Ithaca Energy Successfully Tests Oil on Athena Project

Ithaca Energy Inc. announced that it has successfully tested 28 degree API sweet oil at a stable rate of 2,330 barrels of oil per day (bopd) from its third well (14/18b-18) on the Athena project in the Outer Moray Firth area of the United Kingdom's continental shelf. 

The #18 well was directionally drilled to a bottom hole location 1,500 feet north of the earlier #15 well.
The Upper Leek sandstone was encountered at 8733 feet subsea, 68 feet high to the #15 well which tested at
rates up to 1,330 bopd.
The well penetrated 447 feet of gross oil-bearing sandstones in the Upper Leek formation and a net pay
interval of 129 feet, on a vertical basis. Following perforation of a 190 foot (178 feet vertical)
interval, the 14/18b-18 well flowed at a stable rate of 2,330 bopd through a 52/64' choke during a high
rate test and a stable rate of 1,150 bopd through a 24/64' choke in a test of 22 hours duration. No water
was produced during the test period and there was no H2S detected.
The well is being completed for future production. Based on this and the success of the earlier 14/18b-15
and 14/18b-16 wells, Ithaca intends to continue its Field Development Plan (FDP) application with the UK's
DBERR, with final approval expected early in 2009.
Ithaca has now drilled 3 wells for use as production wells. The company is in the process of securing a rig
for the remainder of the development drilling post FDP approval.
Ithaca recently announced that it has secured the exclusive rights to contract the FPSO "Uisge Gorm" from
Bluewater Energy Services BV for the processing, storage and offloading of Athena production. Likely first
oil date for the Field will be at the end of 2009.
Ithaca owns a 70% interest in the project together with EWE Aktiengesellschaft, which holds 20%, and Zeus Petroleum, which holds 10%.
"The successful testing of this well confirms our geologic and geophysical interpretations and exceeds our expectations for this well," said Ithaca CEO Lawrie Payne. "The stable production rate from this test is approximately twice the rate achieved in our two previous appraisals of the accumulation. The well is
situated in the core area of the Athena field and demonstrates that our development plan is achievable
providing for the start of production at approximately the end of 2009."

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