Presenting its quarterly results on Monday, the company said its production for the first nine months of the year was 9,585 barrels of oil equivalent per day, better than the 9.000 boepd it had expected to achieve. Production was boosted by the performance from the Cook field.

Looking at the third quarter only, production dropped to 10.000 kboe/d, from almost 12.000 kboe/d in third quarter 2015.

However, in two weeks or so, Ithaca says it will make a material step-change in the business with the start-up of the Stella oil field.

According to Ithaca, the company’s production is set to more than double to 20-25,000 boepd, with start-up of production from the Stella field. Unit operating costs will reduce to under $20/boe from the current $23/boe.

Prior to the production start-up, expected ‘around the end’ of November 2016, Ithaca needs to complete the offshore commissioning and preparation for start-up.

The offshore commissioning program for the FPF-1 production unit is on-going, involving preparation of the topsides processing and utility systems for the introduction of hydrocarbons.

This work, Ithaca said, is well advanced, with the operations team focused on completing the required inspections and associated readiness activities required to enable a safe and efficient start-up of the wells.

As for the financial results, Ithaca reported a third-quarter loss of $70.7 million, versus a profit of $42.8vmillion a year ago. Revenue fell to $57.1 million, from $81.9 million in the third quarter of 2015.

Source: Offshore Energy Today