Ithaca Energy Inc. - 27th UK Licensing Round Success

abarrelfullabarrelfull wrote on 30 Oct 2012 13:49
Tags: europe ithaca north-sea uk upstream

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Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) is pleased to announce its success in the UK's 27th Offshore Licensing Round, with the Company being offered, as Operator, two new traditional licenses.

o Ithaca has been awarded two operated licenses; Block 29/5d in the vicinity of the Company's
existing Greater Stella Area ("GSA") interests and Block 15/17b in the Outer Moray Firth.
o The license offers are based on the completion of technical studies, leading to a drill or drop
decision on each license within two years of formal license award.

Block 29/5d is a joint venture between Ithaca (Operator, 54.66 %), Dyas UK Ltd (25.34%) and Petrofac Energy Developments UK Ltd (20%). The Block lies in the GSA, adjacent to Block 29/10b, which contains the Company's recently appraised Hurricane discovery and close to the future location of the "FPF-1" floating production unit that will be installed as part of the ongoing development of the Stella and Harrier fields in Block 30/6a. The joint venture has identified a target in Block 29/5d analogous to the appraised Hurricane Rogaland sand interval, known as "Twister".

Block 15/17b is a joint venture between Ithaca (Operator, 50%) and Premier Oil (UK) Ltd (50%). The block lies in the Outer Moray Firth basin and is close to the Ithaca operated Athena Field and Premier license interests. The block contains four undeveloped Jurassic oil discoveries, known as the "Piper Isles". The block is adjacent to a number of oil producing fields, most notably Piper, Saltire, Iona and Chanter.

The work programme for both Blocks comprises the completion of technical (subsurface) studies, along with development concept screening analysis, to enable a decision to be made within two years of the formal award of each license on committing to the drilling of a well on each Block thereafter.

Nick Muir, Chief Technical Officer, commented:
"I am delighted that the Company's existing asset portfolio is expanding with two such promising license awards. These licenses enable the Company to further increase its GSA stock of opportunities for the FPF-1 production hub and to establish a new foothold in a prolific area of the Outer Moray Firth. The Company looks forward to driving forward these opportunities and building upon the successes of previous license round awards from which it has generated significant value, namely the appraisal and development of the now producing Jacky and Athena fields and the recently appraised Hurricane discovery"

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