Ithaca Energy Inc. said Jan. 12 that 2016’s average production totaled about 9,300 barrels of oil equivalent per day (boe/d), exceeding the full-year guidance of 9 Mboe/d.
2017’s production is estimated to be between 19 Mboe/d and 22 Mboe/d, reflecting the updated startup schedule for the Stella Field—moved up to February—the company said, noting that remediation work on Stella is nearing completion.
A multilateral well will be drilled into the two reservoir formations on the field, with the well tied back to the Stella main drill center manifold for onward export and processing of production on the FPF-1.
The field development program for Harrier Field was launched, and development drilling is likely to be completed in 2017, with startup beginning in second-half 2018.
The GSA joint venture has contracted with Ensco Offshore UK Ltd. for a heavy duty jackup, which is expected to arrive in second-quarter 2017.
The company said that the 2017 capital investment program of $70 million is primarily centered on the Greater Stella Area, including Harrier development drilling.
On Dec. 31, the net debt was $598 million, down by $67 million from the start of 2016.
The company also said the producing asset portfolio has performed well over the last 12 months, with production running ahead of guidance--largely due to solid performance from the Cook Field. Average production during 2016 was about 9,300 boe/d, 92% oil.
Ithaca Energy took over operatorship of Cook in March.
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