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Roll over the yellow areas licenced to Ithaca and click to view more details:
1. Ithaca currently holds a 22.5% interest in the Athena oil discovery located in the Outer Moray Firth (block 14/18b). Ithaca has already drilled three appraisal wells on the discovery, in addition to the two pre-existing undeveloped oil wells. Priority work is now being undertaken towards the development of the field which could lead to FDP approval by the end of H2 2010.
2. Ithaca also holds a 47.5% interest in the Jacky oil discovery in the Inner Moray Firth (block 12/21c). Following a successful appraisal well drilled by Ithaca in 2007, Jacky has been now developed as a one well subsea tieback to the Beatrice Alpha platform and is currently producing in excess of 10,000 bopd gross.
3. In addition, the Company holds a 68.33% interest in the Stella gas/condensate discovery in the Central North Sea (block 30/6). Stella was discovered in 1991 and partially appraised with two further wells, both of which lie at the crest of the structure and were subsequently drill stem tested. A further appraisal well down flank on the structure is currently being drilled after spudding in late February 2010. The well objectives are to confirm the in-place volumes, verify the distribution and quality of the Andrew sandstone reservoir and to understand the nature of the hydrocarbon change with depth. As well as evaluating the Andrew sandstone the deeper Ekofisk chalk will be tested. Technical information gained will allow the company to accelerate developments and to better understand upside potential in the field.
Ithaca has drilled three wildcat exploration wells, two of which have been successful and are set out below:
1. Ithaca holds a 40% interest in the Polly oil discovery made in Q1 2008 (block 12/26c). Lying close to the Beatrice infrastructure, Polly is a near term potential tieback and is a valuable addition to the range of projects that are ongoing in and around the Beatrice Complex.
2. Ithaca holds a 16% working interest in the Carna dry gas discovery in the Southern Gas Basin of the North Sea (blocks 43/21b & 43/22c). The discovery, made in Q1 2009 is close to existing infrastructure enabling rapid development. The dry gas in Carna further diversifies the company's assets away from oil.
Ithaca has built a diversified portfolio of exploration, development and producing assets through participation in the last four United Kingdom Seaward licensing rounds and through asset acquisitions. This diversity is evidenced by properties in different geographic areas, encompassing multiple play types (both oil and gas), while maintaining a close proximity to producing fields in proven petroleum systems. Ithaca UK's interests range from 16% to 100% in 27 blocks or partial blocks under 16 licences covering more than 332,000 acres.
Ithaca has screened more than 300 existing discoveries in the UK sector of the North Sea. The management has evaluated and ranked more than 50 undeveloped discoveries which it believes could be economically developed given the right commercial environment. Ithaca has successfully acquired three discoveries which are now at different stages of appraisal and development and are set out under the map of Our Assets.