IAE/IACAF Ithaca Energy update:
Ithaca Energy Inc.: First Quarter 2010 Production and 2010 Production Guidance
...announces that combined production from the
Jacky and Beatrice averaged 8,776 barrels of oil per day ("bopd") gross (4,193 bopd net to Ithaca)
over the three month period from January to March 2010 ("the period") as measured at the Nigg storage
facility.
The Beatrice Complex average daily sales volumes for the period as measured at the Nigg storage
facility are summarised as follows:
Gross (bopd) Net to Ithaca (bopd)
January 7,073 3,375
February 9,351 4,464
March 9,904 4,739
Average Q1 2010 8,776 4,193
The average realised price for production in January was 72.133 $/bbl and in February was 77.392 $/bbl
(before hedging and additional price uplift at the point of sale to a third party). Deliveries for
March are currently being priced.
Overall Q1 2010 average production rates for the Beatrice Complex reflect the outage at Beatrice
Alpha. Production from Jacky and Beatrice Bravo facilities continued without significant interruption
since it was restored on January 11, 2010. Daily production rates from Jacky have at times exceeded
11,750 bopd gross (5,581 bopd net to Ithaca) as metered at the platform.
[...] Recent rates from Jacky and Beatrice exceed 13,000 bopd gross (6250 bopd net to Ithaca) as metered at
the platform.
The previously reported Beatrice Bravo well intervention programme has been extremely successful with
production from this part of the field in March exceeding 2,250 bopd (1,125 bopd net to Ithaca) as
metered at the platform. Production from Beatrice Bravo has now stabilised at rates of approximately
1,800 bopd gross (900 net to Ithaca). Four wells are now available with three in use due to capacity
constraints of the in-field connecting pipeline. In addition, during the well intervention phase, work
was completed to reinstate the two Bravo platform water injection wells which provide pressure support
to the northern area of the Beatrice field; this has provided a further boost to production from Bravo
wells.
Operations will commence in May 2010 on a series of planned interventions on four Beatrice Alpha
production wells and one water injection well. Works will include the renewal of Electrical
Submersible Pumps and the replacement of downhole tubulars. Intervention on a water injection well
will restore tubing integrity.
