Scotland's Ithaca Energy has achieved first oil from its Athena oil field in the North Sea, according to its partner Trap Oil Group.
"Ithaca Energy's announcement is great news for Trapoil. We expect our acquisition of an initial 10 percent interest in Athena to complete in Q2 2012 [2Q 2012], with the balance of the consideration due by October 31, 2012 for a further five percent interest," said Trapoil CEO Mark Gidney in a press statement Monday.
"It is most encouraging that production has now commenced with the initial operations phase in line with Ithaca Energy's expectations."
Athena is located in UKCS Block 14/18b (license P.1293) with Ithaca acting as operator with a 22.5-percent interest in the block.
Oil analysts at UK-based corporate finance and broking firm NPlus1 Brewin described the news of first oil as "a significant milestone for all of the partners in the Athena field" and that the start up will provide Trapoil with its "first meaningful production volumes".
Trapoil estimates the Athena development area, which is located in the Outer Moray Firth off the east coast of Scotland, to contain recoverable reserves of around 14.3 million barrels.
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