IAE.L Share News (IAE)

LONDON (Alliance News) - Ithaca Energy Inc Tuesday said it has successfully completed flow test operations on its fourth development well on the Stella Field in the North Sea, and the well is currently achieving a flow rate of 12,005 barrels of oil equivalent per day.

The North Sea oil and gas operator said the B2 well, which is the fourth development well drilled on the Stella Field, was drilled to a total measured depth subsea of 14,461 feet.

"The combined results of the four completed wells represent a major step forward in underpinning and realising the full value of the Stella field development," Chief Executive Les Thomas said in a statement.

Ithaca Energy said the B2 well is currently 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 by the end of the month.

"Following completion of the B2 well suspension operations, four Stella Andrew reservoir development wells will have been completed, with the combined maximum clean-up flow test results achieved by the wells being in excess of 45,000 barrels of oil equivalent per day," the company said.

Ithaca Energy shares were trading 1.4% higher at 130.75 pence per share mid-morning Tuesday.

By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty

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