UK: Ithaca Energy Starts Drilling Final Development Well for Athena Offshore Field

Ithaca Energy Inc. announces today that the Sedco 704 semi submersible drilling unit has commenced the drilling of the final production well for the development of the Athena field (“Athena”).

Well 14/18b-A2 (“the well”) is being drilled from the Athena drill centre and is the final well to be drilled of a 180 day campaign of drilling and completion activities. The well is planned to be directionally drilled to produce oil reserves lying in the north west of Athena. In addition, this well is planned to intersect the top reservoir (Top Scapa A sands) at a point within the appraised Athena oil pool and continue north, drilling at a high angle to provide valuable information relating to an area of the field targeted for future development. The drilling and completion of the well as a producer is scheduled to last approximately 80 days.

Co-venturers in the Athena are Ithaca (operator, 22.5%), Dyas UK Ltd (47.5%), EWE Aktiengesellschaft (20%) and Zeus Petroleum Limited (10%).

Ithaca Energy Inc. and its wholly owned subsidiary Ithaca Energy (UK) Limited (“Ithaca” or “the Company”), is an oil and gas exploration, development and production company active in the United Kingdom’s Continental Shelf (“UKCS”). The goal of Ithaca, in the near term, is to maximize production and achieve early production from the development of existing discoveries on properties held by Ithaca, to originate and participate in  exploration and appraisal on properties held by Ithaca when capital permits, and to consider other opportunities for growth as they are identified from time to time by Ithaca.

 

Source:Ithaca Energy, March  3, 2011

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