Athena Final Development Well - Drilling Commenced (4349C)
March 07 2011 - 3:48AM
UK Regulatory
TIDMRHEP TIDMIAE
RNS Number : 4349C
Rheochem PLC
07 March 2011
7 March 2011
Rheochem Plc
("Rheochem" or the "Company")
Athena Field Final Development Well - Drilling Commenced by
Ithaca Energy
Rheochem plc, the oil and gas business with oil services,
production, development and exploration assets notes the
announcement made on 7 March 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 Final Development Well - Drilling Commenced
Ithaca Energy Inc. (TSX VENTURE:IAE)(AIM:IAE) announces today
that the Sedco 704 semi submersible drilling unit has commenced the
drilling of the final production well for the development of the
Athena field ("Athena").
Well 14/18b-A2 ("the well") is being drilled from the Athena
drill centre and is the final well to be drilled of a 180 day
campaign of drilling and completion activities. The well is planned
to be directionally drilled to produce oil reserves lying in the
north west of Athena. In addition, this well is planned to
intersect the top reservoir (Top Scapa A sands) at a point within
the appraised Athena oil pool and continue north, drilling at a
high angle to provide valuable information relating to an area of
the field targeted for future development. The drilling and
completion of the well as a producer is scheduled to last
approximately 80 days.
Co-venturers in the Athena 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.
Not for Distribution to U.S. Newswire Services or for
Dissemination in the United States
Forward-looking statements
Some of the statements in this announcement are forward-looking.
Forward-looking statements include statements regarding the intent,
belief and current expectations of Ithaca Energy Inc. or its
officers with respect to various matters. When used in this
announcement, the words "expects," "believes," "anticipate,"
"plans," "may," "will," "should", "scheduled", "targeted",
"estimated" and similar expressions, and the negatives thereof,
whether used in connection with the estimated production levels,
actual production levels from the Athena development, anticipated
timing of the Athena development, oil in place, hydrocarbon
composition or otherwise, are intended to identify forward-looking
statements. Such statements are not promises or guarantees, and are
subject to risks and uncertainties that could cause actual outcome
to differ materially from those suggested by any such statements.
These forward-looking statements speak only as of the date of this
announcement. Ithaca Energy Inc. expressly disclaims any obligation
or undertaking to release publicly any updates or revisions to any
forward-looking statement contained herein to reflect any change in
its expectations with regard thereto or any change in events,
conditions or circumstances on which any forward-looking statement
is based except as required by applicable securities laws."
- 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
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