ABERDEEN, SCOTLAND--(Marketwired - July 30, 2013) - Ithaca Energy Inc. (TSX: IAE)
Not for Distribution to U.S. Newswire Services or for Dissemination
in the United States
(TSX VENTURE: IAE)
Ithaca Energy Inc.
Norvarg Appraisal Well Results
31 July 2013
Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) announces that the
appraisal well (7225/3-2) test programme on the Norvarg discovery
located in licence PL535 in the Norwegian sector of the Barents Sea has
been completed.
The appraisal well was drilled approximately 275 km north of the
Hammerfest LNG plant on Melkoya, in a water depth of 377 metres, to
delineate the Triassic Kobbe Formation of the Norvarg gas discovery.
Two formation tests were carried out in the upper and lower parts of
the Kobbe Formation, with the well flowing at a maximum gross
production rate of 175,000 standard cubic metres of gas per day
(approximately 6.2 million standard cubic feet per day) on a 52/64-inch
choke. Extensive data acquisition, wire line logging, coring and
sampling has been carried out. The well has also been completed with
down hole gauges capable of transmitting data after abandonment, which
will give further information about the extent of the reservoir.
The Norvarg appraisal well was drilled to test the eastern segment of
the structure and to assess the quality and productivity of the Kobbe
reservoir.
The results of the appraisal well have confirmed the extensive nature
of the Norvarg discovery and the presence of movable gas throughout the
Kobbe reservoir, with no water contacts seen. As predicted the quality
of the Kobbe reservoir is variable and further analysis is required to
confirm the productivity of some of the reservoir intervals. Work will
now be undertaken by the partnership to analyse and interpret the
acquired data and evaluate the estimated recoverable hydrocarbons on
the structure and potential future development options. Moveable gas
identified in the deeper levels of the reservoir than those in the
exploration well will be taken into account in the evaluation of the
potential reserves.
The well was drilled to a vertical depth of 2171 metres below sea level
and terminated in the Klappmyss Formation in the Early Triassic. The
well will now be permanently plugged and abandoned.
This is the second well on PL535. The licence was awarded in the 20th
Licensing Round in 2009. Well 7225/3-2 was drilled using Ocean's Leiv
Eiriksson semi-submersible rig.
The partners in the licence are Total E&P Norge (Operator, 40%), North
Energy (20%), Ithaca Petroleum Norge (13%), Statoil (10%-), Det Norske
(10%-), and Rocksource Exploration Norway (7%).
- Pending government approval.
Enquiries:
Ithaca Energy:
John Woods jwoods@ithacaenergy.com +44(0) 1224 650 273
Richard Smith rsmith@ithacaenergy.com +44(0) 1224 652 172
FTI Consulting:
Billy Clegg billy.clegg@fticonsulting.com +44 (0) 207 269 7157
Edward Westropp edward.westropp@fticonsulting.com +44 (0) 207 269 7230
Georgia Mann georgia.mann@fticonsulting.com +44 (0) 207 269 7212
Cenkos Securities plc:
Jon Fitzpatrick jfitzpatrick@cenkos.com +44 (0) 207 397 8900
Neil McDonald nmcdonald@cenkos.com +44 (0) 131 220 6939
RBC Capital Markets:
Tim Chapman tim.chapman@rbccm.com +44 (0) 207 653 4641
Matthew Coakes matthew.coakes@rbccm.com +44 (0) 207 653 4871
Notes to Oil & Gas Disclosures
In accordance with AIM Guidelines, John Horsburgh, BSc (Hons)
Geophysics (Edinburgh), MSc Petroleum Geology (Aberdeen) and Subsurface
Manager at Ithaca is the qualified person that has reviewed the
technical information contained in this press release. Mr Horsburgh
has over 15 years operating experience in the upstream oil and gas
industry.
The term "boe" may be misleading, particularly if used in isolation. A
boe conversion of 6 Mcf : 1 bbl is based on an energy equivalency
conversion method primarily applicable at the burner tip and does not
represent a value equivalency at the wellhead.
The well test results disclosed in this news release represent
short-term results, which may not necessarily be indicative of
long-term well performance or ultimate hydrocarbon recovery therefrom.
About Ithaca Energy
Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) is an oil and gas operator
focused on North Sea production, appraisal and development activities.
The Company's strategy is centred on building a highly profitable North
Sea oil and gas company by maximising production and cashflow from its
existing assets, the appraisal and development of existing discoveries
on properties held by the Company and the delivery of additional growthvia
acquisitions and licence round participation.
Not for Distribution to U.S. Newswire Services or for Dissemination
in the United States
Forward-looking statements
Some of the statements and information in this press release are
forward-looking. Forward-looking statements and forward-looking
information (collectively, "forward-looking statements") are based on
the Company's internal expectations, estimates, projections,
assumptions and beliefs as at the date of such statements or
information, including, among other things, assumptions with respect to
production, drilling, well completion times, future capital
expenditures, future acquisitions and cash flow. The reader is
cautioned that assumptions used in the preparation of such information
may prove to be incorrect. When used in this press release, the
words"anticipate", "continue", "estimate", "expect", "may",
"will","project", "plan", "should", "believe", "could", "target" and
similar
expressions, and the negatives thereof, whether used in connection with
operational activities, production forecasts, budgetary figures,
potential developments or otherwise, are intended to identify
forward-looking statements. Such statements are not promises or
guarantees, and are subject to known and unknown risks, uncertainties
and other factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking statements.
The Company believes that the expectations reflected in those
forward-looking statements and are reasonable but no assurance can be
given that these expectations, or the assumptions underlying these
expectations, will prove to be correct and such forward-looking
statements and included in this press release should not be unduly
relied upon. These forward-looking statements speak only as of the date
of this press release. Ithaca Energy Inc. expressly disclaims any
obligation or undertaking to release publicly any updates or revisions
to any forward-looking statement contained herein to reflect any change
in its expectations with regard thereto or any change in events,
conditions or circumstances on which any forward-looking statement is
based except as required by applicable securities laws.
-ENDS-
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