Tue Sep 21, 2010 3:53am EDT
* Ithaca sees first production in Q3 of 2011 at 22,000 bopd
* Rheochem in $14 mln loan facility to fund Athena field
* Ithaca shares up 5 pct; Rheochem rises 7.9 pct(Adds details)
Sept 21 (Reuters) - Ithaca Energy (IAE.V) (IAE.L) said itreceived field development plan approval for the Athena oilfield in the North Sea, allowing the oil and gas explorer tobegin production from the field in the third quarter of 2011.
The company, which operates the oil field and has a 22.5percent working interest in it, expects production at 22,000barrels of oil per day (bopd).
Separately, Rheochem Plc (RHEP.L) said it signed a $14million loan facility with oil and gas royalty fund Gemini Oil& Gas Fund II LP to be used to develop the Athena field.
Rheochem's unit, Zeus Petroleum Ltd, has a 10 percentinterest in the Athena project.
Rheochem said it was considering other strategies forfunding, including debt and equity raising, and would haveadequate funds available to allow Zeus to meets its Athenacommitments.
Shares of Canada-based Ithaca were up 5.1 percent at 114pence, while those of UK-based Rheochem rose 7.9 percent to10.25 pence at 0731 GMT on the London Stock Exchange.(Reporting by Shivani Singh in Bangalore; Editing by AnnePallivathuckal)