Malcy's blog Ithaca Energy
An operational update from Ithaca this morning for the 3rd quarter although most of the pertinent information came out with last week’s FPF-1 and the ‘incentivisation’ of Petrofac. Production in the year-to-date is 12,300 boe/d and guidance of 12/- b/d is maintained. Full year capex guidance is down by $30m and end 2015 net debt will be approximately $750m against previous expectations of $800m reflecting cost savings across the board. With the extent of the hedging programme being significantly beneficial, Ithaca deserves to be right up there as one of the best companies in the sector, assuming Greater Stella goes ahead as planned next summer it will have production growth to go alongside lower costs and stable finances. I am seeing the company this week for an update which I hope will confirm this.