The net profit for the year was $7.9m compared to net loss of $30.45m in the prior year.
For the fourth quarter of fiscal 2009, the company reported revenues of $39.7m compared to $2.62m in the comparable quarter. Net income for the quarter was $17.49m compared to net loss of $18.39m in the previous year quarter.
Beatrice Field during the year, the start-up of the Jacky Field in April 2009 and increasing crude oil prices throughout the year provided substantial sales revenues.
The Dyas asset transaction eliminated debt and provided resources to drive forward the development of a re-balanced portfolio with lower average net working interests.
The acquisition of an additional interest in Stella and the subsequent Challenger Minerals (North Sea) farmout gave access, with operator control, to the Greater Stella Area.
The production performance of Jacky, work on optimizing Beatrice well delivery and quantification of the Stella and Harrier reserves, together with the Carna non-operated discovery resulted in Proved and Probable reserves upgrades of approximately 115% from 17.20 million barrels of oil (mmboe) equivalent to 37.19mmboe as at December 31, 2009 and as reported on February 1, 2010.
Iain McKendrick, CEO of Ithaca, said: “We have made a good start to the current year with the drilling of the Stella appraisal well, from which test results are expected shortly.
“In the remainder of the year, incremental projects in the Beatrice area will secure base production levels and the development of Athena and potential expansion of operated activities in the Stella area should provide a exciting flow of project work and future production growth.”
