Oil and gas company Ithaca Energy has more than halved its capital expenditures for the year due to the double threat posed by the coronavirus pandemic and the sharp oil price drop.

In its operational and trading update, Ithaca Energy said on Tuesday that its planned issuance of the financial results for the twelve months ended December 31, 2019, has been delayed as a consequence of the UK Financial Conduct Authority’s guidance on the publication of results and its request for companies to follow a moratorium on announcements until mid-April given the level of business and economic uncertainty.