Ithaca builds satellite portfolio close to North Sea GSA

Ithaca Energy has acquired a 75% operated interest in the Austen discovery in the UK central North Sea from ENGIE E&P.

Aug 2nd, 2016

Offshore staff

CALGARY, Canada – Ithaca Energy has acquired a 75% operated interest in the Austen discovery in the UK central North Sea from ENGIE E&P.

Austen, 30 km (18.6 mi) southeast of the company’sGreater Stella Area (GSA) production hub, is an Upper Jurassic oil/gas-condensate accumulation.

Various wells have been drilled on the structure, the most recent being ENGIE’s 30/1b-10,10Z in 2012 that tested oil and gas at up to 7,820 boe/d.

Ithaca assesses gross contingent resources in the range of 4-28 MMboe.

On completion of the transaction, the company and partner Premier Oil plan further subsurface and development engineering studies to advance preparation of a field development plan for approval prior to January 2019.

In addition, Ithaca has raised its interest in license P1588 (block 30/1f) in the same region, containing part of theVorlich discovery, to 100% through transactions with ENGIE, INEOS, and Maersk.

These, combined with the portion in license P363 (block 30/1c) that Ithaca acquired from Total in January, have lifted its overall share in Vorlich to around 33%.

The field was discovered and appraised via two wells in 2014 that encountered hydrocarbons in a Palaeocene sandstone reservoir. On test, the well flowed up to 5,350 boe/d.

Vorlich, which could hold 24 MMboe, is 10 km (6.2 mi) north of GSA.

Following completion of the acquisitions, the overall Vorlich license interests will be as follows:

  • P363: BP (operator), 80%; Ithaca, 20%
  • P1588: Ithaca 100%.

As for theFPF-1floating production platform that will serve the GSA, most required deepwater marine system trials have been completed, with a final set of trials now under way at the Remontowa shipyard in Poland.

08/02/2016

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