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Last C$1.05 CAD
Change Today +0.01 / 0.96%
Volume 625.9K
As of 4:00 PM 05/5/15 All times are local (Market data is delayed by at least 15 minutes).

ithaca energy inc (IAE) Snapshot

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52 Week High
05/6/14 - C$2.90
52 Week Low
03/18/15 - C$0.49
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Current Stock Chart for ITHACA ENERGY INC (IAE)

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ithaca energy inc (IAE) Details

Ithaca Energy Inc., together with its subsidiaries, engages in the exploration, development, and production of oil and gas in the North Sea. Its principal properties are located in the Northern, Central, and Sothern North Sea, as well as Moray Firth areas of the United Kingdom Continental Shelf; and Southern England. As of December 31, 2014, the company had proved and probable reserves of 70 million barrels of oil equivalent. Ithaca Energy Inc. was founded in 2004 and is headquartered in Aberdeen, the United Kingdom.

56 Employees
Last Reported Date: 03/31/15
Founded in 2004

ithaca energy inc (IAE) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: C$100.7K
Chief Financial Officer
Total Annual Compensation: C$391.7K
Chief Technical Officer
Total Annual Compensation: C$327.9K
Compensation as of Fiscal Year 2013.

ithaca energy inc (IAE) Key Developments

Ithaca Energy Inc. Extends Bank Debt Facilities

Ithaca Energy Inc. announced that it has executed extended and simplified bank debt financing facilities totaling $650 million, providing the Company with significant funding headroom ahead of first hydrocarbons from the Greater Stella Area in the second quarter of 2016. Total bank debt facilities sized at $650 million, comprising a senior Reserve Based Lending facility of $575 million and junior RBL facility of $75 million. Replacement of the former corporate facility with a junior RBL removes the use of historic financial covenant tests from the debt facilities and ensures the funding capacity is reflective of the future value of the Company's assets. The term of both bank debt facilities is now extended to September 2018. Total Company debt funding capacity of $950 million with inclusion of the $300 million senior unsecured notes due July 2019, Forecast peak debt requirement prior to Stella start-up of $825-850 million in the second quarter of 2015, resulting in headroom of over $100 million.

Ithaca Energy Inc. Completes Flow Test Operations on the Fifth and Final Development Well on the Stella Field

Ithaca Energy Inc. announced the completion of flow test operations on the fifth and final development well on the Stella field, with the well achieving a flow rate of over 8,000 barrels of oil equivalent per day. Well 30/6a-A3Y (A3) is the fifth development well drilled on the Stella field. The well was drilled to a total measured depth subsea of 14,267 feet, with a 2,137 foot gross horizontal reservoir section completed in the Ekofisk chalk reservoir, the secondary reservoir underlying the primary Stella Andrew sandstone formation in which the first four Stella wells have been drilled. The Ekofisk well intersected a net reservoir interval of 2,073 feet, equating to 97% net pay. A clean-up flow test was performed in order to remove the chemical stimulation fluids injected to enhance the natural fracture network of the chalk formation and improve the long term production performance of the well. Following the initial clean-up period, a series of production flow tests were conducted on the well over approximately five days in order to obtain additional data and fluid samples to assist with future reservoir management. The well was flowed at rates up to 7,172 barrels of oil per day (bopd) on a 48/64 inch choke, with a gas/oil ratio of approximately 1,850 standard cubic feet per barrel (scf/bbl). The average flow rate over a 12 hour period was 8,080 boepd, comprising 6,191 bopd and 11.3 million standard cubic feet per day (MMscf/d). Fluid samples show that the oil gravity is approximately 39° API.

Ithaca Energy Inc. Reports Audited Consolidated Earnings and Production Results for the Year Ended December 31, 2014; Provides Production Guidance for First Quarter and Full Year of 2015

Ithaca Energy Inc. reported audited consolidated earnings and production results for the year ended December 31, 2014. For the period, the company reported revenue of $378,593,000 against $413,937,000 a year ago. Sales were $403,911,000 against $327,031,000 a year ago. Loss before tax was $332,476,000 against profit before tax of $40,155,000 a year ago. Loss after tax was $24,535,000 or $0.07 per diluted share against profit after tax of $144,686,000 or $0.47 per diluted share a year ago. Net cash from operating activities was $223,323,000 against $237,143,000 a year ago. Capital expenditure was $406,413,000 against $355,874,000 a year ago. Underlying cash flow from operations was $181.5 million against $241.1 million a year ago. Underlying cash flow from operations per share was $0.55. Average production in 2014 was 10,947 boepd, 95% oil compared to 10,392 boepd a year ago, reflecting inclusion of production from the Summit Assets from the acquisition completion date of July 31, 2014. Production in 2015 is forecast to average approximately 12,000 boepd (95% oil) from a broad portfolio of fields, with no individual field accounting for over 25% of total production. In first quarter of 2015, production is forecast to average over 12,500 boepd, in line with the 2015 full year guidance of 12,000 boepd.


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