Microsoft Cloud Authors: Elizabeth White, Yeshim Deniz, Serafima Al, Janakiram MSV, John Katrick

News Feed Item

Greater Stella Area Development Update

ABERDEEN, SCOTLAND -- (Marketwire) -- 11/12/12 --


Not for Distribution to U.S. Newswire Services or for Dissemination in
the United States

                           Ithaca Energy Inc.

               Greater Stella Area Development Update

                            12 November 2012

Ithaca Energy (TSX: IAE, LSE AIM: IAE) provides an update on the
progress made with its Greater Stella Area ("GSA") development
activities and schedule.


o The modifications contract for the "FPF-1" floating production unit
  has been awarded to the Remontowa shipyard in Gdansk, Poland. The
  FPF-1 is now located In Gdansk.

o The Ensco 100 drilling rig is now forecast to commence the
  development drilling campaign in Q1-2013, due to delays in the
  completion of drilling programmes for other operators.

o Four initial Stella wells are to be drilled over a period of
  approximately twelve months prior to the arrival of the FPF-1 for
  hook-up and commissioning, currently anticipated in H1-2014.

o Detailed design has been completed for the subsea infrastructure
  that is to be installed in 2013 by Technip, a world leader in the
  execution of subsea projects. Fabrication of the required linepipe is

o A suite of gas transportation and processing agreements has been
  executed for export of gas processed on the FPF-1 via the Central Area
  Transmission System ("CATS") and Teeside Gas and Liquids Processing
  ("TGLP") terminal.

o The Company's net share of remaining capital expenditure prior to
  first hydrocarbons from the GSA production hub is $395 million, which
  will be funded from existing financial resources.

o The successful appraisal of the Hurricane discovery in Q3-2012 and
  the offer of Block 29/5e, adjacent to Hurricane, in the 27th UK
  Offshore License Round in October 2012, have further augmented the
  opportunity set for the GSA hub.

o The Company's partners in the GSA are Dyas UK Limited, a long
  established privately owned North Sea oil and gas producer, and
  Petrofac, a leading international service provider to the oil and gas
  industry listed on the FTSE 100 in London.

Iain McKendrick, Chief Executive Officer, commented:"This is exciting
progress towards the creation of a 25kboe/d North Sea
oil and gas operator and unlocks substantial value by monetising over
30Mboe of the Company's reserves base. We are pleased with the
significant milestones achieved by all the major service providers to
this development. The Company is firmly focused on executing the
project safely and efficiently and creating further long term value by
building upon its position in the GSA."

                          Further Information

FPF-1 Modification Works
The contract for the modification of the FPF-1 for deployment on the
GSA production hub was awarded to Petrofac in October 2011. Following
completion of detailed design studies and removal of the existing
topsides processing equipment in Teeside, Petrofac, under the terms of
its lump sum incentivised modification contract with the GSA
co-venturers, will install new processing equipment on the FPF-1. The
decision to install new equipment, rather than partially re-use the
existing facilities, will lead to a higher quality vessel capable of
achieving high operational uptime performance being deployed on the

The contract for completion of the FPF-1 modification works has been
awarded to the Remontowa shipyard in Gdansk, Poland, where the vessel
is now located. The shipyard is located approximately 10 days towing
time from its future final location at the Stella field.

The immediate work programme in the shipyard is focused on the
performance of a detailed inspection to verify the requirements of the
envisaged marine systems workscope and preparation for dry dock works,
which are anticipated to commence in Q1-2013. Once these activities
have been completed and the vessel is in the dry dock, the schedule for
completion of the full modification work programme will be finalised.

Drilling Programme
A contract was signed with Ensco Offshore UK Limited ("Ensco") in
November 2011 for use of the Ensco 100 heavy duty jack-up drilling rig
on the Stella and Harrier development drilling campaign. The rig is
currently anticipated to be on location at the Stella field around late
Q1-2013, later than originally anticipated when the contract with Ensco
was signed, due to delays in the completion of drilling programmes for
previous users of the rig.

As previously announced, to maximise initial oil and condensate
production and fill the gas processing facilities on the FPF-1, four
Stella wells are planned for the start-up of production from the hub.
Each well is anticipated to take approximately 90 days to drill,
complete and undergo a clean-up test designed to give further assurance
around flow rates prior to start-up of the field. Further wells on
Stella and Harrier, plus other potential targets, including Hurricane,
will then be drilled post first hydrocarbons from Stella to maintain
the gas processing facilities on plateau.

Subsea Infrastructure Construction & Installation Activities
An Engineering, Procurement, Installation and Construction ("EPIC")
contract was awarded to Technip UK Limited in July 2012, for completion
of the major subsea works that are to be conducted on the GSA hub. The
engineering and construction activities associated with the subsea work
programme are progressing as planned and remain on target for the main
installation works to be performed in 2013.

During October 2012, terms were finalised for use of the BP operated
CATS pipeline for the transportation of gas from the FPF-1 to shore and
for processing of the gas in the TGLP terminal, owned and operated by
Teeside Gas Processing Plant Limited. The gas processing that will be
performed at the TGLP terminal involves the separation of natural gas,
which will be sold to the UK spot market on a daily basis, and the
associated propane, butane and condensate from within the gas exported
from the FPF-1, with such natural gas liquids being sold by TGLP at
prevailing market prices.

GSA Strategy
The Company's focus on the GSA is driven by monetisation of 31.7
million barrels of oil equivalent of net proven and probable reserves,
as independently assessed by Sproule International Limited, and
generation of additional value via the wider opportunities provided by
the range of undeveloped discoveries surrounding the infrastructure

Initial annualised production from the hub is anticipated to be
approximately 16,000 barrels of oil equivalent per day ("boepd") net to
Ithaca, thereby pushing the Company's annualised production over
20,000boepd and achieving a significant step towards the mid term objective
of creating a highly profitable 25,000 boepd oil and gas production

The Company's net share of remaining capital expenditure prior to first
hydrocarbons from the GSA production hub is $395 million. This figure
reflects completion of all the major contracting required to achieve
first hydrocarbons from the development and is within ten percent of
the budget specified at the time of the development concept select
decision in October 2011.

The Company will fund the forecast capital expenditure from its
existing cash balance, the anticipated cash flow generated by its
producing asset portfolio and some of its undrawn $430 million debt

Further information is available on the Company's website,


Ithaca Energy:
Iain McKendrick, CEO  [email protected]  +44 (0) 1224 650 261
Graham Forbes, CFO    [email protected]      +44 (0) 1224 652 151

FTI Consulting:
Billy Clegg      [email protected]      +44 (0) 207 269 7157
Edward Westropp  [email protected]  +44 (0) 207 269 7230
Georgia Mann     [email protected]     +44 (0) 207 269 7212

Cenkos Securities plc:
Jon Fitzpatrick        [email protected]      +44 (0) 207 397 8900
Ken Fleming            [email protected]          +44 (0) 131 220 6939

RBC Capital Markets:
Tim Chapman            [email protected]        +44 (0) 207 653 4641
Matthew Coakes         [email protected]     +44 (0) 207 653 4871

Notes to oil and gas disclosure:

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 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.

About Ithaca Energy:

Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) and its wholly owned
subsidiary Ithaca Energy (UK) Limited ("Ithaca" or "the Company"), is
an oil and gas operator focused on production, appraisal and
development activities on the United Kingdom Continental Shelf. The
goal of Ithaca, in the near term, is to maximize production and achieve
early production from the development of existing discoveries on
properties held by Ithaca, to originate and participate in exploration
and appraisal on properties held by Ithaca when capital permits, and to
consider other opportunities for growth as they are identified from
time to time by Ithaca.

   Not for Distribution to U.S. Newswire Services or for Dissemination

   in the United States

Forward-looking statements
Some of the statements in this announcement are forward-looking.
Forward-looking statements include statements regarding the intent,
belief and current expectations of Ithaca Energy Inc. or its officers
with respect to various matters. When used in this announcement, the
words "anticipate", "continue", "estimate", "expect", "may",
"will","project", "plan", "should", "believe", "could", "target" and
expressions, and the negatives thereof, whether used in connection with
anticipated development activity schedules, the anticipated timing of
first hydrocarbons from the GSA production hub or the estimated
reserves and production levels associated with the fields using the hub
or otherwise are intended to identify forward-looking statements. Such
statements are not promises or guarantees, and are subject to known and
unknown risks and uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in such
forward-looking statements or information. These forward-looking
statements speak only as of the date of this announcement. 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.


                    This information is provided by RNS
          The company news service from the London Stock Exchange


Email Contact

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. Digital Transformation (DX) is a major focus with the introduction of DXWorldEXPO within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term. A total of 88% of Fortune 500 companies from a generation ago are now out of bus...
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, @CloudEXPO and DXWorldEXPO are two of the most important technology events of the year. Since its launch over eight years ago, @CloudEXPO and DXWorldEXPO have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors! In this blog post, we provide 7 tips on how, as part of our world-class faculty, you can deliver one of the most popular sessions at our events. But before reading...
DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
DXWorldEXPO LLC announced today that ICOHOLDER named "Media Sponsor" of Miami Blockchain Event by FinTechEXPO. ICOHOLDER give you detailed information and help the community to invest in the trusty projects. Miami Blockchain Event by FinTechEXPO has opened its Call for Papers. The two-day event will present 20 top Blockchain experts. All speaking inquiries which covers the following information can be submitted by email to [email protected] Miami Blockchain Event by FinTechEXPO also offers s...
DXWorldEXPO | CloudEXPO are the world's most influential, independent events where Cloud Computing was coined and where technology buyers and vendors meet to experience and discuss the big picture of Digital Transformation and all of the strategies, tactics, and tools they need to realize their goals. Sponsors of DXWorldEXPO | CloudEXPO benefit from unmatched branding, profile building and lead generation opportunities.
Dion Hinchcliffe is an internationally recognized digital expert, bestselling book author, frequent keynote speaker, analyst, futurist, and transformation expert based in Washington, DC. He is currently Chief Strategy Officer at the industry-leading digital strategy and online community solutions firm, 7Summits.
Digital Transformation and Disruption, Amazon Style - What You Can Learn. Chris Kocher is a co-founder of Grey Heron, a management and strategic marketing consulting firm. He has 25+ years in both strategic and hands-on operating experience helping executives and investors build revenues and shareholder value. He has consulted with over 130 companies on innovating with new business models, product strategies and monetization. Chris has held management positions at HP and Symantec in addition to ...
Cloud-enabled transformation has evolved from cost saving measure to business innovation strategy -- one that combines the cloud with cognitive capabilities to drive market disruption. Learn how you can achieve the insight and agility you need to gain a competitive advantage. Industry-acclaimed CTO and cloud expert, Shankar Kalyana presents. Only the most exceptional IBMers are appointed with the rare distinction of IBM Fellow, the highest technical honor in the company. Shankar has also receive...
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities - ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups.
Poor data quality and analytics drive down business value. In fact, Gartner estimated that the average financial impact of poor data quality on organizations is $9.7 million per year. But bad data is much more than a cost center. By eroding trust in information, analytics and the business decisions based on these, it is a serious impediment to digital transformation.
The standardization of container runtimes and images has sparked the creation of an almost overwhelming number of new open source projects that build on and otherwise work with these specifications. Of course, there's Kubernetes, which orchestrates and manages collections of containers. It was one of the first and best-known examples of projects that make containers truly useful for production use. However, more recently, the container ecosystem has truly exploded. A service mesh like Istio addr...
Predicting the future has never been more challenging - not because of the lack of data but because of the flood of ungoverned and risk laden information. Microsoft states that 2.5 exabytes of data are created every day. Expectations and reliance on data are being pushed to the limits, as demands around hybrid options continue to grow.
Business professionals no longer wonder if they'll migrate to the cloud; it's now a matter of when. The cloud environment has proved to be a major force in transitioning to an agile business model that enables quick decisions and fast implementation that solidify customer relationships. And when the cloud is combined with the power of cognitive computing, it drives innovation and transformation that achieves astounding competitive advantage.
As IoT continues to increase momentum, so does the associated risk. Secure Device Lifecycle Management (DLM) is ranked as one of the most important technology areas of IoT. Driving this trend is the realization that secure support for IoT devices provides companies the ability to deliver high-quality, reliable, secure offerings faster, create new revenue streams, and reduce support costs, all while building a competitive advantage in their markets. In this session, we will use customer use cases...
Digital Transformation: Preparing Cloud & IoT Security for the Age of Artificial Intelligence. As automation and artificial intelligence (AI) power solution development and delivery, many businesses need to build backend cloud capabilities. Well-poised organizations, marketing smart devices with AI and BlockChain capabilities prepare to refine compliance and regulatory capabilities in 2018. Volumes of health, financial, technical and privacy data, along with tightening compliance requirements by...
The IoT Will Grow: In what might be the most obvious prediction of the decade, the IoT will continue to expand next year, with more and more devices coming online every single day. What isn’t so obvious about this prediction: where that growth will occur. The retail, healthcare, and industrial/supply chain industries will likely see the greatest growth. Forrester Research has predicted the IoT will become “the backbone” of customer value as it continues to grow. It is no surprise that retail is ...
Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settlement products to hedge funds and investment banks. After, he co-founded a revenue cycle management company where he learned about Bitcoin and eventually Ethereal. Andrew's role at ConsenSys Enterprise is a mul...
DXWorldEXPO LLC announced today that "Miami Blockchain Event by FinTechEXPO" has announced that its Call for Papers is now open. The two-day event will present 20 top Blockchain experts. All speaking inquiries which covers the following information can be submitted by email to [email protected] Financial enterprises in New York City, London, Singapore, and other world financial capitals are embracing a new generation of smart, automated FinTech that eliminates many cumbersome, slow, and expe...
Cloud Expo | DXWorld Expo have announced the conference tracks for Cloud Expo 2018. Cloud Expo will be held June 5-7, 2018, at the Javits Center in New York City, and November 6-8, 2018, at the Santa Clara Convention Center, Santa Clara, CA. Digital Transformation (DX) is a major focus with the introduction of DX Expo within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive ov...