Ithaca plans second Athena appraisal well

Ithaca Energy Inc. plans to drill a second appraisal well during the second quarter of 2007 in its Athena oil project in the Outer Moray Firth off Scotland.

Nov. 30, 2006

Uchenna Izundu
International Editor

LONDON, Nov. 30 -- Ithaca Energy Inc. plans to drill a second appraisal well during the second quarter of 2007 in its Athena oil project in the Outer Moray Firth off Scotland.

It has signed a letter of intent with Peak Well Management to secure a semisubmersible rig.

Ithaca hopes to have the rig for 51 days with a 30-day option for a sidetrack. The appraisal well will assess the upside potential in Lower Cretaceous Upper and Lower Leek sandstones, which tested 1,300 b/d in the 14/18b-12 well, drilled in 1992.

In September, Ithaca, with partners EWE and Zeus Petroleum, drilled the first Athena well, 14/18b-15, which was suspended for future production after testing 1,330 b/d from the Upper Leek sandstone (OGJ Online, Oct. 24, 2006).

"This well has been evaluated by Ithaca and management believes it is capable of producing 5,000 b/d when placed on production with submersible pumps," Ithaca said.

Athena is expected to begin production in the first quarter of 2008. Ithaca holds a 70% interest in the project.

Contact Uchenna Izundu at [email protected].