Ithaca Energy Inc. (TSX: IAE; LSE: IAE) (“Ithaca” or the “Company”) announces its financial results for the three months ended 31 March 2017 (“Q1-2017” or the “Quarter”).
As quoted in the press release:
Q1-2017 financial highlights
Average production of 9,337 barrels of oil equivalent per day (“boepd”)
Unit operating expenditure reduced to $21/boe, down from $23/boe average rate in 2016
Cashflow from operations of $30 million, resulting in a netback of $36/boe
Earnings of $11 million
Downside commodity price hedging in place to mid-2018 – 6,800 boepd at an average floor of $49/boe from 1 April 2017