Athena Development - Drilling Completed
June 06 2011 - 2:01AM
UK Regulatory
TIDMIAE
Athena Development - Drilling Completed
FOR: ITHACA ENERGY INC.
TSX VENTURE, AIM SYMBOL: IAE
June 6, 2011
Ithaca Energy Inc.: Athena Development-Drilling Completed
LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - June 6, 2011) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Ithaca Energy Inc. (TSX VENTURE:IAE)(AIM:IAE) announces the final production well on the Athena field has been
drilled and fully cased. The well encountered a considerable section of oil saturated net reservoir, with good
porosities. Development drilling has now been successfully concluded and the project remains on schedule for
production start up in Q4 2011 at approximately 22,000 barrels of oil per day ("bopd") (gross), approx. 5,000
bopd (net to Ithaca), in-line with previous disclosure.
Athena field development well 14/18b-A2Z ("the Well") intersected 515 feet (measured depth) of net reservoir in
the sub horizontal section of the well bore which was drilled to a total measured depth of 15,497 feet. The
drilling rig, Sedco 704, is now proceeding to run completion equipment and perforate the Well, the three
existing suspended production wells and the water injection well.
The Well was directionally drilled to the northwest of the Athena field where it encountered the principal
reservoir section, the Scapa A reservoir, at 11,967 feet (measured depth), 8,851 feet (true vertical depth
subsea), in line with prognosis. Electric logs acquired across the entire reservoir section of interbedded
Scapa age sandstones and shales confirmed a series of reservoir sands with porosities up to 20%. Two of the
thickest, high porosity sandstone units were encountered close to the top of the reservoir section and
Management anticipates that these will contribute to strong flow rates when the Well comes into production. A
production liner has been run across the reservoir section.
The ongoing modification and recertification work on the Floating Production, Storage and Offloading ("FPSO")
vessel, 'BW Athena' (currently in dry dock in Dubai) is well advanced. The vessel has been successfully
separated for installation of a turret docking section which is currently being welded into the structure
amidships. The vessel will be extended by approximately 65 feet. The FPSO will return to UK waters for 'hook
up' to the turret mooring buoy by the end of Q3 2011. More details and images are provided on the Company's
website:
http://www.ithacaenergy.com/Athena-Area.asp
Athena Joint Venture Partners are Ithaca (operator, 22.5%), Dyas UK Ltd (47.5%), EWE Aktiengesellschaft (20%)
and Zeus Petroleum Limited (10%).
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 Energy 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.
About Ithaca Energy:
Ithaca Energy Inc. and its wholly owned subsidiary Ithaca Energy (UK) Limited ("Ithaca" or "the Company"), is
an oil and gas exploration, development and production company active in the United Kingdom's Continental Shelf
("UKCS"). The goal of Ithaca, in the near term, is to maximize production and achieve early production from the
development of existing discoveries on properties held by Ithaca, to originate and participate in exploration
and appraisal on properties held by Ithaca when capital permits, and to consider other opportunities for growth
as they are identified from time to time by Ithaca.
Not for Distribution to U.S. Newswire Services or for Dissemination in the United States
Forward-looking statements
Some of the statements in this announcement are forward-looking. Forward-looking statements include statements
regarding the intent, belief and current expectations of Ithaca Energy Inc. or its officers with respect to
various matters. When used in this announcement, the words "anticipate", "continue", "estimate", "expect",
"may", "will", "project", "plan", "should", "believe", "could", "target" and similar expressions, and the
negatives thereof, whether used in connection with the estimated production levels of the Athena field,
anticipated time of first oil from the Athena field or reserves associated with the Athena field are intended
to identify forward-looking statements. The reserves for individual properties may not reflect the same
confidence level as estimates of reserves of all properties, due to the effects of aggregation. Such statements
are not promises or guarantees, and are subject to known and unknown risks and uncertainties and other factors
that may cause actual results or events to differ materially from those anticipated in such forward-looking
statements or information. These forward-looking statements speak only as of the date of this announcement.
Ithaca Energy Inc. expressly disclaims any obligation or undertaking to release publicly any updates or
revisions to any forward-looking statement contained herein to reflect any change in its expectations with
regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is
based except as required by applicable securities laws.
The term "boe" may be misleading, particularly if used in isolation. A boe conversion of 6 Mcf: 1 bbl is based
on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a
value equivalency at the wellhead.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Ithaca Energy:
Nick Muir
CXO
+44 (0) 1224 650 267
nmuir@ithacaenergy.com
OR
Ithaca Energy:
Graham Forbes
CFO
+44 (0) 1224 652 151
gforbes@ithacaenergy.com
OR
Ithaca Energy:
John Woods
CDO
+44 (0) 1224 650 273
jwoods@ithacaenergy.com
OR
Pelham Bell Pottinger Public Relations:
Philip Dennis
+44 (0) 207 861 3919
pdennis@pelhambellpottinger.co.uk
OR
Pelham Bell Pottinger Public Relations:
Elena Dobson
+44 (0) 207 861 3147
edobson@pelhambellpottinger.co.uk
OR
Cenkos Securities plc:
Jon Fitzpatrick
+44 (0) 131 220 9773
jfitzpatrick@cenkos.com
OR
Cenkos Securities plc:
Ken Fleming
+44 (0) 131 220 9772
kfleming@cenkos.com
Neither TSX Venture nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Ithaca Energy Inc.
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