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Ithaca Energy reported lower core earnings as first-half production was held back by the planned Forties pipeline system summer shutdown .
EBITDAX fell to $378 million in the first half of the year, from $398 million year-on-year as production slipped to 56,000 barrels of oil per day, from 73,000 barrels of oil per day after 'Q2 production performance was impacted by planned Forties Pipeline System summer shutdown,' the company said.
'Following the close of Q2, a significant refinancing program was successfully completed in July 2021 which included amending and extending the Reserves Based Lending facility of $1.225 billion to 2026 and putting in place a new $625 million bond (senior notes),' the company said.
'The refinancing program will enable the company to continue to pursue its business growth ambitions, and focus on production and projects,' it added.