Aberdeen-based oil minnow Ithaca Energy has reported a strong first half with earnings to 30 June 2017 rising almost four-fold to $24 million, compared to just over $6 million in 2016.
Ithaca’s operating costs were reduced further to $19-barrel, compared to $23-barrel last year while it achieved an average price of $53-barrel per oil sold in the first six month of this year, partly due to treasury hedging activities.
Most of the company’s cap-ex budget of $35 million was spent during the period, mostly on ramping up production from its Greater Stella area in the North Sea.
It has hedged another one million barrels of oil at this price for 2018.
These are the last set of annual results from Ithaca, which is now a wholly-owned subsidiary of the Delek Group, a £3bn oil and gas explorer listed on the Tel Aviv stock exchange.
15 Aug 2017
Pixie Energy is an incubator and a facilitator of strategic research and project work, focusing on energy regulation, policy and markets at the local and national level. Find out more about Pixie Energy