Ithaca to Drill Athena Campaign with Semisub Sedco 704

Ithaca Energy announced that the Sedco 704 semisub is on location at the Athena field, and is ready to commence a 180-day drilling campaign. The operator will drill a fourth production well and a water injector well, and will complete three existing wells as producers. The semisub will initially drill one water injection well, followed by a fourth production well (three suspended appraisal wells are to be completed for production as part of this campaign), stated the operator. The four completed production wells will be equipped with downhole submersible pumps to maximize field production rates. Initial production from the field is estimated to flow at a gross rate of 22,500 bopd.

Additionally, subsea work will follow in the third quarter of 2011 to install field pipelines and subsea manifolds. In the second quarter of 2011, the FPSO will be dry docked for the installation of a turret mooring section amidships, extending the FPSO by about 65 feet (20 meters). All work is scheduled for completion in the third quarter of 2011, allowing the vessel to return to UK waters and arrive on location.

First oil from the field is targeted for the fourth quarter 2011. Situated on Block 14/18b in the Outer Moray Firth area in the UK sector of the North Sea is the Athena project in 440 feet (134 meters) of water. Ithaca Energy serves as the operator of the field, holding a 22.5% interest; Dyas UK Ltd. holds 47.5%; EWE holds 20%; and Zeus holds the remaining 10% interest.

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