Press release
24 December 2024
Ithaca Energy
plc ("Ithaca Energy" or the "Group")
Drilling
Activity Update - Jocelyn South
Ithaca Energy today announces the
results of recent exploration drilling at the Jocelyn South
prospect (P032) in Block 30/07a, located in the Central North Sea
of the UK Continental Shelf.
Upon entering the reservoir, Harbour
Energy (as "Operator")
informed Ithaca EF Limited, a subsidiary of Ithaca Energy plc,
holding a 33% working interest in the prospect that signs of
hydrocarbons were present. The top of the
Joanne Reservoir was encountered in the well at the depth of
12,620ft TVDSS (17,763ft MD). Gas
condensate (not sampled) was encountered in the Joanne sandstone
reservoir, with a provisional net pay thickness in the well of
434ft MD (or 307.6ft TVT).
Logging while drilling data,
cuttings and pressures were recorded during drilling to establish
reservoir quality and fluid parameters. The
Operator intends to complete data gathering and evaluate the
drilling results to establish commerciality of the
reservoir.
Jocelyn South forms part of the
Harbour Energy operated J-Area, where Ithaca Energy is a partner in
the Jade field (32.5% working interest), Judy field (33.0% working
interest), Jasmine field (33.0% working interest) and the Talbot
field (33.0% working interest) which recently achieved first
production in November 2024.
Enquiries
About Ithaca Energy plc
Ithaca Energy is a leading UK
independent exploration and production company focused on the UK
North Sea with a strong track record of material value creation. In
recent years, the Company has been focused on growing its portfolio
of assets through both organic investment programmes and
acquisitions and has seen a period of significant M&A driven
growth centred upon three transformational acquisitions in recent
years, including the recent Business Combination with Eni UK.
Today, Ithaca Energy is one of the largest independent oil and gas
companies in the United Kingdom Continental Shelf (the "UKCS"),
ranking second largest independent by production with the largest
resource base.
With stakes in six of the ten
largest fields in the UKCS and two of UKCS's largest
pre-development fields, and with energy security currently being a
key focus of the UK Government, the Group believes it can utilise
its significant reserves and operational capabilities to play a key
role in delivering security of domestic energy supply from the
UKCS.
Ithaca Energy serves today's needs
for domestic energy through operating sustainably. The Group
achieves this by harnessing Ithaca Energy's deep operational
expertise and innovative minds to collectively challenge the norm,
continually seeking better ways to meet evolving
demands.
Ithaca Energy's commitment to
delivering attractive and sustainable returns is supported by a
well-defined emissions-reduction strategy with a target of
achieving net zero ahead of targets set out in the North Sea
Transition Deal.
Ithaca Energy plc was admitted to
trading on the London Stock Exchange (LON: ITH) on 14 November
2022.
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