Ithaca Energy said today that output from the North Sea Stella field helped it increase overall production by 95% to 18,165 barrels of oil per day in the first quarter of 2018.
Aberdeen-headquartered Ithaca, which was taken over by Israeli firm Delek Group last year, said the FPF-1 production vessel on Stella was achieving “strong” uptime.
Ithaca also lowered its operating expenditure by 14% year-on-year to $18 per barrel.
Cashflow from operations totalled £35 million, equating to $29 per barrel, while net debt was reduced to £410 million at the end of March.
Full-year 2018 production is expected to total around 15,000 barrels per day, reflecting the divestment of the Wytch Farm field, the anticipated start-up of the Harrier field in mid-2018 and planned maintenance shutdowns being undertaken during the year.
Ithaca said the only task standing in the way of production start-up from Harrier was the connection of an infield pipeline to the Greater Stella Area facilities.
The company also revealed plans for drilling another well on Stella in 2019 to increase reserves recovery from the field.
Ithaca chief executive Les Thomas said: “We are pleased to announce a strong set of first quarter financial results, driven by solid operating performance across the portfolio.
“We continue to make good progress in extending the GSA production hub, with the remaining Harrier development activities running ahead of schedule and start-up of the field anticipated mid-2018.
“Refinancing of our debt facilities is well underway and set to deliver a material reduction in net debt, along with significantly enhanced liquidity and financial flexibility for the future.”