UK-focused Ithaca Energy announced Tuesday that it has completed the drilling of the Hurricane appraisal well in the Greater Stella Area of the Central North Sea and it is now proceeding to a drill stem test (DST).
The news follows upbeat quarter results, released by the company on Monday, which showed that Ithaca boosted its profits during the first half of 2012 to $35.5 million (1H 2011: $10.1 million).
The Hurricane well (29/10b-8) was drilled to a total measured depth of 10,779 feet to appraise hydrocarbon bearing sands in the eastern lobe of the Hurricane structure closure. Logs indicate that the well has encountered hydrocarbons, which Ithaca said could be liquid-rich gas, in both the Rogaland and Andrew sands.
Pressure and fluid sampling has been undertaken across both reservoir and sand intervals, and an initial DST will be conducted over the Andrew sand interval.
Ithaca operates Block 29/10b with a 54.66-percent interest. Its partners include Dyas UK (25.34 percent) and Petrofac Energy Developments UK (20 percent).
On Monday, Ithaca stated that the overall development work program for its Stella and Harrier fields were progressing as planned, with all major operational contracts in place following the award of the contract to French oilfield services firm Technip.
Commenting on the results, oil analysts at FoxDavies Capital in London said:
"We believe Ithaca has a balanced portfolio, spread strategically across exploration, development and production phase."
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