Ithaca Springs Positive Results from Athena Well

Ithaca Energy Inc. has announced that drilling on its Athena 14/18b-18 well in the outer Moray Firth area has reached total true vertical depth of 9492 feet and the well is being completed for testing and future production.

The 14/18b-18 well is currently being cased for further evaluation, testing and future production. It is the third well drilled by Ithaca on the Athena discovery and was directionally drilled by the semisubmersible Stena Spey from the same surface location as the previous wells. 

Electric logs indicate that the well has intersected the top of the Upper Leek formation at 8733 feet, which is 68 feet high to the 14/18b-15 well, and has 129 feet of net pay on a true vertical basis within a gross 447 foot section of Upper Leek, comparing favorably with the #15 well which contained 127 feet of net pay on a true vertical basis. The entire interval of Upper Leek is within the oil column. Porosities in the oil column range from 10% to 23% with an average of 15%. A 58 foot core was recovered and in correlation with the electric logs, the reservoir parameters as observed are of better quality than the #15 well. MDT tests indicate superior permeability within the oil bearing sand.
 
The 14/18b-18 well also encountered an oil bearing Upper Jurassic sand, which will be sampled and evaluated. Testing of the well and completion will take approximately 6 days after which the well will be made ready for future production.
 
Ithaca is the operator of Athena with the beneficial interest of the participating companies being 70% Ithaca, 20% EWE Akteingesellschaft (EWE) and 10% Zeus Petroleum (previously Wimbledon).
 
Additionaly, Ithaca noted that the independent evaluation of reserves report prepared by Sproule Associates Limited indicates an increase since December 31, 2007 in total reserves of 66%, with an increase in Net Present Value before tax of 146%. Of particular significance are the Net Proven and Probable reserves of 20.8 Million barrels equivalent (MMboe) with a Net Present Value before tax of US$343.3MM ascribed to the Athena accumulation for which a Floating Production, Storage and Offloading vessel has been secured to facilitate production as early as the end of 2009.
 
"The positive results obtained from the 14/18b-18 well on Athena confirm our intention to proceed with plans to develop the pool using the Floating Production and Storage Offloading vessel Uisge Gorm. Ithaca has applied for field development approval and production is anticipated to commence from Athena at the end of 2009 at an initial gross rate of approximately 21,000 barrels of oil per day," said Ithaca CEO Lawrie Payne.
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