Ithaca Energy has noted an increase in reserves. Net Proved reserves rose ~90% from 8.37 million barrels of oil equivalent ("mmboe") to 15.99 mmboe. This reflects primarily an upward adjustment of reserves at Beatrice and Jacky due to a re-evaluation based on actual production results as well as new reserves at Stella (Ekofisk) and Harrier that Sproule had not previously evaluated.
The report demonstrates an increase in net Proved and Probable ("2P") reserves of ~115%, from 17.20 mmboe to 37.19 mmboe as at December 31 2009. The overall rise in net 2P reserves is largely attributed to discoveries and reservoirs namely, Stella (Ekofisk), Hurricane, Harrier and Carna previously not evaluated by Sproule in the December 31, 2008 reserves report.
The figures have been adjusted for the 2nd Dyas transaction and assume that the farm-out to Challenger Minerals Inc. ("CMI") of the Stella and Harrier discoveries (specifically) will be completed after the Stella appraisal well is drilled, anticipated in the first quarter of 2010.
Ithaca has focused it’s development efforts on rational clusters of assets, with the Company now comprising four core clusters including Beatrice, Stella, Carna and Athena. Ithaca has developed a diversified portfolio of UK North Sea assets aligned with its stated strategy. The Greater Stella Area ("GSA") has seen significant activity and reserves improvement over the past months, adding to the existing Beatrice and Athena reserves. The GSA comprises the four discoveries of Stella (Andrew reservoir), Stella (Ekofisk reservoir), Harrier and Hurricane, as well as exploration acreage.
Summary of Reserve Changes
Major additions to reserves reported in the GSA have been achieved though considerable geological and geophysical study work conducted during the second half of 2009 in this, a prolific area of the Central North Sea:
Combined 2P reserves for the GSA now amount to 25.52 mmboe representing ~70% of the total 2P reserves for the Company.
Other reserve changes have been made throughout the portfolio and are summarized below:
Iain McKendrick, CEO said, "I am pleased with the progress that the Company has made over 2009. The Company will continue to add significant value to the portfolio through strong technical and commercial collaboration. Ithaca’s technical team has identified significant
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