|By Marketwired .||
|November 12, 2012 02:00 AM EST||
ABERDEEN, SCOTLAND -- (Marketwire) -- 11/12/12 --
TSX-V:IAE 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. Highlights 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 underway. 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 GSA. 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 hub. 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 company. 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 facility. Further information is available on the Company's website, www.ithacaenergy.com. Enquiries: 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 similar 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. -ENDS- This information is provided by RNS The company news service from the London Stock Exchange END
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 27, 2015 11:45 AM EST Reads: 4,552
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges. In his session at @ThingsExpo, Jeff Kaplan, Managing Director of THINKstrategies, will examine why IT must finally fulfill its role in support of its SBUs or face a new round of...
Jan. 27, 2015 11:45 AM EST Reads: 4,257
The BPM world is going through some evolution or changes where traditional business process management solutions really have nowhere to go in terms of development of the road map. In this demo at 15th Cloud Expo, Kyle Hansen, Director of Professional Services at AgilePoint, shows AgilePoint’s unique approach to dealing with this market circumstance by developing a rapid application composition or development framework.
Jan. 27, 2015 11:30 AM EST Reads: 2,974
ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ -- IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's platform-as-a-service. The new platform enables developers to build ap...
Jan. 27, 2015 11:15 AM EST Reads: 4,454
Advanced Persistent Threats (APTs) are increasing at an unprecedented rate. The threat landscape of today is drastically different than just a few years ago. Attacks are much more organized and sophisticated. They are harder to detect and even harder to anticipate. In the foreseeable future it's going to get a whole lot harder. Everything you know today will change. Keeping up with this changing landscape is already a daunting task. Your organization needs to use the latest tools, methods and expertise to guard against those threats. But will that be enough? In the foreseeable future attacks w...
Jan. 27, 2015 11:00 AM EST Reads: 4,546
As enterprises move to all-IP networks and cloud-based applications, communications service providers (CSPs) – facing increased competition from over-the-top providers delivering content via the Internet and independently of CSPs – must be able to offer seamless cloud-based communication and collaboration solutions that can scale for small, midsize, and large enterprises, as well as public sector organizations, in order to keep and grow market share. The latest version of Oracle Communications Unified Communications Suite gives CSPs the capability to do just that. In addition, its integration ...
Jan. 27, 2015 11:00 AM EST Reads: 4,431
Building low-cost wearable devices can enhance the quality of our lives. In his session at Internet of @ThingsExpo, Sai Yamanoor, Embedded Software Engineer at Altschool, provided an example of putting together a small keychain within a $50 budget that educates the user about the air quality in their surroundings. He also provided examples such as building a wearable device that provides transit or recreational information. He then reviewed the resources available to build wearable devices at home including open source hardware, the raw materials required and the options available to power s...
Jan. 27, 2015 11:00 AM EST Reads: 3,428
“The age of the Internet of Things is upon us,” stated Thomas Svensson, senior vice-president and general manager EMEA, ThingWorx, “and working with forward-thinking companies, such as Elisa, enables us to deploy our leading technology so that customers can profit from complete, end-to-end solutions.” ThingWorx, a PTC® (Nasdaq: PTC) business and Internet of Things (IoT) platform provider, announced on Monday that Elisa, Finnish provider of mobile and fixed broadband subscriptions, will deploy ThingWorx® platform technology to enable a new Elisa IoT service in Finland and Estonia.
Jan. 27, 2015 11:00 AM EST Reads: 2,357
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, shared some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, deploy, and manage applications integrating voice, video and data. He is the co-founder of TeleStax, a...
Jan. 27, 2015 10:45 AM EST Reads: 4,841
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover how hardware commoditization, the ubiquitous nature of connectivity, and the emergence of Big Data a...
Jan. 27, 2015 10:45 AM EST Reads: 3,848
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series data. By focusing on enterprise applications and the data center, he will use OpenTSDB as an example t...
Jan. 27, 2015 10:30 AM EST Reads: 4,495
We certainly live in interesting technological times. And no more interesting than the current competing IoT standards for connectivity. Various standards bodies, approaches, and ecosystems are vying for mindshare and positioning for a competitive edge. It is clear that when the dust settles, we will have new protocols, evolved protocols, that will change the way we interact with devices and infrastructure. We will also have evolved web protocols, like HTTP/2, that will be changing the very core of our infrastructures. At the same time, we have old approaches made new again like micro-services...
Jan. 27, 2015 10:30 AM EST Reads: 3,809
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Jan. 27, 2015 10:15 AM EST Reads: 4,649
The Internet of Things is a misnomer. That implies that everything is on the Internet, and that simply should not be - especially for things that are blurring the line between medical devices that stimulate like a pacemaker and quantified self-sensors like a pedometer or pulse tracker. The mesh of things that we manage must be segmented into zones of trust for sensing data, transmitting data, receiving command and control administrative changes, and peer-to-peer mesh messaging. In his session at @ThingsExpo, Ryan Bagnulo, Solution Architect / Software Engineer at SOA Software, focused on desi...
Jan. 27, 2015 10:00 AM EST Reads: 3,642
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile devices as well as laptops and desktops using a visual drag-and-drop application – and eForms-buildi...
Jan. 27, 2015 10:00 AM EST Reads: 4,084
Disruptive macro trends in technology are impacting and dramatically changing the "art of the possible" relative to supply chain management practices through the innovative use of IoT, cloud, machine learning and Big Data to enable connected ecosystems of engagement. Enterprise informatics can now move beyond point solutions that merely monitor the past and implement integrated enterprise fabrics that enable end-to-end supply chain visibility to improve customer service delivery and optimize supplier management. Learn about enterprise architecture strategies for designing connected systems tha...
Jan. 27, 2015 10:00 AM EST Reads: 4,681
"For over 25 years we have been working with a lot of enterprise customers and we have seen how companies create applications. And now that we have moved to cloud computing, mobile, social and the Internet of Things, we see that the market needs a new way of creating applications," stated Jesse Shiah, CEO, President and Co-Founder of AgilePoint Inc., in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 27, 2015 09:30 AM EST Reads: 3,414
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using the URL as a basic building block, we open this up and get the same resilience that the web enjoys.
Jan. 27, 2015 09:00 AM EST Reads: 4,533
Recurring revenue models are great for driving new business in every market sector, but they are complex and need to be effectively managed to maximize profits. How you handle the range of options for pricing, co-terming and proration will ultimately determine the fate of your bottom line. In his session at 15th Cloud Expo, Brendan O'Brien, Co-founder at Aria Systems, session examined: How time impacts recurring revenue How to effectively handle customer plan changes The range of pricing and packaging options to consider
Jan. 27, 2015 09:00 AM EST Reads: 4,055
Things are being built upon cloud foundations to transform organizations. This CEO Power Panel at 15th Cloud Expo, moderated by Roger Strukhoff, Cloud Expo and @ThingsExpo conference chair, addressed the big issues involving these technologies and, more important, the results they will achieve. Rodney Rogers, chairman and CEO of Virtustream; Brendan O'Brien, co-founder of Aria Systems, Bart Copeland, president and CEO of ActiveState Software; Jim Cowie, chief scientist at Dyn; Dave Wagstaff, VP and chief architect at BSQUARE Corporation; Seth Proctor, CTO of NuoDB, Inc.; and Andris Gailitis, C...
Jan. 27, 2015 09:00 AM EST Reads: 4,013