Athena Field Development - Water Injection Well (9498B)
February 28 2011 - 3:18AM
UK Regulatory
TIDMRHEP
RNS Number : 9498B
Rheochem PLC
28 February 2011
28 February 2011
Rheochem Plc
("Rheochem" or the "Company")
Athena Field Development - Water Injection Well-Successfully
Drilled
by Ithaca Energy
Rheochem plc, the oil and gas business with oil services,
production, development and exploration assets notes the
announcement made on 28 February 2011 by Ithaca Energy Inc relating
to the Athena project. Rheochem has a net 10% interest in this
field through its 100% ownership of Zeus Petroleum Limited.
"Ithaca Energy Inc.
Athena Field Development - Water Injection Well-Successfully
Drilled
Ithaca Energy Inc. (TSX VENTURE:IAE)(AIM:IAE) announces that it
has successfully completed the drilling of a water injection well
for the Athena field development.
Well 14/18b-A1 ("the well") intersected 325 feet (on a true
vertical basis) of net reservoir, exceeding the net reservoir
requirements for water injection to support initial gross
production from the field at approx.22,000 barrels of oil per day
("bopd")(source Sproule) from Q4 this year. The drilling unit will
now proceed to drill a fourth production well and complete the
three existing suspended wells on the field as well as the new
producer and injector, from the same surface location.
The well has been drilled as a future water injector, down flank
from three successful appraisal wells. This well is the first of a
180 day campaign of drilling and completion activities prior to
subsea equipment installation and 'hook-up' of the Floating
Production Storage and Offtake vessel (BW Athena). Operations on
the well have met all key objectives.
Commenting, John Woods, Chief Developments Officer, said:
"This well was drilled and cased as planned and the results are
inline with expectations. The success of the well represents strong
progress towards first oil and is testament to the ability of the
Company's development team to deliver. This is one more important
step closer for the Athena field to become a significant producing
asset for the Company."
The target formation (Top Scapa A, formally Upper Leek
Sandstone), and principal reservoir unit of the Athena field, was
encountered at 9,325 feet True Vertical Depth Subsea ("TVDSS"), in
line with prognosis. Wireline logs have confirmed a multi-layer
permeable sandstone and shale gross section of 820 feet of which
325 feet is net reservoir on a true vertical basis. Average
porosity across the reservoir section is excellent and tests
indicate good fluid mobility in all selected sandstone units
tested. Formation pressure measurements lie close to known aquifer
pressures recorded in earlier wells, confirming lateral and
vertical communication throughout the field.
The well has been fully cased and temporarily suspended pending
batch completion of all five wells (4 producers, 1 water injector)
once the final production well has been drilled. The rig will
return to the well towards the end of the campaign to perforate and
run completion equipment in preparation for first production from
the Athena field.
Athena Joint Venture Partners are Ithaca (operator, 22.5%), Dyas
UK Ltd (47.5%), EWE Aktiengesellschaft (20%) and Zeus Petroleum
Limited (10%).
In accordance with AIM Guidelines, Hugh Morel, BSc Physics and
Geology (Durham), PhD Hydrogeology (London) and senior petroleum
engineer at Ithaca Energy is the qualified person that has reviewed
the technical information contained in this press release. Dr Morel
has 30 years operating experience in the upstream oil industry.
Ithaca Energy Inc. and its wholly owned subsidiary Ithaca Energy
(UK) Limited ("Ithaca" or "the Company"), is an oil and gas
exploration, development and production company active in the
United Kingdom's Continental Shelf ("UKCS"). The goal of Ithaca, in
the near term, is to maximize production and achieve early
production from the development of existing discoveries on
properties held by Ithaca, to originate and participate in
exploration and appraisal on properties held by Ithaca when capital
permits, and to consider other opportunities for growth as they are
identified from time to time by Ithaca."
- Ends -
For further information please contact:
Rheochem
Haydn Gardner, CEO +61 (8) 9410 8200
Financial Dynamics
Billy Clegg / Edward Westropp /
Alex Beagley +44 (0) 20 7269 7207
Northland Capital Partners
Shane Gallwey +44 (0) 20 7492 4775
McCall, Aitken, MacKenzie
Andy Yeo +44 (0) 20 7763 6025
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCEAPAPAFXFEEF
Rheochem (LSE:RHEP)
Historical Stock Chart
From Jun 2024 to Jul 2024
Rheochem (LSE:RHEP)
Historical Stock Chart
From Jul 2023 to Jul 2024