Ithaca Energy has raised its full-year production guidance as profits and output doubled in the first six months of the year.
The North Sea explorer now sees production of 119-125 barrels of oil equivalent a day, compared with prior guidance of 109-119 kboe/d.
H1 adjusted underlying earnings came in at $1.1bn, up from $550m a year earlier. The board declard an interim dividend of $167 million, equivalent to $0.1010 per ordinary share.
It said the Rosebank project is progressing on all work fronts with a full project update to be completed in the fourth quarter.
The company’s acquisition of a further 46.25% stake in the Cygnus Field from Spirit Energy is expected to complete on 1 October.
Executive chairman, Yaniv Friedman, commented: “Our first-half results demonstrate the strength and resilience of our transformed business.
“With production more than doubling year-on-year and adjusted EBITDAX exceeding $1.1 billion, we are delivering on our strategy of disciplined investment and operational excellence.
“As we adjust our guidance upwards for the remainder of the year, we continue to remain focused on maximising long-term value creation and returns for our shareholders.”
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