Ithaca Energy Inc. and its wholly owned subsidiary Ithaca Energy (UK) Limited has completed the acquisition of a 66.67% working interest in the Stella and Harrier Shallow discoveries; as well as secured the services of the FPSO Uisge Gorm for the development of the Athena Field. The successful conclusion to both of these agreements follows the completion of the recent equity financing.
Stella & Harrier:
The Stella and Harrier Shallow discoveries have been acquired from joint owners Shell U.K. Limited and Esso
Stella and Harrier lie in UKCS Block 30/6 Rest of Block (Chalk Layers and Younger). Sproule Associates Limited, in its review of Ithaca Energy's reserves effective May 31, 2008, assigned proved reserves of 4.60 million barrels of oil equivalent ('MMboe'), probable reserves of 5.19 MMboe and possible reserves of 13.87 MMboe to the Stella field.
Ithaca Energy (UK) Limited will work with the block operator and license partner, Maersk, on planning an
Stella was discovered in 1979 by the 30/6-2 well and subsequently appraised by well 30/6-3 in 1983, which
Harrier Shallow was discovered in 2002, with well 30/6-4 testing condensate and gas in the upper Cretaceous
Athena FPSO Agreement:
The Company has now entered into an Execution Agreement with Bluewater Operations (UK) Ltd, which secures the
With the services of an FPSO secured and the field Environmental Statement being currently out for public
The use of an FPSO over a conventional tie back facility significantly reduces the Company's capital outlay,
The Execution Agreement reflects the results of engineering studies into the modifications required on the FPSO
Ithaca Energy is the Operator of the Athena field and holds a 70% working interest, with partners EWE
Commenting, Lawrie Payne, CEO of Ithaca, said, "Delivering both of these major agreements as expected post the recent fund raising is a major step forward for the Company. The successful acquisition of the Stella and Harrier discoveries adds significant additional opportunities, reserves and value. Securing the FPSO on time and within the terms set out in the original Exclusivity Agreement is also a huge achievement and a leap forward in the development of the Athena field."
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