UK: Ithaca Energy Announces Positive Beatrice Alpha Workover Results


Ithaca Energy Inc.  and its wholly owned subsidiary Ithaca Energy (UK) Limited (“Ithaca” or “the Company”), an independent oil & gas company with exploration, development and production assets in the UK sector of the North Sea, announced stable production from the first workover well on Beatrice Alpha has increased by 100% to 680 barrels of oil per day (“bopd”) gross (340 bopd net to Ithaca), in line with expectation.

The Beatrice Alpha well A04 is part of a five well work over programme. Operations on the A04 well involved the replacement of a downhole pump. Activities have commenced to workover the second well of the five well campaign (Beatrice Alpha well A23). The A23 well was producing ~260 bopd gross (~130 bopd net to Ithaca) before being shut in early October to commence workover operations. A further production update will be provided after the well has been brought back on line and flow rates have stabilised.

Joint Venture Partners in the Beatrice Field are Ithaca (50%) and Dyas UK Ltd (50%).

Ithaca Energy is a Canadian oil and gas exploration, development and production company, focused on the North Sea. It’s portfolio consists of oil assets in the Inner and Outer Moray Firth, gas and condensate assets in the Central North Sea, and gas assets in the Southern North Sea. Ithaca’s strategy is to deliver shareholder value by drawing on it’s expertise in subsurface, development engineering and commercial dealings to bring these assets safely into production, whilst throughout maintaining a responsible and prudent fiscal discipline.

[mappress]

Source: Ithaca energy, October  19, 2010;

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