Plugged and abandoned...Ithaca abandons well 11/29-1 in Scotland
Ithaca Energy Inc (C:IAE)
Shares Issued 111,604,475
Last Close 3/17/2008 $2.97
Tuesday March 18 2008 - News Release
Mr. Nick Muir reports
ITHACA ENERGY COMPLETES THE DRILLING OF MANUEL
Ithaca Energy Inc.'s wholly owned subsidiary, Ithaca Energy (U.K.) Ltd., has completed the drilling of its second exploration well (11/29-1) near the Beatrice field in the inner Moray Firth area of the North Sea. The 11/29-1 well on the Manuel prospect reached 8,147 feet total vertical depth subsea and is now being plugged and abandoned.
The well encountered oil-saturated sands of Jurassic age of less-than-reservoir quality. Wireline logs have been run, and MDT pressure and fluid sampling has been undertaken, but no oil sample was recovered.
The well was drilled to target multiple reservoir sand units defined within a large stratigraphic closure known as the Manuel prospect, lying 12 kilometres to the southwest of the Beatrice field. The prospect had been delineated using 2-D seismic data, which Ithaca complemented with its own seismic acquisition, which was shot in November, 2006. The results of this well will allow Ithaca to calibrate the existing seismic data and undertake a full technical work program to determine future drilling locations.
Before drilling commenced, Ithaca had farmed out part of its interest, paying 52.5 per cent of the dry-hole costs of the well and retaining a 68.34-per-cent interest in the prospect. The other participants are Norwest with 5 per cent, Challenger Minerals with 13.33 per cent and North Sea Energy with 13.33 per cent.
Nick Muir, CXO, commented: "While the well was commercially unsuccessful, information obtained from the well was highly encouraging. The well was drilled in an underexplored area. In fact, this was the first well on this block and the results obtained will help enormously to determine the focus of further exploration in this area."