27th Jun 2014 09:39
LONDON (Alliance News) - Ithaca Energy Inc Friday said it has completed flow test operation on its third development well on the Stella Field in the North Sea, and the well is currently achieving a flow rate of 12,492 barrels of oil equivalent per day.
The North Sea oil and gas operator said the B1 well, which is the third development well drilled on the Stella Field, was drilled to a total measured depth subsea of 16,185 feet.
The company said that fluid samples show that the oil produced by the well is of high quality.
It said the maximum flow rate of 12,492 barrels of oil equivalent per day at the B1 well compared to the maximum flow rates of 10,835 barrels of oil equivalent per day at the A1 well and 10,442 barrels of oil equivalent per day at the A2 well.
"The test results achieved on the first three Stella development wells have served to de-risk the initial annualised production forecast for the Greater Stella Area hub of approximately 30,000 barrels of oil equivalent per day, 16,000 boepd net to Ithaca," the company said in a statement.
Ithaca Energy said the B1 well is in the process of being suspended, so that the well can be brought on to production without the requirement for any further well intervention activity. It said it expects the well to be completed around the end of the third quarter.
"We are delighted with the results of the flow test on the third Stella development well, which underline the high quality and deliverability of the reservoir," Chief Executive Officer Les Thomas said.
Shares in Ithaca Energy were up 3.2% at 152.50 pence Friday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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