11th Sep 2013 07:43
LONDON (Alliance News) - Ithaca Energy Inc. Wednesday said it has completed a flow test on the first development well drilled on the Stella Field in the North Sea and the test accessed the reserves it was designed to recover and confirmed the quality and recoverability of the reservoir sands.
In a statement, the company said the first Stella field development well had flowed at a maximum rate of 10,835 barrels of oil equivalent per day on a 7/8-inch choke, with the full production potential of the well limited by the capacity of the well test equipment on the drilling rig.
It said fluid samples confirmed the high oil content of the hydrocarbons that will be produced from the well, with a maximum rate corresponding to 6,499 barrels of oil per day and 26 million standard cubic feet per day of "liquids rich" gas.
It said it will now move to drilling a second development well from the same site, while progress on subsea works and a dry-dock are progressing well.
The company's shares were up 12.4% at 142.15 pence early Wednesday, one of the leading risers on AIM.
By Steve McGrath; [email protected]; @SteveMcGrath1
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