Are they any good..?



currently 150p to buy.

There was also an newspaper article in the Daily Mail's financial pages on Friday 11th Oct 2013 about Ithaca Energy being on the lookout for new acquisition's and being fully funded to do so!

Market reacting badly to not a bad update considering that production will have doubled by the end of the year...but I suppose it expected the new oil production to come on line earlier....still ...it is a good company this ...

This is disappointing when you consider that oil production is about to treble by mid next year...crude is down...but still the same....company looks massively undervalued...

Didn't realise they had fallen so much.

That's some RNS.

Make no mistake these are in real trouble with that debt pile and I think the market knows! Sad for the North sea but these will be a casualty.

bought some at 59.81p

Large drop recently and today, now on the bounce from lows of the day. There is a seller at 60p order book, once gone will shoot up. Charting had a 76.8% fibonacci retracement.

courtesy of "NormalBias"

Preparation for sail away

Here's my take on the current situation - having carried out a tilt test the rig is back in dock taking on supplies prior to final deep water test and tow (assuming all well in deep water). I'm led to believe this because as things stand today Ithaca has contracted 4 AHST vessels (Anchor Handling, Tug and Supply vessels). These boats are designed to move oil rigs among other things.
The Balder Viking (Anchor Handling, Tug and Supply vessel) is now contracted to Ithaca from 27th July. Likewise the Olympic Octopus and the Tor Viking. nb all 3 of these vessels have recently been used for Rig moves and all 3 currently based in Aberdeen. The fourth vessel, the Boa Jarl is contracted to Ithaca from 1st August and is currently based near Bergen (presumably carrying out duties for another contractor). The Boa Jarl was hired to move a rig that looks of similar size/stature to the FPF1 during the past couple of weeks (see notes below from the Offshore Energy website regarding the Borgland Dolphin).

I understand that the oil price will impact IAE due to sentiment but as many have already posted the hedging IAE have in place offers protection from a dip in POO until mid 2017. The fundamental plan outlined by IAE mgmt remains the same - move FPF1 to Stella, hook up and pump. Deliver more cheaply than thought via the recent pipeline deal (rather than using offshore vessels which have to return to port in bad weather). My only issue beyond the irritating delays is that I'd like to hear from IAE mgmt about 2017+ plans for further expansion to demonstrate an ongoing commitment to sustained/additional production in the North Sea. Maybe we'll hear something soon when FPF1 sails into deep water which from memory is when Les Thomas promised a further update. It's an interesting time whatever happens, and I like some others am happy to hold right now during this dip as I believe the next several months offer huge upside potential. GLA.

NOTES FROM OFFSHORE ENERGY
Boa’s two vessels will be assigned to complete the move of the Borgland Dolphin semi-submersible drilling rig currently working offshore Norway.

The vessels involved will be two anchor handling tug and supply (AHTS) vessels, the Boa Bison and Boa Jarl. The company added that the Boa Bison will also provide ROV-services.
The rig-move contract, according to Boa, will begin on June 18 but the duration of the contract was undisclosed.
The Borgland Dolphin semi-submersible, built in 1977, is an Aker H-3 type rig which underwent an extensive upgrade in 1999 and received the Acknowledgement of Compliance (AoC) in September 2004.
The two AHTS vessels recently completed rig-move work for Statoil. The Boa Jarl completed a rig-move contract for the Songa Dee semi-submersible rig from June 4 – 10 while the Boa Bison moved the Deepsea Bergen semi-submersible from June 5 R

As the oil price reached a double bottom ( lately lows ) yesterday, the stock looks like has reached the bottom for the moment being also and now rising and breaking from the downtrend on the 5 days chart

Broker Forecast - Peel Hunt issues a broker note on Ithaca Energy Inc

Peel Hunt today upgrades its investment rating on Ithaca Energy Inc (LON:IAE) to buy (from hold) and raised its price target to 78p (from 64p).

59.50p +3p

Moving higher with the oil price rise of the last couple days

% rise compare - PMO, GENL, ENQ,TLW,

--------------------------------- 1 month -------------------------------------------------------- 6 month ------------------------------

61.375p +4.625p (+8.15%)

After 1pm the orders took charge and is spiking up like no tomorrow
best oil producer stock

64p +3.75 (+6.22%)

Another good move up today, help this afternoon by the rise on the oil price

and a super finish 66p +5.75 (+9.54%)

How is performing in Canada

re - FPF-1 from Gdansk to Stella

due to Gale warning FPF-1 got shelter and waiting to calm down.

Movement-
Watch this link https://www.vesselfinder.com/?imo=8772128
and click on ‘track’ on left hand side, zoom out and see how its been moving around in circles!

There was a comment yesterday by "oil man " Malcolm Graham-Wood | Wed, 10th August 2016 - 10:40

Ithaca Energy (IAE) appears to have come to a temporary halt in moving FPF-1 from Gdansk to Stella - inclement weather is stopping it moving from Sweden through the Denmark straits - but I am reliably informed that it will be on the move by Friday.

re - FPF-1

milestones to look for:
When rig arrives at Stella,
when the rig is anchored,
when testing completes,
when production starts

note : The FPF-1 looks like is now travelling west towards Stella

HTTPS://www.vesselfinder.com/?imo=8772128 then click on "track"

Ithaca Energy (IAE), up 3.49% to 66.75p, said output averaged 9378 barrels of oil equivalent per day (93% oil)
in the six months to end-June. This was ahead of guidance and largely as a result of solid performance
from the Cook and Dons Area fields.

By Oil man - Malcolm Graham-Wood | Mon, 15th August 2016 - 12:37

Interims this morning from Ithaca (IAE) show that all is going to plan for the poster boy of the Exploration and Production sector.

Production of 9,378 b/d exceeded guidance of 9/- and a "solid" cash flow of $82 million (£64 million) is down to sustained reduction of unit operating costs - now estimated at sub-$25 pre-Stella - and lots of hedging: 8,200 b/d by mid 2017.

Net debt keeps falling: from being over $800 million it is at $606 million at the end of June, giving headroom of over $120 million.

Those of us tracking FPF-1 can see it on the last stage of its journey and going so well that the company has given an actual date for first hydrocarbons; remember, remember November 2017. (1)

The outlook is indeed good, strong even and, with that date in sight, production will rise to 20-25/- b/d and operating costs to below $20.

IAE shares have had a good year as the market appreciates all the good work on costs and, of course, the material change at Stella. At 65.5p, they have quadrupled in the year to date but, with so much good news coming, I am confident that there is plenty more to go for.

(1) could be wrong and be November 2016

Ithaca Energy on the acquisition trail - Written by Rita Brown - 16/08/2016 7:26 am

Ithaca Energy confirmed it was in talks to boost its North Sea portfolio.

Chief executive Les Thomas said the firm was “patiently” conducting discussions to find the right match.

“We want to do more acquisitions in the area,” he said.

“It’s important for us to be patient so we can acquire the right reserves and resource for the right price.”

The company boss said it was targeting prospects both within and out with its Great Stella Area (GSA) hub.

“We think we have gotten the company in decent shape from a cost and sustainability perspective and going forward we can look at other opportunities.”

The company insisted the North Sea was not a “one-pan” deal, highlighting how it has rescued stranded resources by striking a deal to gain access to the export pipeline, Norpipe, for future production and tie-in work. The move reduces “fixed operating costs, enhances operational uptime and improves reserves recovery”.

The company is targeting a transition from tanker loader to pipeline exporter during 2017.

The chief executive also confirmed Greater Stella’s FPF-1 will arrive on site early tomorrow morning. Mooring work will begin immediately and start-up is targeted for November.

The company boss was confident in the firm’s timetables.

“We’re putting risk behind us every day,” he said.

The company’s operating costs are expected to drop to $20 per barrel following first oil from Stella.

Stella will reduce operating costs $30 per barrel to $20 per barrel year-on-year. Stella’s operating costs tally $10 per barrel.

Elsewhere, it increased its stake in the Vorlich discovery to 33% and acquired a 75% operating interest in the Austen discovery. The pair are considered GSA satellite acquisitions, according to the firm.

Ithaca is targeting new field start-ups every two years, starting with Harrier in 2018.

It acquisition strategy centres on low cost entry to existing discoveries, according to the firm.

Oil prices rising last night and this morning, so are share prices of oil companies. Best risers during the last month from lows to highs PMO 49% IAE 42% ENQ 37% TLW 26% CNE 22% OPHR 19%