Ithaca sees upside in Helios

Ithaca Energy has won a new license as operator in the central North Sea under Britain’s 26th 26th Seaward Production License Round.

Offshore staff

CALGARY, Alberta -- Ithaca Energy has won a new license as operator in the central North Sea under Britain’s 26th 26th Seaward Production License Round.

The permit covers block 29/10d in the Greater Stella Area, and adjoins block 29/10b (including the Hurricane discovery) and block 30/6a (the Stella and Harrier discoveries).

Ithaca has identified a large structure in the new block known as Helios. This was first drilled in the late 1960s, the well recovering gas and condensate from the Andrew sand formation, which is also the main reservoir of the Stella field.

The company and its partner Dyas UK plan further delineation work ahead of an appraisal well on Helios, which could provide upside for the development of the Greater Stella Area.

Ithaca says extensive 3D seismic data has been acquired over the block, and the partners have committed to purchase a further 90 sq km (34.7 sq mi) of 3D data, ahead of a drill or drop decision within two years of the license award.

11/01/2010

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