LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - July 4, 2011) - Ithaca Energy Inc. (TSX VENTURE:IAE)(AIM:IAE) -
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Ithaca Energy Inc. announces that stable production from the Jacky field has been restored in the J01 well ("the well") at approximately 3,120 barrels of oil per day ("bopd")(1,482 bopd net to Ithaca).
Production has been restored to this level through the replacement of a dual ESP system with slightly larger pumps providing greater operational flexibility and prolonged run life. The well was producing at approximately 2,800 bopd (1,300 bopd net to Ithaca) before the loss of pump assisted flow, as previously announced.
Jacky Joint Venture Partners are Ithaca (Operator, 47.5%), Dyas UK Ltd (42.5%), North Sea Energy (UK) Limited (10%).
Athena Project Update
The engineering and modifications associated with the dry dock works in Dubai to extend the Floating Production Storage and Offloading vessel, 'BW Athena' by 65 feet and install a turret docking system have been completed. The vessel has now been re-floated ready for installation of the new power generation and water injection modules during July 2011. This is another critical milestone accomplished towards achieving first oil in Q4 2011.
https://www.ithacaenergy.com/Athena-Area.asp
Athena Joint Venture Partners are Ithaca (operator, 22.5%), Dyas UK Ltd (47.5%), EWE Aktiengesellschaft (20%) and Zeus Petroleum Limited (10%).
Notes to oil and gas disclosure:
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.
About Ithaca Energy:
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.
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