Ithaca Energy has won a new license in the UK 26th Production License Round, specifically Block 29/10d, which lies in the Greater Stella Area, neighboring Block 29/10b (Hurricane discovery) and Block 30/6a (Stella and Harrier discoveries).
Ithaca, serving as operator, has identified a large structure within the block known as Helios. A well in the block, first drilled in the late 60s, recovered gas and condensate from the Andrew sand formation, the equivalent and principal reservoir of the Stella discovery. Further work is required to delineate and define an appraisal well on Helios, potentially providing information to the development of the Greater Stella Area. New 3D seismic data has been acquired over the block, but the licensees have committed to purchase additional 22,239 acres (90 square kilometers) of 3D seismic data.
The partners have to decide whether to drill or drop the block within two years from the start of the initial term of the license. Partners on the license include Ithaca (68.33%) and Dyas UK Ltd. (31.67%).
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