Ithaca Energy's output averaged 9,550 barrels of oil equivalent per day in the first nine months to the year - ahead of 9,000 boepd guidance. Average production during the third quarter was approximately 9,900 boepd. Ithaca anticipates that full year base production, excluding any contribution from the start-up of the Stella field during 2016, will be modestly ahead of the 9,000 boepd guidance range. During the final quarter of the year, base production volumes will be reduced compared to the previous quarters as a result of the approximately two week planned maintenance shutdown of the Brent Pipeline System that serves the company's Northern North Sea fields. Ithaca says good progress has been made on the final stages of the Stella development programme since the FPF-1 floating production facility set sail from Poland in August 2016. The FPF-1 was safely towed to the field, moored on location and the dynamic risers and umbilical connecting the subsea infrastructure to the vessel installed as planned. Technip is in the process of concluding the remaining subsea commissioning works. At the same time the FPF-1 offshore commissioning programme is on-going, with preparation of the topsides processing and utility systems for the introduction of hydrocarbons underway. The scheduled completion of these activities remains in line with previous guidance, with first hydrocarbons from the Stella field anticipated in November 2016. Ithaca says significant progress was also made during the quarter on the work programme associated with making the switch from tanker loading to oil pipeline exports for the Greater Stella Area in 2017. The 44 kilometre spurline from the FPF-1 to the Norpipe system was successfully installed as planned in September 2016. The key outstanding activities that now remain to be completed are the manufacture and installation of pipeline export pumps on the FPF-1 and the final subsea connections that need undertaking immediately prior to the switchover.
+1.25p (+1.22%)delayed 12:55PM