Ithaca ups production guidance after Cygnus buy

(Sharecast News) - North Sea oil and gas explorer Ithaca Energy raised its full-year production forecasts on Wednesday after lifting its stake in the Cygnus gas field from Centrica. Ithaca said it now expected full-year production of 109,000- 119,000 barrels of oil equivalent per day (kboe/d) from an earlier estimate of 105 - 115 kboe/d.

The company bought an additional 46.25% stake in the Cygnus, the largest UK Continental Shelf gas field, on Tuesday, lifting its interest to 85%. It also reported a rise in first-quarter production to 127.4 kboe/d from 58.7 kboe/d a year earlier.

Pre-tax profit for the first three months of the year surged to $367.2m from $136.5 million.

Reporting by Frank Prenesti for Sharecast.com