Ithaca GSA Satellites Acquisitions
Vorlich licence interests * Acquisition from ENGIE E&P of a 75% interest and operatorship of the Austen discovery, which lies approximately 30 kilometres from the GSA production hub * Total acquisition costs including potential future contingent payments of under $6 million Les Thomas, Chief Executive Officer, stated, "We are very pleased to announce this group of low cost acquisitions that further expand our core Greater Stella Area portfolio. This is in line with our "hub and spoke" strategy for maximising the value of the central infrastructure that has been
Stella A3 Well Flow Test
that have been drilled have achieved a combined maximum clean-up flow test rate in excess of 53,000 boepd (100%). This well capacity significantly de-risks the initial annualised production forecast for the Greater Stella Area hub of approximately 30,000 boepd (100%), 16,000 boepd net to Ithaca. Les Thomas, Chief Executive Officer, commented, “We are very pleased to have delivered another successful flow test on the fifth and final well in the Stella development drilling programme. The results of the Ekofisk well further de-risk forecast cashflows from the Stella field and the high oil content
Further Delay on Greater Stella
by Petrofac. The Company's peak net drawn debt is forecast to be materially unchanged at approximately $850 million, funded from total debt facilities of $1,010 million ($300 million five year senior unsecured notes, $610 million reserves based lending facility and $100 million corporate facility). Les Thomas, Chief Executive Officer, commented, “It is disappointing to incur a further delay in completion of the FPF-1 modifications programme. While the drilling and subsea installation aspects of the Greater Stella Area development have progressed well, completion of the FPF-1 programme has proved
STELLA B1 Well Flow Test Completed
and hooked up. Following completion of the well suspension operations the ENSCO 100 will move on to drilling of the fourth Stella development well from the same drilling centre location. It is anticipated that the well will be completed around the end of the third quarter of 2014. Les Thomas, Chief Executive Officer, commented,"We are delighted with the results of the flow test on the third Stella development well, which underline the high quality and deliverability of the reservoir. Combined with the results of the first two wells, we have now de-risked our initial production
Ithaca Energy Operations Update Ahead of Shareholders Meet
coming weeks, with start-up of the well expected in August 2014. The drilling rig that will be used for the Athena “P4” well workover currently remains on schedule to arrive on location at the field around late August 2014, once it has completed its work programmes for prior clients. Les Thomas, Chief Executive Officer, commented, “We are very pleased with the high quality reservoir sands encountered by the Stella B1 well and look forward to the flow test results when we finish well completion operations.”
February 2024
