Re: Ithaca Energy Inc. - Athena Field Development (3217Z)
12 Januar 2011 - 9:48AM
UK Regulatory
TIDMRHEP
RNS Number : 3217Z
Rheochem PLC
12 January 2011
12 January 2011
Rheochem Plc
("Rheochem" or the "Company")
Athena Field Development-Operations & FPSO Modifications
Progress as Planned by Ithaca Energy
Rheochem plc, the oil and gas business with oil services,
production, development and exploration assets notes the
announcement made on 12 January 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-Operations & FPSO Modifications
Progress as Planned
Ithaca Energy Inc. (TSX VENTURE:IAE)(AIM:IAE) and its wholly
owned subsidiary Ithaca Energy (UK) Limited ("Ithaca" or "the
Company"), an independent oil & gas company with exploration,
development and production assets in the UK sector of the North
Sea, announces that the Sedco 704 drilling unit is now being
anchored on location over the Athena field ready to commence an
approximate 180 day campaign to drill a fourth production well and
a water injector well and complete the three existing wells on the
field as producers. In addition, modification and re-certification
of the Floating Production Storage and Offtake ("FPSO") vessel (BW
Athena) is well underway in a Dubai shipyard.
The Sedco 704 drilling unit will initially drill one water
injection well, followed by a fourth production well (three
suspended appraisal wells are to be completed for production as
part of this campaign). The four production wells will be installed
with downhole submersible pumps to maximise field production rates.
Initial production from the field is estimated at a gross rate of
22,500 barrels of oil per day ("bopd") (5 062 bopd net to Ithaca).
Applied Drilling Technology International (a division of Transocean
Drilling UK Ltd) will manage the programme on a 'turnkey' basis
which is anticipated to last approximately 180 days. Subsea work
will follow in Q3 2011, to install field pipelines and subsea
manifolds. The Company will update the market as and when drilling
and/or completion work reaches key milestones.
The FPSO 'BW Athena' is at dockside in Dubai and preparation
works have commenced to re-certify existing equipment and install
new equipment. In Q2 2011 the vessel will be 'dry docked' for the
installation of a turret mooring section amidships, extending the
FPSO by approximately 65ft. Steelwork for the mooring section is
being prepared alongside the dry dock. All work is anticipated to
be completed in Q3 2011 allowing the vessel to return to UK waters
and arrive on location at Athena at end Q3 2011. Installation of
the FPSO vessel to the mooring buoy, as well as, hook up and
commissioning will be completed in anticipation of targeted first
oil in Q4 2011. Both BW Offshore's Site Office and the Ithaca
Representative's Office in Dubai are manned and operational.
John Woods, Ithaca's Chief Development Officer, commented:
"The drilling programme at Athena has commenced on schedule
enabling the rig to complete its scope of work ahead of other field
construction activities. Work on the Athena field remains very much
in line with targeted first production from the field in Q4 this
year at a gross rate of 22,500 barrels of oil per day. Work on the
FPSO in Dubai and the other project construction activities have
also all commenced on schedule and within budget giving the project
team an excellent start to the New Year."
The 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, Lawrie Payne, MA Marine
Geology (Alberta & Columbia) and Chairman of Ithaca Energy is
the qualified person that has reviewed the technical information
contained in this press release."
- 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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