Stella upgrade leads to development

Offshore staff

CALGARY, Alberta -- Ithaca Energy has upgraded reserves at the Stella gas condensate field in the UK central North Sea.

Following a review of data from a recent appraisal well, consultant Sproule International now assesses the field’s proven reserves at 20.88 MMboe, a 30% increase on the previous estimate. Proven and probable reserves have been revised upwards also, to 41.96 MMboe.

Ithaca says the upward revision is due to new data revealing additional hydrocarbon column height, the nature of the fluids within the Stella structure, and the larger area defined by the 30/6a-8 appraisal well.

CEO Iain McKendrick said that the new picture has given Ithaca the confidence to develop Stella and satellite field Harrier jointly, with first production targeted for late 2012. Facilities will feature capacity for tying in further fields nearby such as Hurricane, where Ithaca holds a 100% interest.

06/09/2010