Polly - Oil DiscoveryITHACA ENERGY COMPLETES POLLY WELL AS OIL DISCOVERY AND NOW PLANS TO DRILL MANUEL
Ithaca Energy Inc. has completed drilling operations on the 12/26c-5 well on the company's Polly prospect at a depth of 7,809 feet subsea. The well has been suspended for future evaluation, having encountered oil in the Beatrice sandstone.
The well, which is owned by Ithaca (80 per cent) and North Sea Energy (20 per cent), encountered 60 feet of gross Middle Jurassic Beatrice A sand, of which 10 feet is regarded as effective reservoir and has tested water-free oil in MDT tests. The remainder of the reservoir could not be tested conclusively and the interpretation of reservoir quality and contents remains undetermined. Evaluation of the well information will be carried out in the immediate future.
The Galaxy II rig used for the drilling of the Polly prospect will be moved to the company's Manuel prospect, which lies to the southwest of the Beatrice field. The Manuel well is planned to drill to 6,696 feet subsea and is to test the potential of several Upper and Middle Jurassic sands. The well is expected to commence on Feb. 19 and take approximately 20 days to drill. Participants in the prospect are Ithaca at 73.4 per cent, North Sea Energy at 13.3 per cent and Challenger Minerals at 13.3 per cent.
Nick Muir, Ithaca Energy's chief exploration officer, commented: "The Polly well has proved movable oil in a significant structure to the east of the Beatrice field. The magnitude of the discovery will be the subject of further evaluation of the well information and seismic data. Should the company consider reserves to be economic, the accumulation will be produced through the Beatrice producing facilities. The prospect lies within drilling distance of the Beatrice Bravo production platform. This well marks the commencement of an exciting exploration program for the company in the Beatrice area, a region that the company considers to carry substantial remaining potential."
The Manuel well will test a prospect with the potential for significant reserves of crude oil with a commensurate higher degree of risk. Success at Manuel would point to significant additional potential in the area to the southwest of the Beatrice oil field. Located only eight miles from the Beatrice Alpha platform, it too would be tied in to that facility if productive and commercial. The entire Beatrice area has become a core region for the company following the announced intention to acquire the Beatrice oil field, effective Jan. 1, 2008.
In accordance with AIM guidelines, Lawrie Payne, bachelor of arts in economics (Alberta), master of arts in marine geology (Columbia) and chief executive officer of Ithaca Energy, is the qualified person that has reviewed the technical information contained in this press release.
© 2008 Canjex Publishing Ltd.