|By Marketwired .||
|June 27, 2014 02:19 AM EDT||
ABERDEEN, SCOTLAND -- (Marketwired) -- 06/27/14 -- Ithaca Energy Inc. (TSX: IAE) (LSE: IAE)
Not for Distribution to U.S. Newswire Services or for Dissemination in the United States
Ithaca Energy Inc.
Successful Stella B1 Well Test Results
27 June 2014
Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) ("Ithaca" or the "Company") announces completion of flow test operations on the third development well on the Stella field, with the well achieving a flow rate of 12,492 barrels of oil equivalent per day ("boepd").
Well 30/6a-B1Z ("B1") is the third development well drilled on the Stella field. The well was drilled to a total measured depth subsea of 16,185 feet, with a 2,147 foot gross horizontal reservoir section completed in the Palaeocene Andrew sandstone reservoir. The well intersected high quality sands across a net reservoir interval of 2,034 feet, equating to 95% net pay. This compares to 1,312 feet and 2,514 feet in Stella wells A1 and A2, respectively.
As with the previous two Stella development wells, a clean-up flow test has been performed on the B1 well in order to effectively remove the drilling fluids used to complete the well and gain additional reservoir data and fluid samples. The well flowed at a maximum rate of 12,492 boepd on a 48/64-inch choke, with the full production potential of the well limited by the capacity of the well test equipment on the drilling rig. Fluid samples show that the oil is of high quality, approximately 45 degrees API.
The maximum flow rate of 12,492 boepd comprised 7,565 barrels of oil per day and 29.6 million standard cubic feet per day ("MMscf/d") of gas. This compares to the results of the A1 and A2 wells that achieved maximum flow rates of 10,835 boepd and 10,442 boepd, respectively.
The test results achieved on the first three Stella development wells have served to de-risk the initial annualised production forecast for the Greater Stella Area hub of approximately 30,000 boepd (100%), 16,000 boepd net to Ithaca.
The B1 well is in the process of being suspended. The suspension configuration is such that the well can be brought on to production without the requirement for any further well intervention activity once the FPF-1 is on location and hooked up. Following completion of the well suspension operations the ENSCO 100 will move on to drilling of the fourth Stella development well from the same drilling centre location. It is anticipated that the well will be completed around the end of the third quarter of 2014.
Les Thomas, Chief Executive Officer, commented:
"We are delighted with the results of the flow test on the third Stella development well, which underline the high quality and deliverability of the reservoir. Combined with the results of the first two wells, we have now de-risked our initial production forecasts for the start-up of the Greater Stella Area production hub."
- ENDS -
Ithaca Energy Les Thomas [email protected] +44 (0)1224 650 261 Graham Forbes [email protected] +44 (0)1224 652 151 Richard Smith [email protected] +44 (0)1224 652 172 FTI Consulting Edward Westropp [email protected] +44 (0)207 269 7230 Shannon Brushe [email protected] +44 (0)203 727 1077 Cenkos Securities Neil McDonald [email protected] +44 (0)131 220 6939 Beth McKiernan [email protected] +44 (0)131 220 9778 RBC Capital Markets Tim Chapman [email protected] +44 (0)207 653 4641 Matthew Coakes [email protected] +44 (0)207 653 4871
In accordance with AIM Guidelines, John Horsburgh, BSc (Hons) Geophysics (Edinburgh), MSc Petroleum Geology (Aberdeen) and Subsurface Manager at Ithaca is the qualified person that has reviewed the technical information contained in this press release. Mr Horsburgh has over 15 years operating experience in the upstream oil and gas industry.
References herein to barrels of oil equivalent ("boe") are derived by converting gas to oil in the ratio of six thousand cubic feet ("Mcf") of gas to one barrel ("bbl") of oil. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 bbl is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6 Mcf: 1 bbl, utilising a conversion ratio at 6 Mcf: 1 bbl may be misleading as an indication of value.
About Ithaca Energy
Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) is a North Sea oil and gas operator focused on the delivery of lower risk growth through the appraisal and development of UK undeveloped discoveries, the exploitation of its existing UK producing asset portfolio and a Norwegian exploration and appraisal business targeting the generation of discoveries capable of monetisation prior to development. Ithaca's strategy is centred on generating sustainable long term shareholder value by building a highly profitable 25kboe/d North Sea oil and gas company. For further information please consult the Company's website www.ithacaenergy.com.
Not for Distribution to U.S. Newswire Services or for Dissemination in the United States
Some of the statements and information in this press release are forward-looking. Forward-looking statements and forward-looking information (collectively, "forward-looking statements") are based on the Company's internal expectations, estimates, projections, assumptions and beliefs as at the date of such statements or information, including, among other things, assumptions with respect to production, drilling, construction times, well completion times, risks associated with operations, future capital expenditures, continued availability of financing for future capital expenditures, future acquisitions and cash flow. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. When used in this press release, 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 operational activities, Stella first oil, drilling plans, production forecasts, budgetary figures, potential developments or otherwise, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Company believes that the expectations reflected in those forward-looking statements and are reasonable but no assurance can be given that these expectations, or the assumptions underlying these expectations, will prove to be correct and such forward-looking statements and included in this press release should not be unduly relied upon. These forward-looking statements speak only as of the date of this press release. 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.
Additional information on these and other factors that could affect Ithaca's operations and financial results are included in the Company's Management's Discussion and Analysis for the year ended December 31, 2013, and the Company's Annual Information Form for the year ended December 31, 2013 and in reports which are on file with the Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).
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