Ithaca reported a solid 3Q16 quarterly result with operating cash flow ahead of our numbers on low costs. YTD opex is running at only US$23/boe vs FY16 guidance of US$25/boe. First oil at Stella is expected at the end of November 2016 with a material contribution to 4Q16 production. This will allow the firm to establish average production in 2017 at 2.5x the level of 2016. The remaining activities to first oil at Stella are associated with topsides and are therefore independent of weather. FD
