Spread Betting Magazine - v06

Page 73

Ithica Energy

Helios

Carna

Block 29/10d was awarded to Ithaca in the 26th UKCS Licensing Round in 2010.

Blocks 42/52b, 43/16 and 43/21b were awarded to Ithaca in the 22nd Licensing Round in 2004. Block 43/22c contains the eastern extension of Carna discovery and was awarded to Ithaca in the 23rd Round.

The block lies within the Company’s core Greater Stella area in which the Stella and Harrier discoveries are under development, and the Hurricane discovery is to be appraised in early 2012. In 1969 well 29/10-1, lying within Block 29/10d, was drilled and both gas and condensate was found in the Andrew Sandstone; the equivalent and principle reservoir of the Stella discovery now under development. Hydrocarbons were recovered from an FIT test. The Company is currently evaluating the potential appraisal drilling of Helios along the southern flank of the structure.

The Carna discovery straddles blocks 43/21b and 43/22c in the Southern North Sea and lies between two producing fields, Garrow and Kilmar, which together constitute the Tors Development. The Carna exploration well, 43/21b-5, was drilled in 2008. The well encountered dry gas bearing Carboniferous reservoir formations. The section was cored and a well test was carried out which flowed at a stabilised rate of 9 million standard cubic feet per day.

Project pipeline

Southern North Sea Anglia The Anglia field lies approximately 60 km from the UK coastline and approximately 11 km southwest of the Clipper field. The field was discovered in 1972 by well 48/18b-1 when dry gas was encountered in the Rotliegendes Formation. Cumulative production from the Anglia field at the end of 2009 was 194 bcf of dry gas with an estimated recovery factor of 60% to date. Topaz The Topaz Field lies approximately 145 km from the UK coastline and 15 km southeast of the Schooner Field. The field was discovered in 1987 by the 49/1a-3 well which encountered a 130 ft section of gas bearing Carboniferous Westphalian C/D and Ketch sands. The current single producing well (49/2a-6Z) was drilled in 2009 as a twin to the discovery well and tested at 30 mmscfpd. First production was achieved in December 2009.

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July 2012 | www.financial-spread-betting.com | 73


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