BW Athena FPSO Scheduled to Leave Dubai in mid-February

Ithaca Energy today announced that the Athena field development activities continue to progress. The BW Athena FPSO, is undergoing final phases of conversion work in Dubai Dry Dock World.

Commissioning is underway and will be completed before sailaway from Dubai to ensure that the hook-up and offshore commissioning phase is minimised once the vessel arrives on location.

Further to the Company’s update of December 8, 2011, engineering work on the mooring design and associated power supply has resulted in the mooring system receiving certification for year round operation in the UK North Sea. Commissioning of the vessel power turbine is well advanced. Sailaway from Dubai is scheduled for mid-February and hardening of the vessel to add protection during its transit to the UK is now in progress.

Athena Field

The Athena field is situated in block 14/18b in the Outer Moray Firth area of the UKCS, lying approximately 18 kilometres west of the Claymore and Scapa fields and the associated production facilities. Ithaca currently holds a 22.5% interest in the block 14/18b. The field has been evaluated by Sproule Associates to contain 2P reserves (gross) of 24.4 million barrels of oil. The initial rate from the field is anticipated to be approximately 22,000 barrels of oil per day gross (4,950 net to Ithaca) with first production targeted for early 2012. Hydrocarbons produced at Athena will be transported from the BW Athena FPSO by shuttle tankers to the onshore Nigg storage facility, operated by Ithaca Energy.

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Offshore Energy Today Staff, January 12, 2012