range of 6,000 to 6,700 boepd, including the net contribution anticipated from the Noble Assets.
o The Company's 2013 capital expenditure programme is focused on execution of the Greater Stella Area ("GSA") development and is anticipated to total US$360 million, which will be funded from existing financial resources.
Q4-2012 Production
Total net export production in the quarter, including net production from the Noble Assets, was 610,070 barrels of oil equivalent ("boe"), resulting in an average rate of 6,631 boepd, with approximately 90% being oil production. This represents a 31% increase on production in the third quarter of 2012 (Q3-2012: 5,061 boepd) and is within the Q4-2012 guidance range issued by the Company of 6,300 to 6,900 boepd.
Production in the quarter came from the operated Athena, Beatrice, Jacky and Anglia fields, the non-operated Cook, Broom and Topaz fields and the Noble Assets. The effective date of the Noble Assets acquisition is 1 January 2012, with completion anticipated to occur in Q1-2013.
Production in Q4-2012 benefited from strong performance by the Athena field, which continues to produce "dry" oil at a stable gross daily rate of between 10,000 and 11,000 barrels of oil per day ("bopd"), 2,250 to 2,475 bopd net to Ithaca. Forecast production was achieved from the Beatrice, Jacky, Cook, Broom and MacCulloch Fields.
Both the Anglia and Topaz fields were shut-in for a considerable period during the quarter due to issues on the ConocoPhillips operated Lincolnshire Offshore Gas Gathering System ("LOGGS"), the gas export infrastructure that receives and transports gas from these fields to shore. Both fields came back online at the end of December 2012.
2013 Production and Capital Expenditure Programme Guidance
The Company's 2013 net average export production is anticipated to be in the range of 6,000 to 6,700 boepd, including approximately 1,000 boepd from the Noble Assets; approximately 90% is forecast to be oil production. Approximately 80% of total net production is anticipated to be derived from the Cook, Athena and Beatrice / Jacky fields.
The production guidance range reflects anticipated water breakthrough on the Athena field during 2013 and the impact of planned maintenance shutdowns, most notably including approximately 25 days on the Shell operated Anasuria FPSO, the host facility for the Cook field, and 20 days for the Beatrice Complex. The MacCulloch field is currently shut-in due to suspected damage resulting from the recent period of extreme weather in the North Sea. The field operator, ConocoPhillips, is currently investigating the exact nature of the damage and the schedule associated with reinstating production. The 2013 production guidance range allows for a potential extended shutdown period associated with the resumption of normal operations on the MacCulloch field.
The Company anticipates 2013 net capital expenditure to total approximately US$360 million. This expenditure is almost entirely focused on execution of the GSA development, involving commencement of the development drilling campaign, scheduled for late Q1-2013, performance of the key offshore subsea infrastructure installation works by Technip and the FPF-1 modifications programme by Petrofac at the Remontowa shipyard in Poland.
The Company will fund the 2013 capital expenditure programme from its existing cash balance, anticipated cashflow from its producing asset portfolio and some of its currently undrawn US$430 million debt facility.
Over the course of 2013, the Company intends to issue quarterly operational updates (alongside its usual quarterly production updates) highlighting progress on key GSA development activities. Specific announcements are anticipated to be issued upon the completion of milestones including for example, commencement of the development drilling campaign and completion of each well, execution of the subsea infrastructure installation works and completion of various stages of work on the FPF-1.
Additional Information
An updated corporate presentation is available on the Company's website, www.ithacaenergy.com. The presentation includes a production and cashflow outlook for the years 2013-15. Specific guidance for the years 2014 and 2015 will be provided at the start of each of these years. Shareholders should note that cashflows from operations includes the impact of executed hedges and does not include non-cash items such as depreciation, depletion and amortisation ("DD&A"), revaluation of financial instruments, impairments of fixed assets and movements in goodwill, each of which may have a significant impact on the Company's profit.
The Company intends to publish its full year 2012 accounts and year-end reserves, as evaluated by Sproule International Limited, on 26 March 2013.
Enquiries:
Ithaca Energy:
Iain McKendrick, CEO imckendrick@ithacaenergy.com +44 (0) 1224 650 261
Graham Forbes, CFO gforbes@ithacaenergy.com +44 (0) 1224 652 151
FTI Consulting:
Billy Clegg billy.clegg@fticonsulting.com +44 (0) 207 269 7157
Edward Westropp edward.westropp@fticonsulting.com +44 (0) 207 269 7230
Georgia Mann georgia.mann@fticonsulting.com +44 (0) 207 269 7212
Cenkos Securities plc:
Jon Fitzpatrick jfitzpatrick@cenkos.com +44 (0) 207 397 8900
Ken Fleming kfleming@cenkos.com +44 (0) 131 220 6939
RBC Capital Markets:
Tim Chapman tim.chapman@rbccm.com +44 (0) 207 653 4641
Matthew Coakes matthew.coakes@rbccm.com +44 (0) 207 653 4871
Notes to oil and gas disclosure:
In accordance with AIM Guidelines, John Horsburgh, BSc (Hons) Geophysics (Edinburgh), MSc Petroleum Geology (Aberdeen) and Subsurface Manager at Ithaca is the qualified person that has reviewed the technical information contained in this press release. Mr Horsburgh has over 15 years operating experience in the upstream oil and gas industry.
About Ithaca Energy:
Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) and its wholly owned subsidiary Ithaca Energy (UK) Limited ("Ithaca" or "the Company"),is an oil and gas operator focused on North Sea production, appraisal and development activities. The Company's strategy is centred on building a highly profitable North Sea oil and gas company by maximising production and cashflow from its existing assets, the appraisal and development of existing discoveries on properties held by the Company and the delivery of additional growth via acquisitions and licence round participation.
Not for Distribution to U.S. Newswire Services or for Dissemination in the United States
futr
Q4-2012 Production & 2013 Outlook
10 January 2013
Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) reports fourth quarter 2012 ("Q4-2012" or the "quarter") production results and provides guidance on the Company's planned 2013 production and capital expenditure programme.
Highlights
o Q4-2012 net average export production, including net production from the Cook and MacCulloch field interests being acquired from Noble Energy Inc. (the "Noble Assets"), was 6,631 barrels of oil equivalent per day ("boepd"), within the Company's guidance range for the quarter.
o Net average export production for 2013 is forecast to be in the range of 6,000 to 6,700 boepd, including the net contribution anticipated from the Noble Assets.
o The Company's 2013 capital expenditure programme is focused on execution of the Greater Stella Area ("GSA") development and is anticipated to total US$360 million, which will be funded from existing financial resources.
Q4-2012 Production
Total net export production in the quarter, including net production from the Noble Assets, was 610,070 barrels of oil equivalent ("boe"), resulting in an average rate of 6,631 boepd, with approximately 90% being oil production. This represents a 31% increase on production in the third quarter of 2012 (Q3-2012: 5,061 boepd) and is within the Q4-2012 guidance range issued by the Company of 6,300 to 6,900 boepd.
Production in the quarter came from the operated Athena, Beatrice, Jacky and Anglia fields, the non-operated Cook, Broom and Topaz fields and the Noble Assets. The effective date of the Noble Assets acquisition is 1 January 2012, with completion anticipated to occur in Q1-2013.
Production in Q4-2012 benefited from strong performance by the Athena field, which continues to produce "dry" oil at a stable gross daily rate of between 10,000 and 11,000 barrels of oil per day ("bopd"), 2,250 to 2,475 bopd net to Ithaca. Forecast production was achieved from the Beatrice, Jacky, Cook, Broom and MacCulloch Fields.
Both the Anglia and Topaz fields were shut-in for a considerable period during the quarter due to issues on the ConocoPhillips operated Lincolnshire Offshore Gas Gathering System ("LOGGS"), the gas export infrastructure that receives and transports gas from these fields to shore. Both fields came back online at the end of December 2012.
2013 Production and Capital Expenditure Programme Guidance
The Company's 2013 net average export production is anticipated to be in the range of 6,000 to 6,700 boepd, including approximately 1,000 boepd from the Noble Assets; approximately 90% is forecast to be oil production. Approximately 80% of total net production is anticipated to be derived from the Cook, Athena and Beatrice / Jacky fields.
The production guidance range reflects anticipated water breakthrough on the Athena field during 2013 and the impact of planned maintenance shutdowns, most notably including approximately 25 days on the Shell operated Anasuria FPSO, the host facility for the Cook field, and 20 days for the Beatrice Complex. The MacCulloch field is currently shut-in due to suspected damage resulting from the recent period of extreme weather in the North Sea. The field operator, ConocoPhillips, is currently investigating the exact nature of the damage and the schedule associated with reinstating production. The 2013 production guidance range allows for a potential extended shutdown period associated with the resumption of normal operations on the MacCulloch field.
The Company anticipates 2013 net capital expenditure to total approximately US$360 million. This expenditure is almost entirely focused on execution of the GSA development, involving commencement of the development drilling campaign, scheduled for late Q1-2013, performance of the key offshore subsea infrastructure installation works by Technip and the FPF-1 modifications programme by Petrofac at the Remontowa shipyard in Poland.
The Company will fund the 2013 capital expenditure programme from its existing cash balance, anticipated cashflow from its producing asset portfolio and some of its currently undrawn US$430 million debt facility.
Over the course of 2013, the Company intends to issue quarterly operational updates (alongside its usual quarterly production updates) highlighting progress on key GSA development activities. Specific announcements are anticipated to be issued upon the completion of milestones including for example, commencement of the development drilling campaign and completion of each well, execution of the subsea infrastructure installation works and completion of various stages of work on the FPF-1.
Additional Information
An updated corporate presentation is available on the Company's website, www.ithacaenergy.com. The presentation includes a production and cashflow outlook for the years 2013-15. Specific guidance for the years 2014 and 2015 will be provided at the start of each of these years. Shareholders should note that cashflows from operations includes the impact of executed hedges and does not include non-cash items such as depreciation, depletion and amortisation ("DD&A"), revaluation of financial instruments, impairments of fixed assets and movements in goodwill, each of which may have a significant impact on the Company's profit.
The Company intends to publish its full year 2012 accounts and year-end reserves, as evaluated by Sproule International Limited, on 26 March 2013.
Enquiries:
Ithaca Energy:
Iain McKendrick, CEO imckendrick@ithacaenergy.com +44 (0) 1224 650 261
Graham Forbes, CFO gforbes@ithacaenergy.com +44 (0) 1224 652 151
FTI Consulting:
Billy Clegg billy.clegg@fticonsulting.com +44 (0) 207 269 7157
Edward Westropp edward.westropp@fticonsulting.com +44 (0) 207 269 7230
Georgia Mann georgia.mann@fticonsulting.com +44 (0) 207 269 7212
Cenkos Securities plc:
Jon Fitzpatrick jfitzpatrick@cenkos.com +44 (0) 207 397 8900
Ken Fleming kfleming@cenkos.com +44 (0) 131 220 6939
RBC Capital Markets:
Tim Chapman tim.chapman@rbccm.com +44 (0) 207 653 4641
Matthew Coakes matthew.coakes@rbccm.com +44 (0) 207 653 4871
Notes to oil and gas disclosure:
In accordance with AIM Guidelines, John Horsburgh, BSc (Hons) Geophysics (Edinburgh), MSc Petroleum Geology (Aberdeen) and Subsurface Manager at Ithaca is the qualified person that has reviewed the technical information contained in this press release. Mr Horsburgh has over 15 years operating experience in the upstream oil and gas industry.
About Ithaca Energy:
Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) and its wholly owned subsidiary Ithaca Energy (UK) Limited ("Ithaca" or "the Company"),is an oil and gas operator focused on North Sea production, appraisal and development activities. The Company's strategy is centred on building a highly profitable North Sea oil and gas company by maximising production and cashflow from its existing assets, the appraisal and development of existing discoveries on properties held by the Company and the delivery of additional growth via acquisitions and licence round participation.
Not for Distribution to U.S. Newswire Services or for Dissemination in the United States
futr
Ithaca Energy Inc -27th UK Licensing Round Success
Press Release: Ithaca Energy Inc – 5 hours ago.
http://finance.yahoo.com/news/ithaca-energy-inc-27th-uk-070000783.html
IAE.V has been showing support around 1.85 and resistance in the 2.05 price range. RSI(14): 42.21
http://canada.stoxline.com/q_ca.php?s=iae.to
Acquisition of Non-Operated Interests in Cook and MacCulloch
UK North Sea Producing Fields
9 October 2012
Ithaca Energy Inc. announces that it has entered into agreements with
Noble Energy Capital Limited (a subsidiary of Noble Energy Inc., NYSE:
NBL) to acquire two wholly owned UK subsidiary companies that will hold
non-operated interests in UK North Sea producing fields; a 12.885%
interest in the Cook field and a 14% interest in the MacCulloch field.
Highlights
o The acquisitions are forecast to result in net incremental
production, predominantly oil, for the Company of approximately 1,100
barrels of oil equivalent per day ("boepd") in 2012.
o The two fields are anticipated to increase the Company's net proven
and probable reserves by 3.4 million barrels of oil equivalent
("mmboe"), based on the effective date of the transactions of 1
January 2012.
o The total consideration is US$38.5 million, implying an acquisition
cost of US$11.3 per barrel of proven and probable reserves.
o The acquisition is in line with the Company's strategy of further
diversifying and expanding its producing asset portfolio and
accelerating the monetisation of its existing pool of UK tax
allowances.
The Cook oil field, operated by Shell, lies in Block 21/20a in the
Central North Sea. The field has been developed as a single well
subsea tie-back to the Shell operated Anasuria floating production,
storage and offloading vessel ("FPSO"), which serves as a host
processing facility to several nearby fields, with oil exported from
the FPSO via shuttle tankers and gas via pipeline to shore.
The acquisition will result in the Company increasing its existing Cook
field interest from 28.46% to 41.345%, furthering its position as the
field's largest owner. Based on the independent reserves assessment
performed by Sproule International Limited ("Sproule"), effective as of
31 December 2011, remaining net proved and probable reserves associated
with the additional 12.885% interest (as of that date) are 2.0 mmboe.
The MacCulloch oil field, currently operated by ConocoPhillips, lies in
Blocks 15/24b in the Central North Sea (transfer of field operatorship
to Endeavour Energy UK Limited is pending completion of a previously
announced transaction). The field is producing from four subsea wells
tied back to the North Sea Producer FPSO, with processed oil and gas
exported via pipelines to shore. Remaining net proved and probable
reserves effective as of 31 December 2011 are estimated by Ithaca to be
approximately 1.4 mmboe. An assessment of the field reserves will be
performed by Sproule as part of the normal year end reserves evaluation
exercise.
Net production from the two fields is anticipated to average 1,100
boepd over 2012, with the contribution from each field being broadly
equal. This estimate takes into account actual field performance,
including the impact of planned maintenance shutdowns on the fields and
the anticipated operational performance of the fields over the
remainder of the year (including a planned shutdown of approximately 15
days on the MacCulloch field in the final quarter of 2012). The fields
are anticipated to contribute approximately the same level of net
production in 2013.
Completion of the transactions is anticipated in early 2013 and is
subject to normal regulatory and joint venture approvals, including
reaching agreement in respect of decommissioning cost security.
The acquisition will be funded from Ithaca's existing cash resources.
At completion the consideration paid will be subject to normal industry
adjustments to reflect the income and costs incurred since the
effective date. The Company anticipates that the resulting net cash
consideration payable at completion will be under US$30 million, based
on the 1 January 2012 effective date and assuming completion occurs in
early 2013. Following completion, the Company's available tax
allowances mean that the resulting net cash flow from the assets is
forecast to deliver a rapid payback of the total consideration.
Iain McKendrick, Chief Executive Officer, commented:"This is the Company's
first acquisition post the announcement of the
new enlarged debt facility and is in line with the stated objective of
acquiring producing reserves in the UKCS to both diversify the
Company's production base and accelerate the utilisation of existing
tax allowances. I am particularly pleased to be acquiring the
interests in these fields, where we see large potential production and
reserve upsides. These acquisitions represent highly accretive and
quick pay-back additions to our growing production base. The Company
is cautiously optimistic of being able to add further asset
acquisitions to its portfolio, given its efforts to continue driving
forward the growth of the Company."
Enquiries:
Ithaca Energy:
Iain McKendrick,CEO imckendrick@ithacaenergy.com +44 (0) 1224 650 261
Graham Forbes, CFO gforbes@ithacaenergy.com +44 (0) 1224 652 151
FTI Consulting:
Billy Clegg billy.clegg@fticonsulting.com +44 (0) 207 269 7157
Edward Westropp edward.westropp@fticonsulting.com +44 (0) 207 269 7230
Georgia Mann georgia.mann@fticonsulting.com +44 (0) 207 269 7212
Cenkos Securities plc:
Jon Fitzpatrick jfitzpatrick@cenkos.com +44 (0) 207 397 8900
Ken Fleming kfleming@cenkos.com +44 (0) 131 220 6939
RBC Capital Markets:
Tim Chapman tim.chapman@rbccm.com +44 (0) 207 653 4641
Matthew Coakes matthew.coakes@rbccm.com +44 (0) 207 653 4871
futr
Ithaca Energy Inc. Update on Athena Field P1 Operations
TIDMIAE
Update on Athena Field P1 Operations
FOR: ITHACA ENERGY INC.
TSX, AIM SYMBOL: IAE
September 14, 2012
Ithaca Energy Inc.: Update on Athena Field P1 Operations
LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - Sept. 14, 2012) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Ithaca Energy Inc. (TSX:IAE)(AIM:IAE) announces an Athena field operational and production update.
The planned hydraulic intervention to eliminate the production tubing blockage in the P1 well, using a Remotely Operated
Vehicle Support Vessel, has been performed. This intervention, involving the pumping of fluids into the P1 well flowline
(at the wellhead), has resulted in a minor incremental increase in the previously observed flow rates achieved from the
well, with gross production from the well now being approximately 700 to 800 barrels of oil per day ("bopd") (160 - 180
bopd net to Ithaca).
The production data that has so far been obtained from the field indicates that the anticipated sweep of oil within the
reservoir is likely to result in the reserves attributed to P1 being fully produced by the well in its current
production condition, supported by recovery from the other wells on the field. The P1 well is the original appraisal
well that was drilled on the field in 2006 (completed as a development well in 2011) and represents the least
significant producer in terms of forecast ultimate oil recovery from the field.
Based on the results of the P1 hydraulic interventions and an assessment of reservoir performance, the Athena co-
venturers have decided that the value of producing the P1 well in its current condition outweighs the benefit of
performing a workover on the well using a drilling rig. The well will therefore now be produced in its current
condition. Future attempts to further clear the blockage by applying hydraulic pressure, using the facilities on the
FPSO, may be undertaken when operations allow.
The field continues to produce dry oil and the field facilities are performing well.
Ithaca third quarter production figures will be announced as usual in early October and a further update on Athena
performance will be included at that time.
The co-venturers in the Athena field are: Ithaca, operator (22.5%), Dyas UK Limited (47.5%), EWE Energie AG (20%) and
Zeus Petroleum Limited (10%).
About Ithaca Energy
Ithaca Energy Inc. and its wholly owned subsidiary Ithaca Energy (UK) Limited ("Ithaca" or "the Company"), is an oil and
gas exploration, development and production company active in the United Kingdom's Continental Shelf ("UKCS"). The goal
of Ithaca, in the near term, is to maximize production and achieve early production from the development of existing
discoveries on properties held by Ithaca, to originate and participate in exploration and appraisal on properties held
by Ithaca when capital permits, and to consider other opportunities for growth as they are identified from time to time
by Ithaca.
Not for Distribution to U.S. Newswire Services or for Dissemination in the United States
Forward-looking statements
Some of the statements in this announcement are forward-looking. Forward-looking statements include statements regarding
the intent, belief and current expectations of Ithaca Energy Inc. or its officers with respect to various matters. When
used in this announcement, the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "plan",
"should", "believe", "could", "target" and similar expressions, and the negatives thereof, whether used in connection
with production and operation activities of the Athena field or otherwise are intended to identify forward-looking
statements. Such statements are not promises or guarantees, and are subject to known and unknown risks and uncertainties
and other factors that may cause actual results or events to differ materially from those anticipated in such forward-
looking statements or information. These forward-looking statements speak only as of the date of this announcement.
Ithaca Energy Inc. expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any
forward-looking statement contained herein to reflect any change in its expectations with regard thereto or any change
in events, conditions or circumstances on which any forward-looking statement is based except as required by applicable
securities laws.
futr
Ithaca Energy Inc. (TSX:IAE)(AIM:IAE) announces that it has completed a
successful drill stem test ("DST") on the Andrew sandstone interval in the
Hurricane appraisal well, 29/10b-8, The DST achieved a gross maximum flow rate
of approximately 24 million standard cubic feet of gas per day ("MMscf/d") with
associated condensate of 1,200 barrels per day ("bbl/d") from a 44/64-inch fixed
choke. The wellbore will now be suspended as a future Andrew reservoir
production well with the capability of also producing from the Rogaland
reservoir.
Well 29/10b-8 was drilled to appraise sands in the eastern lobe of the Hurricane
structural closure, located in the Company's Greater Stella Area ("GSA") of the
UK Central North Sea.
The well intersected 32 feet of Eocene Rogaland sandstone with an average
porosity of 28% over the net sands. A full core of the Rogaland reservoir
section was extracted. Fluid samples and downhole pressure data have confirmed
the presence of liquid rich gas throughout the interval; the samples indicate a
condensate-gas ratio ("CGR") of between 60 and 110 barrels of condensate per
MMscf. Sufficient data was obtained to remove the need to perform a well test on
this interval. Analysis of pressure data indicates the hydrocarbon-water contact
is likely to be the same as that in the Hurricane discovery well, 29/10-4Z
(located in the western lobe of the structure), at 9,438 feet True Vertical
Depth Subsea.
The well also intersected 20 feet of Palaeocene Andrew sandstone reservoir,
similar in nature and thickness to that observed in the main Andrew sandstone
reservoir of the Stella field, approximately 10 kilometres east of Hurricane.
The reservoir is of good quality, similar to that of Stella with average
porosity of 26% over the net sands, and is considered to potentially be part of
a more extensive Andrew sand unit in the area.
During the main flow period lasting approximately 24 hours, the Andrew interval
achieved an average gross flow rate of approximately 17 MMscf/d with associated
condensate of 870 bbl/d (52 degrees American Petroleum Institute ("API")
Gravity) from a half inch choke. A gross maximum flow rate of 24 MMscf/d with
associated condensate of 1,200 bbl/d was also achieved, with the full production
potential of the well being limited by surface equipment.
The well will now be suspended for future potential use as a production well for
the Andrew reservoir, with the capability of also being used for future
production from the Rogaland reservoir.
Nick Muir, Chief Technical Officer, commented:
"The successful results of the Hurricane appraisal well have clearly
demonstrated the significant potential of the Andrew reservoir play fairway in
the Company's Greater Stella Area. A work programme has already been launched to
assess the development options and ultimately recoverable volumes for Hurricane,
both in terms of the Rogaland and Andrew reservoirs, and the optimal solution
for its integration into the ongoing development of the nearby Stella and
Harrier fields; this will include the likely use of the current well as a
producer. All the major contracts for the Stella development have now been
awarded and the next key milestone will be the selection of the yard in which
the modification works will be performed on the FPF-1 floating production unit."
The well was drilled using the WilHunter enhanced pacesetter semi-submersible
rig, owned by Awilco Drilling plc and managed by the services of Applied
Drilling Technology International ("ADTI").
The Joint Venture partners in the Ithaca operated Block 29/10b (Hurricane) are
Ithaca Energy (UK) Ltd (54.66%), Dyas UK Ltd (25.34%) and Petrofac Energy
Developments UK Limited (20%)
Notes to oil and gas disclosure:
In accordance with AIM Guidelines, Hugh Morel, BSc Physics and Geology (Durham),
PhD Hydrogeology (London) and senior petroleum engineer at Ithaca is the
qualified person that has reviewed the technical information contained in this
press release. Dr Morel has 30 years operating experience in the upstream oil
industry.
The well test results disclosed in this news release represent short-term
results, which may not necessarily be indicative of long-term well performance
or ultimate hydrocarbon recovery therefrom.
About Ithaca Energy:
Ithaca Energy Inc. and its wholly owned subsidiary Ithaca Energy (UK) Limited
("Ithaca" or "the Company"), is an oil and gas exploration, development and
production company active in the United Kingdom's Continental Shelf ("UKCS").
The goal of Ithaca, in the near term, is to maximize production and achieve
early production from the development of existing discoveries on properties held
by Ithaca, to originate and participate in exploration and appraisal on
properties held by Ithaca when capital permits, and to consider other
opportunities for growth as they are identified from time to time by Ithaca
futr
Nice Close!
futr
July9,2012 Hurricane Appraisal Well Commences
FOR: ITHACA ENERGY INC.
TSX, AIM SYMBOL: IAE
July 9, 2012
Ithaca Energy Inc.: Hurricane Appraisal Well Commences
LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - July 9, 2012) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Ithaca Energy Inc. (TSX:IAE)(LSE:IAE) announces that it has commenced drilling of the Hurricane appraisal well
in Block 29/10b (Ithaca operated), which lies within the Company's Greater Stella Area in the UK sector of the
Central North Sea.
The well is being drilled using the WilHunter semi-submersible rig. The Company has contracted the services of
Applied Drilling Technologies International ("ADTI") to manage drilling operations under "turnkey" contract
arrangements. The well programme is anticipated to take between 75 to 85 days to complete, including the
performance of a drill stem test.
The Hurricane discovery well, 29/10-4z, was drilled by Shell in 1995. The well encountered 41 degrees API light
oil in Eocene Rogaland sands in the western lobe of the structure.
The appraisal well will be drilled to the base of the Tertiary section in the eastern lobe of the mapped
structure and is designed to satisfy three primary objectives:
=- Confirm the nature and volume of recoverable hydrocarbons
=- Calibrate the hydrocarbon contact with seismic amplitude
=- Verify the distribution, quality and connectivity of the reservoir
Upon successful completion of the appraisal well objectives, the wellbore will be suspended for future re-entry
and completion as a production well.
The Hurricane discovery lies within 10 kilometres of the "FPF-1" floating production unit that will be
installed as part of the Company's development of the Stella and Harrier fields. The anticipated development of
Hurricane would involve the tie-back of wells and subsea infrastructure to the FPF-1, providing a valuable
incremental add-on to the ongoing development of the Greater Stella Area.
The Company's independent reserves evaluator, Sproule International Limited, assigned net Proved and Probable
reserves to Hurricane of 2.7 million barrels of oil equivalent ("mmboe"), based on the well in the western lobe
of the discovery, in its report dated December 31st, 2011.
The Joint Venture partners in the Ithaca operated Block 29/10b (Hurricane) are Ithaca Energy (UK) Ltd (54.66%),
Dyas UK Ltd (25.34%) and Petrofac Energy Developments UK Limited (20%).
Notes to oil and gas disclosure:
In accordance with AIM Guidelines, Hugh Morel, BSc Physics and Geology (Durham), PhD Hydrogeology (London) and
senior petroleum engineer at Ithaca is the qualified person that has reviewed the technical information
contained in this press release. Dr Morel has 30 years' operating experience in the upstream oil industry.
The Company's petroleum and natural gas reserves (the "reserves") have been independently evaluated by Sproule
(www.sproule.com) in accordance with the Canadian Oil and Gas Evaluation Handbook ("COGEH") reserves
definitions and evaluation practices and procedures which abide by the standards set by the Canadian Institute
of Mining, Metallurgy and Petroleum ("CIM"), as specified by National Instrument 51-101 ("NI 51-101"). The
evaluation uses Sproule's forecast prices and costs at December 31, 2011.
The term "boe" may be misleading, particularly if used in isolation. A boe conversion of 6 Mcf: 1 bbl is based
on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a
value equivalency at the wellhead.
The estimates of reserves and future net revenues for individual properties may not reflect the same confidence
level as estimates of reserves and future net revenues for all properties, due to the effects of aggregation.
About Ithaca Energy:
Ithaca Energy Inc. and its wholly owned subsidiary Ithaca Energy (UK) Limited ("Ithaca" or "the Company"), is
an oil and gas exploration, development and production company active in the United Kingdom's Continental Shelf
("UKCS"). The goal of Ithaca, in the near term, is to maximize production and achieve early production from the
development of existing discoveries on properties held by Ithaca, to originate and participate in exploration
and appraisal on properties held by Ithaca when capital permits, and to consider other opportunities for growth
as they are identified from time to time by Ithaca.
Not for Distribution to U.S. Newswire Services or for Dissemination in the United States
Forward-looking statements
Some of the statements in this announcement are forward-looking. Forward-looking statements include statements
regarding the intent, belief and current expectations of Ithaca Energy Inc. or its officers with respect to
various matters including drilling plans and potential field reserves. When used in this announcement, the
words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "plan", "should", "believe",
"could", "target" and similar expressions, and the negatives thereof, whether used in connection with future
development plans associated with the Hurricane field are intended to identify forward-looking statements. Such
statements are not promises or guarantees, and are subject to known and unknown risks and uncertainties and
other factors that may cause actual results or events to differ materially from those anticipated in such
forward-looking statements or information. In the view of the Company's management, this information reflects
the best currently available estimates and judgements, and presents, to the best of management's knowledge and
belief, the expected course of action. These forward-looking statements speak only as of the date of this
announcement. Ithaca Energy Inc. expressly disclaims any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statement contained herein to reflect any change in its
expectations with regard thereto or any change in events, conditions or circumstances on which any forward-
looking statement is based except as required by applicable securities laws. Readers are cautioned that the
forward-looking statements contained in this press release should not be used for purposes other than for which
it is disclosed herein. These statements may not be appropriate for other purposes.
FOR FURTHER INFORMATION PLEASE CONTACT:
Ithaca Energy:
Nick Muir
CTO
+44 (0) 1224 650 267
nmuir@ithacaenergy.com
OR
Ithaca Energy:
John Woods
CDO
+44 (0) 1224 650 273
jwoods@ithacaenergy.com
OR
Pelham Bell Pottinger Public Relations:
Philip Dennis
+44 (0) 207 861 3919
pdennis@pelhambellpottinger.co.uk
OR
Pelham Bell Pottinger Public Relations:
Rollo Crichton-Stuart
+44 (0) 207 861 3918
rcrichton-stuart@pelhambellpottinger.co.uk
OR
Cenkos Securities plc:
Jon Fitzpatrick
+44 (0) 207 397 8900
jfitzpatrick@cenkos.com
OR
Cenkos Securities plc:
Beth McKiernan
+44 (0) 131 220 6939
bmckiernan@cenkos.com
OR
RBC Capital Markets:
Tim Chapman
+44 (0) 207 653 4641
tim.chapman@rbccm.com
OR
RBC Capital Markets:
Matthew Coakes
+44 (0) 207 653 4871
matthew.coakes@rbccm.com
Ithaca Energy Inc
futr
New Mini-Presentation of Oilfield Developments
http://www.ithacaenergy.com/uploads/20120628ithacaenergyagmpresentationfinal.pdf
futr
More Insider Buying-
Director's Dealing
FOR: ITHACA ENERGY INC.
AIM, TSX SYMBOL: IAE
June 27, 2012
Ithaca Energy Inc.: Director's Dealing
LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - June 27, 2012) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Ithaca Energy Inc. (TSX:IAE)(AIM:IAE) (the "Company") was notified on June 26, 2012 that on that date Iain McKendrick,
CEO of the Company, acquired 31,130 Common Shares in the Company at a price of GBP 95.75p per common share.
Following this transaction, Iain McKendrick's total revised beneficial holding in the Company is 164,578 Common Shares,
representing approximately 0.06 percent of the issued share capital of the Company.
About Ithaca Energy
Ithaca Energy Inc. and its wholly owned subsidiary Ithaca Energy (UK) Limited ("Ithaca" or "the Company"), is an oil and
gas exploration, development and production company active in the United Kingdom's Continental Shelf ("UKCS"). The goal
of Ithaca, in the near term, is to maximize production and achieve early production from the development of existing
discoveries on properties held by Ithaca, to originate and participate in exploration and appraisal on properties held
by Ithaca when capital permits, and to consider other opportunities for growth as they are identified from time to time
by Ithaca.
Not for Distribution to U.S. Newswire Services or for Dissemination in the United States
FOR FURTHER INFORMATION PLEASE CONTACT:
Ithaca Energy:
Graham Forbes
CFO
+44 (0) 1224 652 151
gforbes@ithacaenergy.com
OR
Pelham Bell Pottinger Public Relations:
Philip Dennis
+44 (0) 207 861 3919
pdennis@pelhambellpottinger.co.uk
OR
Pelham Bell Pottinger Public Relations:
Rollo Crichton-Stuart
+44 (0) 207 861 3918
rcrichton-stuart@pelhambellpottinger.co.uk
OR
Cenkos Securities plc:
Jon Fitzpatrick
+44 (0) 207 397 8900
jfitzpatrick@cenkos.com
OR
Cenkos Securities plc:
Beth McKiernan
+44 (0) 131 220 6939
bmckiernan@cenkos.com
OR
RBC Capital Markets:
Tim Chapman
+44 (0) 207 653 4641
tim.chapman@rbccm.com
OR
RBC Capital Markets:
Matthew Coakes
+44 (0) 207 653 4871
matthew.coakes@rbccm.com
Ithaca Energy Inc.
(END) Dow Jones Newswires
June 27, 2012 03:00 ET (07:00 GMT)
futr
Ithaca Energy Inc. Athena Operations Update and Second Quarter 2012 Production
TIDMIAE
Athena Operations Update and Second Quarter 2012 Production
FOR: ITHACA ENERGY INC.
TSX, AIM SYMBOL: IAE
June 25, 2012
Ithaca Energy Inc.: Athena Operations Update and Second Quarter 2012 Production
LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - June 25, 2012) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Ithaca Energy Inc. (TSX:IAE)(AIM:IAE) announces an Athena field operational update and anticipated second
quarter 2012 outturn production information.
Athena Operations Update: The operational programme since start-up has been focused on achieving full and
stable production from the four production wells and processing plant on the BW Athena floating production,
storage and offloading vessel ("FPSO") and assessing the potential of the wells and the optimal production
rates for the maximisation of oil recovery from the field over the coming years. The execution of these
operations has progressed as planned. All the production facilities are now fully commissioned and the BW
Athena is operating as designed, with continued well optimisation activities ongoing. The first cargo of crude
has been transferred from the FPSO to the storage tank at the Ithaca operated Nigg oil terminal using the Betty
Knutsen shuttle tanker.
Currently only three of the four production wells on the field are flowing as a result of a suspected downhole
restriction in one of the wells. Testing has shown that there are no issues with the integrity of the well or
performance of the reservoir in the area of the field drained by the well. The changeable flow rates achieved
from the well during testing indicate that the restriction is likely attributable to a blockage in the
production tubing located within the well. Diagnostic work is ongoing to identify the nature of the blockage
and the most effective course of action for eliminating it.
Gross production from the field is currently approximately 12,000 barrels of oil per day ("bopd"), 2,700 bopd
net to Ithaca with three producing wells. Meanwhile, water injection is online to support the production wells.
Based on the data obtained, the gross production potential of the restricted well is approximately 5,000 bopd,
1,125 bopd net to Ithaca.
The Company is currently evaluating remote intervention methods to restore the restricted well to its full
production potential. This includes use of the existing facilities to hydraulically overcome the obstruction.
If these methods are not successful, a rig based workover may be required. In that case, the workover is
anticipated to be conducted towards the end of this year.
The co-venturers in the Athena field are: Ithaca, operator (22.5%), Dyas UK Limited (47.5%), EWE Energie AG
(20%) and Zeus Petroleum Limited (10%).
Second Quarter 2012 Production
The Company's total net export production in the second quarter of 2012 ("Q2-2012") is anticipated to be
370,888 barrels of oil equivalent, representing a net average rate of 4,076 barrels of oil equivalent per day
("boepd") for the quarter. The Company's export production volumes came from the operated Beatrice, Jacky,
Anglia and Athena fields and the non-operated Cook, Broom and Topaz fields.
=- The Beatrice and Jacky fields have experienced downtime in Q2-2012 as a
result of activities to improve the treatment of produced water. These
works are now complete and stable production has been restored.
=- The Cook field experienced downtime in April and June due to integrity
issues with the gas treatment and compression equipment on the host
facilities. Full production will be restored during the first week of
July.
=- The Q2-2012 production contribution from the Athena field, as would be
expected, has been limited as a result of the facilities commissioning,
production stabilisation and optimisation activities that have been
ongoing since start-up of the field on May 26th, 2012.
The Company's current net daily export production rate potential is approximately 7,200 boepd not including the
expected production of the restricted Athena well. This rate will be achieved as soon as the Cook field returns
to production in early July.
It should be noted that planned maintenance shutdowns are scheduled for the third quarter of this year on the
Company's operated Beatrice Area infrastructure (approximately 20 days) and the Shell operated Anasuria FPSO
that receives production from the Cook field (approximately 50 days) to complete scheduled asset integrity
works designed to maintain the longer term operating efficiency of the facilities.
Notes to oil and gas disclosure:
In accordance with AIM Guidelines, Hugh Morel, BSc Physics and Geology (Durham), PhD Hydrogeology (London) and
senior petroleum engineer at Ithaca is the qualified person that has reviewed the technical information
contained in this press release. Dr Morel has 30 years operating experience in the upstream oil industry.
The term "boe" may be misleading, particularly if used in isolation. A boe conversion of 6 Mcf: 1 bbl is based
on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a
value equivalency at the wellhead.
About Ithaca Energy:
Ithaca Energy Inc. and its wholly owned subsidiary Ithaca Energy (UK) Limited ("Ithaca" or "the Company"), is
an oil and gas exploration, development and production company active in the United Kingdom's Continental Shelf
("UKCS"). The goal of Ithaca, in the near term, is to maximize production and achieve early production from the
development of existing discoveries on properties held by Ithaca, to originate and participate in exploration
and appraisal on properties held by Ithaca when capital permits, and to consider other opportunities for growth
as they are identified from time to time by Ithaca.
Not for Distribution to U.S. Newswire Services or for Dissemination in the United States
Forward-looking statements
Some of the statements in this announcement are forward-looking. Forward-looking statements include statements
regarding the intent, belief and current expectations of Ithaca Energy Inc. or its officers with respect to
various matters. When used in this announcement, the words "anticipate", "continue", "estimate", "expect",
"may", "will", "project", "plan", "should", "believe", "could", "target" and similar expressions, and the
negatives thereof, whether used in connection with production and operation activities of the Athena field, the
Company's other fields or otherwise are intended to identify forward-looking statements. Such statements are
not promises or guarantees, and are subject to known and unknown risks and uncertainties and other factors that
may cause actual results or events to differ materially from those anticipated in such forward-looking
statements or information. These forward-looking statements speak only as of the date of this announcement.
Ithaca Energy Inc. expressly disclaims any obligation or undertaking to release publicly any updates or
revisions to any forward-looking statement contained herein to reflect any change in its expectations with
regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is
based except as required by applicable securities laws.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Ithaca Energy:
Graham Forbes
CFO
+44 (0) 1224 652 151
gforbes@ithacaenergy.com
OR
Ithaca Energy:
John Woods
CDO
+44 (0) 1224 650 273
jwoods@ithacaenergy.com
OR
Pelham Bell Pottinger Public Relations:
Philip Dennis
+44 (0) 207 861 3919
pdennis@pelhambellpottinger.co.uk
OR
Pelham Bell Pottinger Public Relations:
Rollo Crichton-Stuart
+44 (0) 207 861 3918
rcrichton-stuart@pelhambellpottinger.co.uk
OR
Cenkos Securities plc:
Jon Fitzpatrick
+44 (0) 207 397 8900
jfitzpatrick@cenkos.com
OR
Cenkos Securities plc:
Beth McKiernan
+44 (0) 131 220 6939
bmckiernan@cenkos.com
OR
RBC Capital Markets:
Tim Chapman
+44 (0) 207 653 4641
tim.chapman@rbccm.com
OR
RBC Capital Markets:
Matthew Coakes
+44 (0) 207 653 4871
matthew.coakes@rbccm.com
Ithaca Energy Inc.
(END) Dow Jones Newswires
June 25, 2012 02:00 ET (06:00 GMT)
futr
Got it marked Thanks futr!
Ithaca's U.S. ticker-- IACAF-
for those who prefer to trade south of the border-
futr
Buyout Speculation on Ithaca Resumes-
Scroll down to the fourth ticker-
http://www.proactiveinvestors.co.uk/columns/fox-davies-capital/9677/views-from-the-trading-floor-featuring-sefton-resources-bahamas-petroleum-ithaca-energy-emed-mining-and-vatukoula-gold-mines-19th-june-9677.html
futr
Ithaca Energy Inc.: Officers' Dealing
LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - June 13, 2012) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Ithaca Energy Inc. (the "Company") (TSX:IAE)(AIM:IAE) was notified on June 12, 2012 that on that date two officers of the Company increased their beneficial shareholdings in the Company by a total of 100,000 Common Shares as follows:
Mike Travis (Chief Production Officer) acquired 50,000 Common Shares at a price of £1.10 per share taking his total beneficial shareholding to 50,000 Common Shares representing 0.02% of the voting rights.
John Woods (Chief Developments Officer) acquired 50,000 Common Shares at a price of £1.10 per share taking his total beneficial shareholding to 102,958 shares representing 0.04% of the voting rights.
Additional listing
In addition, following recent exercises of options by employees under the Company's stock option plan, the Company has applied for a total of 181,667 common shares ("New Common Shares") to be admitted to trading on AIM. Each New Common Share will rank pari passu with the existing common shares.
Following this application, the Company will have 259,346,128 Common Shares outstanding with one voting right per Common Share. There are no Common Shares held by Ithaca in treasury. The total number of voting shares in the Company is therefore 259,346,128. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the UK Financial Services Authority's Disclosure and Transparency Rules.
It is expected that dealings in the New Common Shares will commence on June 18, 2012.
About Ithaca Energy
Ithaca Energy Inc. and its wholly owned subsidiary Ithaca Energy (UK) Limited ("Ithaca" or "the Company"), is an oil and gas exploration, development and production company active in the United Kingdom's Continental Shelf ("UKCS"). The goal of Ithaca, in the near term, is to maximize production and achieve early production from the development of existing discoveries on properties held by Ithaca, to originate and participate in exploration and appraisal on properties held by Ithaca when capital permits, and to consider other opportunities for growth as they are identified from time to time by Ithaca.
Not for Distribution to U.S. Newswire Services or for Dissemination in the United States
Contact Information
Ithaca Energy:
Iain McKendrick
CEO
+44 (0) 1224 650 261
imckendrick@ithacaenergy.com
Ithaca Energy:
Graham Forbes
+44 (0) 1224 652 151
gforbes@ithacaenergy.com
Pelham Bell Pottinger Public Relations:
Philip Dennis
+44 (0) 207 861 3919
pdennis@pelhambellpottinger.co.uk
Pelham Bell Pottinger Public Relations:
Rollo Crichton-Stuart
+44 (0) 207 861 3918
rcrichton-stuart@pelhambellpottinger.co.uk
Cenkos Securities plc:
Jon Fitzpatrick
+44 (0) 207 397 8900
jfitzpatrick@cenkos.com
Cenkos Securities plc:
Beth McKiernan
+44 (0) 131 220 6939
bmckiernan@cenkos.com
RBC Capital Markets:
Tim Chapman
+44 (0) 207 653 4641
tim.chapman@rbccm.com
RBC Capital Markets:
Matthew Coakes
+44 (0) 207 653 4871
matthew.coakes@rbccm.com
futr
Ithaca Energy Home Page-
http://www.ithacaenergy.com/
futr
Nice Move and Volume here today!
futr
Good Link to Canadian Exchange Listed Stock Quotes and News-
http://canada.stoxline.com/q_ca.php?s=iae.to
futr
Ithaca Energy May 2012 Corporate Presentation~
http://www.ithacaenergy.com/uploads/20120528ithacaenergycorporatepresentationfinal.pdf
futr
This film discusses how the Athena project fits into the Company's strategy and provides a detailed overview of the achievements to date in developing the Athena field.
http://www.ithacaenergy.com/Film.aspx
Followers
|
5
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
48
|
Created
|
06/19/12
|
Type
|
Free
|
Moderators |
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |