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