Ithaca Energy Inc. Update on Athena Field P1 Operations
TIDMIAE
Update on Athena Field P1 Operations
FOR: ITHACA ENERGY INC.
TSX, AIM SYMBOL: IAE
September 14, 2012
Ithaca Energy Inc.: Update on Athena Field P1 Operations
LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - Sept. 14, 2012) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Ithaca Energy Inc. (TSX:IAE)(AIM:IAE) announces an Athena field operational and production update.
The planned hydraulic intervention to eliminate the production tubing blockage in the P1 well, using a Remotely Operated
Vehicle Support Vessel, has been performed. This intervention, involving the pumping of fluids into the P1 well flowline
(at the wellhead), has resulted in a minor incremental increase in the previously observed flow rates achieved from the
well, with gross production from the well now being approximately 700 to 800 barrels of oil per day ("bopd") (160 - 180
bopd net to Ithaca).
The production data that has so far been obtained from the field indicates that the anticipated sweep of oil within the
reservoir is likely to result in the reserves attributed to P1 being fully produced by the well in its current
production condition, supported by recovery from the other wells on the field. The P1 well is the original appraisal
well that was drilled on the field in 2006 (completed as a development well in 2011) and represents the least
significant producer in terms of forecast ultimate oil recovery from the field.
Based on the results of the P1 hydraulic interventions and an assessment of reservoir performance, the Athena co-
venturers have decided that the value of producing the P1 well in its current condition outweighs the benefit of
performing a workover on the well using a drilling rig. The well will therefore now be produced in its current
condition. Future attempts to further clear the blockage by applying hydraulic pressure, using the facilities on the
FPSO, may be undertaken when operations allow.
The field continues to produce dry oil and the field facilities are performing well.
Ithaca third quarter production figures will be announced as usual in early October and a further update on Athena
performance will be included at that time.
The co-venturers in the Athena field are: Ithaca, operator (22.5%), Dyas UK Limited (47.5%), EWE Energie AG (20%) and
Zeus Petroleum Limited (10%).
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 production and operation activities of the Athena field or otherwise are intended to identify forward-looking
statements. 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.
futr
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