News

February 05, 2010

North Sea Old Lady Beatrice Continues To Deliver For Ithaca Energy

Shares in Ithaca Energy ticked over the 90 pence marker in morning trading on Thursday after the AIM and TSX Venture listed company announced a better-than-expected result from well interventions on the Beatrice field in the UK North Sea. The company now reckons that the production potential of the Beatrice Bravo facility has increased by 1,500 barrels of oil per day (750 bpd net to Ithaca) as a result of recent well interventions, significantly above the expected 500 bpd (250 bpd net).

The good news comes with a health warning for investors, however.  While the well interventions, designed to refurbish three wells draining the northern part of the field, have certainly boosted initial production rates, it is still too early to say what the longer term production profile will look like.  For this reason, the company, which has a 50 per cent stake in the field alongside partner Dyas UK, plans to retain its previous production guidance for 2010 of 5,100 bpd net from...