Ithaca secures semi for Athena

Nov. 28, 2006
Ithaca contracts well for next stage of Ithaca oilfield appraisal program

Offshore staff

LONDON, UK -- Canadian independent Ithaca Energy has signed a Letter of Intent for a semisubmersible rig for its next well on the Athena oilfield in the North Sea. Peak Well Management will provide the rig for one 51-day drilling slot, with a 30-day option should a sidetrack be necessary.

This will be the second well on the Athena oil pool in the. Ithaca drilled the previous well, 14/18b-15, earlier this fall; it was suspended after testing 1,330b/d from Upper Leek sandstones. The aim of the new well is to appraise upside potential both in the Upper Leek and Lower Leek sandstones, which also yielded oil when last tested in 1993.

A recent evaluation by Calgary-based Sproule International puts gross reserves in the field at 28 MM bbl; Ithaca is seeking to prove up a further 12 MM bbl from next year's well. It will then look to file a development plan, with a view to achieving first production from Athena during summer 2008.