Ithaca Energy Inc. Hurricane Well Proceeding to Drill Stem Test

abarrelfullabarrelfull wrote on 14 Aug 2012 08:25
Tags: europe ithaca north-sea uk upstream

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Ithaca Energy Inc. (TSX:IAE)(AIM:IAE) announces that operations at the Hurricane appraisal well, 29/10b-8, which lies within the Company's Greater Stella Area in the UK sector of the Central North Sea are now proceeding to a Drill Stem Test ("DST").

The well has been drilled to a total measured depth of 10,779 feet to appraise hydrocarbon bearing sands in the eastern lobe of the Hurricane structural closure and logs indicate that the well has encountered hydrocarbons (possibly liquid rich gas) in both the Rogaland and Andrew sands. Pressure and fluid sampling has been undertaken across both reservoir sand intervals. An initial DST will be conducted over the Andrew sand interval.

A further update will be issued when the DST results from the Andrew formation become available.

The Joint Venture partners in the Ithaca operated Block 29/10b (Hurricane) are Ithaca Energy (UK) Ltd (54.66%), Dyas UK Ltd (25.34%) and Petrofac Energy Developments UK Limited (20%).

Notes to oil and gas disclosure:

In accordance with AIM Guidelines, Hugh Morel, BSc Physics and Geology (Durham), PhD Hydrogeology (London) and senior petroleum engineer at Ithaca is the qualified person that has reviewed the technical information contained in this press release. Dr Morel has 30 years operating experience in the upstream oil industry.

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