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Ithaca: Greater Stella Start-Up Delayed To 'Mid-2015'

|Includes:Ithaca Energy Inc. (IACAF), POFCF

Ithaca Energy has revealed that first hydrocarbon from the Greater Stella Area (GSA) hub, in Central North Sea, is now expected in 'mid-2015'. The company had previously estimated start-up by 'end-2014'. The delay is attributed to slower progress in topsides construction program being executed by Petrofac.

Petrofac now estimates that FPF-1 floating production facility will be ready for sail-away in spring 2015.

Ithaca estimates the delayed start-up to cost between $5-10 million, relating primarily to project management costs and that the funding position of the company will not be materially impacted by the delay.

GSA ownership: Ithaca (54.66%, operator), Dyas Limited (25.34%) and Petrofac (20%).

In May-2012, Ithaca Energy completed the transaction involving the Greater Stella Area assets with Dyas and Petrofac.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.