Ithaca Says Stella Production Facility Undergoing Sea Trials

UK North Sea-focused junior producer Ithaca Energy reported Friday that its FPF-1 floating production facility, destined for the Stella field in the central North Sea has completed a required inclination test as planned. It has now left the Remontowa shipyard in Gdansk, Poland, and has been moved to a deepwater location offshore Gdansk to undertake final marine system trials over the course of the next week.

Upon completion of the marine trials, the FPF-1 will then be towed to the Stella field. Ithaca has previously indicated that a prompt ramp-up of production should lead to an expected initial production rate of approximately 16,000 barrels of oil equivalent per day net to the company. Ithaca's average production during the second quarter of 2016 was approximately 9,800 boepd.

Ithaca holds a 54.66-percent working interest in the Greater Stella Area, while partners Dyas and Petrofac hold 25.34 percent and 20 percent respectively.



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