Ithaca Energy: First Quarter 2017 Financial Results

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

Click here for the full text release

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