Ithaca Energy and Nepture Energy have posted positive third-quarter results as major projects progress.
Ithaca, which holds stakes in six of the 10 largest fields in the UK North Sea, has posted net income of £190million for the nine months to September 30.
It's also finalised a number of deals in the most recent quarter, including becoming the 100% owner of the Cambo oil field as well as acquiring the last 40% stake in the Fotla discovery.
The company confirmed "all major contracts" had been awarded for the Rosebank field, allowing subsea work to begin next year ahead of star up in 2026/27.
Executive Chairman, Gilad Myerson, said: "I am delighted that we have once again reported a quarter of strong strategic progress and continued financial delivery.
"The decision to progress with Phase I of the Rosebank development alongside Equinor represents a significant milestone for Ithaca as we continue to deliver against our BUY, BUILD and BOOST strategy.
"We continue to constructively engage with UK government to help shape future energy policy to create a supportive environment for further investment in the UK North Sea and welcome the recent announcement on annual North Sea licensing rounds."
Chief Executive Officer, Alan Bruce, added: "We continue to focus on maximising value from our portfolio, with targeted investment in high quality assets such as Captain and Rosebank.
"We are pleased to reaffirm today our previously stated production, capex and dividend guidance for Full Year 2023, while our strong cost control has allowed us to lower our opex guidance.
"Ithaca is in a strong financial position and our long-life assets provide the basis for consistent execution of our value proposition – growing free cash flow, reducing emissions intensity and returning capital to shareholders."
Neptune announces further growth
Neptune Energy also announced a positive third quarter as growth continues worldwide.
Progress has been made in the most recent quarter in the UK with the start of the Seagull project.
The company owns a 35% stake in the North Sea field found around 230km east of Aberdeen.
Neptune posted underlying profit of $508.5million (£406.1million) for the third quarter.
"Neptune delivered further growth in the third quarter, with increasing production and the start-up of the Seagull project in the UK. With the restart of Touat in Algeria, we expect production to increase further in the fourth quarter and into next year.
"We have continued to build on strong foundations, with material discoveries in Indonesia and Norway, which follow a discovery in the Netherlands in the second quarter. With the award of a CCS license in Norway, we are also building a CCS development pipeline of scale in Northern Europe, which positions us well for the future."
The UK's flagship share index, the FTSE100, was up seven-points at 7,489 shortly after opening this morning.
Meanwhile, Brent crude futures were down 1.18% at $80.99 a barrel this morning.
Companies reporting today
- FirstGroup - Half year results
- Intertek Group - Trading statement
- Londonmetric Property - Half year results
- Mitie Group - Half Year Results
- Virgin Money - Full Year Results