Press Release

Drilling Activity Update – Isabella and K2

3 January 2023


Ithaca Energy plc (“Ithaca Energyor theGroup”)

Drilling Activity Update – Isabella and K2


Ithaca Energy and its partners today announced the results of recent appraisal drilling at the Isabella discovery (P1820) in Block 30/12d-12, located in the Central North Sea of the UK Continental Shelf.

Upon entering the reservoir, Total Energies informed the partners (Ithaca Energy (UK) Limited - 10%, Neptune E&P UK Limited - 50%, Energean Exploration Limited - 10%, Total Energies E&P North Sea UK Limited - 30% (as “Operator”)) that signs of hydrocarbons were present. Hydrocarbons were encountered in Upper Jurassic and Triassic sandstone reservoirs, with 148 feet (or 45 meters) of net thickness.

Logging while drilling and wireline logs were acquired to establish reservoir quality. The Operator intends to complete the gathering of data, plug and abandon the well, and evaluate the drilling results to establish commerciality of the reservoir. The well was drilled to a total depth of 15,600 feet (or 4,754 meters) in water depths of 262 feet (or 80 meters). The gross cost of drilling is approximately £66.6 million (net to Ithaca Energy: £6.66 million).

Isabella lies about 25 miles south of Total Energies’ Operated Elgin Franklin Field, where Ithaca Energy holds a 6.09% working interest, and 105 miles east of Aberdeen.


Ithaca Energy is pleased to announce that the partners in License P2382 (Ithaca Energy - 50%, Dana Petroleum - 50%) have made the decision to carry out exploration drilling in Block 22/14c of the Central North Sea – the K2 prospect. As a 50% working interest holder, and operator, Ithaca Energy will incur 50% of the drilling costs.

Exploration drilling at the K2 prospect is expected to commence between June and July 2023 for approximately 41 days in order to determine the presence of hydrocarbons. The water depth at the drilling site is 294 feet (approximately 90 meters) and the final planned depth of the drilling is 9,000 feet (approximately 2,743 meters). Drilling is targeting the Forties Member sandstones.

The total gross cost of drilling is estimated at £17 million in a dry hole case. In the case of success, further gross costs estimated to be in the region of £17 million will be incurred, providing a total success cost of £34 million (net to Ithaca Energy: £17 million).

The drilling costs in relation to both Isabella and K2 are incorporated in Ithaca’s current financial guidance. As such, nothing in this press release impacts Ithaca Energy’s currently stated guidance, which remains as previously communicated.


Ithaca Energy

Kathryn Reid – Head of Investor Relations, Corporate Affairs & Communications

FTI Consulting (PR Advisers to Ithaca Energy)

+44 (0)203 727 1000

Ben Brewerton / Nick Hennis

About Ithaca Energy plc

Ithaca Energy is a leading UK independent exploration and production company focused on the UK North Sea with a strong track record of material value creation. In recent years, the Company has been focused on growing its portfolio of assets through both organic investment programmes and acquisitions and has seen a period of significant M&A driven growth centred upon two transformational acquisitions in recent years. Today, Ithaca Energy is one of the largest independent oil and gas companies in the United Kingdom Continental Shelf (the “UKCS”), ranking second by resources.

With stakes in six of the ten largest fields in the UKCS and two of UKCS’s largest pre-development fields, and with energy security currently being a key focus of the UK Government, the Group believes it can utilise its significant reserves and operational capabilities to play a key role in delivering security of domestic energy supply from the UKCS.

Ithaca Energy serves today’s needs for domestic energy through operating sustainably. The Group achieves this by harnessing Ithaca Energy’s deep operational expertise and innovative minds to collectively challenge the norm, continually seeking better ways to meet evolving demands.

Ithaca Energy’s commitment to delivering attractive and sustainable returns is supported by a well-defined emissions-reduction strategy with a target of achieving net zero by 2040.

Ithaca Energy plc was admitted to trading on the London Stock Exchange (LON: ITH) on 14 November 2022.

Important Legal Information

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