Ithaca Energy Inc. provides a production update following the end of the second quarter of the year.
Average pro-forma production in Q2-2014 was approximately 14,400 barrels of oil equivalent per day (“boepd”), 94% oil, including the contribution from the assets being acquired from Sumitomo Corporation (the “Summit Assets”). This performance is in line with the Company’s pro-forma 2014 production guidance range of 13,500 to 15,500 boepd.
While the Company derives the economic benefit of production from the Summit Assets from the acquisition effective date of 1 January 2014, these assets will not be consolidated into Ithaca’s financial statements until the transaction completion date, which is expected to occur in the third quarter of 2014.
As previously guided, 2014 production volumes are forecast to be weighted towards the second half of the year, notably from the later part of Q3-2014 post the completion of planned summer maintenance shutdowns, as a result of the following activities:
Press Release, July 10, 2014