For the quarter, the company posted net profit of $5.4m compared to net loss of $12.3m in the same quarter last year.
Combined production in the first quarter from Jacky and Beatrice averaged 8,776 barrels of oil per day (bopd). Overall average production rates in the first quarter for the Beatrice Complex reflected the outage at Beatrice Alpha due to produced water handling equipment problems on December 28, 2009.
Peak production rates from Jacky exceeded 11,750bopd gross (5,581bopd net to Ithaca) as metered at the platform. Production potential from the Beatrice Bravo facility was increased by approximately 1,500bopd, as a result of a well intervention program.
The Stella field appraisal well proved the presence of additional volumes of hydrocarbon and quality reservoir. A Drill Stem Test was performed providing information for development planning to now commence.
The total measured hydrocarbon column height was shown to be in excess of 820ft and the well confirmed hydrocarbons more than 500ft lower than in any previous wells.
As planned, a sidetrack (30/6a-8Z) was subsequently drilled and confirmed a fully hydrocarbon-saturated reservoir interval in the Andrew sandstone. Successful sampling and pressure tests have also provided essential fluid composition information to appropriately size and plan the development of the Stella field.
Iain McKendrick, CEO of Ithaca, said: “The strong Q1 results and successful appraisal well at Stella provide further testament to the solid progress made by the company in 2010.
”The development of the Stella area is now sharply in focus as a main growth area for Ithaca. Through carefully deploying its resources, the company is now poised to deliver an ambitious plan with the comfort of a senior debt facility agreed and strong cash flow from Beatrice and Jacky.”
