The firm made a profit of $12m during the first three quarters of 2014, less than a fifth of the $66m profit last year.
Oil production in the third quarter was around 11,600 barrels of oil equivalent per day (boepd), and the company anticipated that full-year 2014 production would be around 12,5000 boepd. The company has 6,300 barrels of oil per day hedged at an average of $102 per barrel.
Graham Forbes, chief financial officer at Ithaca, said: “In light of the recent fall in oil prices, it is important to note that the company is in a strong financial position.”
Ithaca’s share price was up by 1.3 per cent yesterday, closing at 78p.