Ithaca Energy Inc - Trell Oil Discovery
Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) ("Ithaca" or the "Company")
announces that the TOTAL E&P Norge AS ("TOTAL") operated exploration
well 25/5-9 on the "Trell" Prospect in licence PL102 F/G in the
Norwegian North Sea has discovered oil in the Paleocene Heimdal
Formation.The well intersected 19 metres of net pay in excellent
quality Heimdal reservoir, in a location close to existing
infrastructure.Wireline logs and pressure data have confirmed a
hydrocarbon contact and samples of oil and water were acquired for
further analysis.Preliminary estimates made by the Operator place the
size of the discovery at between 3.1 and 12.5 million barrels of
recoverable oil.
Ithaca entered into an agreement with TOTAL in December 2013 to acquire
a 10% working interest in licences PL102 F/G.Completion of the
transaction is currently progressing through the normal regulatory
consents.The agreement is consistent with Ithaca's strategy in Norway
of gaining access to lower risk exploration opportunities capable of
monetisation prior to development.
The PL102 F/G licensees are TOTAL 40%, (operator), Petoro 30%, Lotos
Exploration and Production Norge 10%, Det Norske Oljeselskap 10% and
Ithaca 10%.
The well was drilled to 2240 metres true vertical depth subsea and
encountered a 21 metre gross oil column.The discovery was made in a
mature area of the Norwegian North Sea, within approximately 10
kilometres of the Heimdal production hub.
my post are not for investment purposes..do not invest or trade on anything i post
