Ithaca Updates North Sea Ops

Ithaca announced progress on Athena and Stella Development projects.

Athena Project - Completions Update

Operations to prepare the Athena field development well 14/18b-A2Z ("the well" or "A2") for production have been successfully concluded. A 7" production liner and a dual electrical submersible pump system have been successfully installed above the horizontal section of the well and the subsea xmas tree and flowbase are ready for hook-up of flowlines by the subsea installation contractor. The Sedco 704 drilling unit, will stay on location to undertake further completion work for the project and is currently preparing to complete 14/18b-16 (to be renamed 14/18b-A3 or "A3"). This is the second of a five well program of completions (four production and one water injection) to be carried out before hook-up to the Floating Production Storage and Offloading vessel, BW Athena.

Athena Joint Venture Partners are Ithaca (operator, 22.5%), Dyas UK Ltd (47.5%), EWE Aktiengesellschaft (20%) and Zeus Petroleum Limited (10%).

Stella Project - Subsea Trees and Control Systems Contract Awarded

The development of the Stella field has moved a step forward through the placement of a contract with GE Oil & Gas to manufacture and supply subsea trees and controls systems. The initial phase of detailed engineering work has commenced and will focus on the procurement of forgings and materials for the systems. The systems will be delivered as an integrated package and are designed for installation using a heavy duty jackup drilling unit. The supply of the trees and control systems will be managed and delivered from GE Oil & Gas's Aberdeen facility.

The Company also confirms that a geotechnical program is currently ongoing to determine the suitability of certain jackup drilling units at four potential development drilling locations on the Stella and Harrier fields and incorporating test boreholes in advance of the planned Hurricane appraisal well. Two drill centers will be selected.

Stella Joint Venture Partners are Ithaca (operator, 50.33%), Dyas UK Limited (31.67%), Challenger Minerals (North Sea) Limited (18%).

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