Ithaca Energy Inc Stella Schedule Update (1289Q)
November 25 2016 - 1:00AM
UK Regulatory
TIDMIAE
RNS Number : 1289Q
Ithaca Energy Inc
25 November 2016
Not for Distribution to U.S. Newswire Services or for
Dissemination in the United States
Ithaca Energy Inc.
Stella Schedule Update
25 November 2016
Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) ("Ithaca" or the
"Company") provides an update on the status of the on-going Stella
field commissioning programme and the expected schedule for
start-up of production.
Activities on the offshore commissioning programme for the FPF-1
floating production facility are well advanced and preparation for
start-up of the Stella field is on-going. During routine
inspections, faults on a number of electrical junction boxes on the
vessel's processing facilities have been identified and a programme
of necessary repairs is underway. All other preparations are on
plan. Start-up is now anticipated in early January 2017, upon
completion of this additional work.
Les Thomas, Chief Executive Officer, commented:
"The safety and integrity of the facility is paramount and we
must ensure that everything is done meticulously in advance of the
introduction of hydrocarbons into the facility. Although any delay
to start-up at this stage is frustrating, the value of a thorough
inspection programme has been proven and we look forward to
completion of this work and the imminent start-up of
production."
- ENDS -
Enquiries:
Ithaca Energy
Les Thomas lthomas@ithacaenergy.com +44 (0)1224 650 261
Graham Forbes gforbes@ithacaenergy.com +44 (0)1224 652 151
Richard Smith rsmith@ithacaenergy.com +44 (0)1224 652 172
FTI Consulting
Edward Westropp edward.westropp@fticonsulting.com +44 (0)203 727 1521
Kim Camilleri kim.camilleri@fticonsulting.com +44 (0)203 727
1349
Cenkos Securities
Neil McDonald nmcdonald@cenkos.com +44 (0)207 397 1953
Nick Tulloch ntulloch@cenkos.com +44 (0)131 220 9772
Beth McKiernan bmckiernan@cenkos.com +44 (0)131 220 9778
RBC Capital Markets
Matthew Coakes matthew.coakes@rbccm.com +44 (0)207 653 4000
About Ithaca Energy
Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) is a North Sea oil
and gas operator focused on the delivery of lower risk growth
through the appraisal and development of UK undeveloped discoveries
and the exploitation of its existing UK producing asset portfolio.
Ithaca's strategy is centred on generating sustainable long term
shareholder value by building a highly profitable 25kboe/d North
Sea oil and gas company. For further information please consult the
Company's website www.ithacaenergy.com.
Forward-looking Statements
Some of the statements and information in this press release are
forward-looking. Forward-looking statements and forward-looking
information (collectively, "forward-looking statements") are based
on the Company's internal expectations, estimates, projections,
assumptions and beliefs as at the date of such statements or
information, including, among other things, assumptions with
respect to production, drilling, construction and maintenance
times, well completion times, risks associated with operations,
required regulatory, partner and other third party approvals,
commodity prices, future capital expenditures, continued
availability of financing for future capital expenditures, future
acquisitions and dispositions and cash flow. The reader is
cautioned that assumptions used in the preparation of such
information may prove to be incorrect. When used in this press
release, the words and phrases like "anticipate", "continue",
"estimate", "expect", "may", "will", "project", "plan", "should",
"believe", "could", "target", "in the process of", "on track" ,"set
to" and similar expressions, and the negatives thereof, whether
used in connection with operational activities, the planned
activities and durations associated with the FPF-1 offshore
commissioning programme, the anticipated timing of Stella first
hydrocarbons, production forecasts, projected operating costs,
anticipated capital expenditures and capital programme, anticipated
effects of securing access to the GSA oil export pipeline and the
expected timing of securing such access, portfolio investment
opportunities, expected tax horizon of the Company, planned
maintenance shutdowns and the effects thereof, or otherwise, are
intended to identify forward-looking statements. Such statements
are not promises or guarantees, and are subject to known and
unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those
anticipated in such forward-looking statements. The Company
believes that the expectations reflected in those forward-looking
statements are reasonable but no assurance can be given that these
expectations, or the assumptions underlying these expectations,
will prove to be correct and such forward-looking statements
included in this press release should not be unduly relied upon.
These forward-looking statements speak only as of the date of this
press release. Ithaca Energy Inc. expressly disclaims any
obligation or undertaking to release publicly any updates or
revisions to any forward-looking statement contained herein to
reflect any change in its expectations with regard thereto or any
change in events, conditions or circumstances on which any
forward-looking statement is based except as required by applicable
securities laws.
Additional information on these and other factors that could
affect Ithaca's operations and financial results are included in
the Company's Management Discussion and Analysis for the three and
nine month periods ended 30 September 2016 and the Company's Annual
Information Form for the year ended 31 December 2015 and in reports
which are on file with the Canadian securities regulatory
authorities and may be accessed through the SEDAR website
(www.sedar.com).
This Announcement Contains Inside Information
This information is provided by RNS
The company news service from the London Stock Exchange
END
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