IAE.L Regulatory News (IAE)

16 Apr 2008 07:00

Rheochem PLC16 April 2008 16 April 2008 Rheochem Plc ("Rheochem" or the "Company") Weekly Athena Drilling Update Rheochem plc, the oil and gas business with oil services, production,development and exploration assets, today announces the progress made on the 14/18b-17Z well, currently being drilled by operator Ithaca Energy Inc. Rheochemwill provide weekly drilling updates until total depth is reached. Well Name: 14/18b-17Z Area: Outer Moray Firth UK Central North Sea Licence: P 1293 Block: 14/18b Location: 58o 25'14" N; 00o 32' 56" W. This well is approximately 1.1km south ofthe known Athena oil accumulation encountered by wells 14/18b-15a and 14/18b-16. Beneficial interests: Zeus Petroleum Limited 10% (Rheochem hold 50% interest inZeus Petroleum), EWE Aktiengesellschaft 20%, Ithaca Energy Inc 70% Operator: Ithaca Energy Inc Planned depth: 11701 ft MD, (9663ft TVDSS) Well 14/18b-17 was spudded on Monday 10 March 2008 by the rig Byford Dolphin,managed by AGR. As at 15:00 on Tuesday 16 of April the well had reached ameasured depth (MD) of 11383 ft and the drill pipe is currently stuck in thewell. Rotation of the drill pipe and circulation of fluid past the obstructionhas been established and the rig is currently working to un-stick the drill pipeand pull out of the hole for a bit change. A further announcement will be made when the drill pipe is pulled free. In accordance with AIM guidelines, Haydn Gardner, B.App.Sc and CEO of Rheochemis the qualified person that has reviewed the technical information contained inthis press release. Haydn Gardner has 20 years of experience in the oil and gasindustry. For more information: Haydn Gardner, CEO - Rheochem +44 (0) 20 7659 6230 Edward Westropp / Alex Beagley - FD +44 (0) 20 7269 7207 Romil Patel - Blue Oar Securities +44 (0) 20 7448 4400 Stephen Goschalk - Newland Stockbrokers +44 (0) 20 7290 2400 This information is provided by RNS The company news service from the London Stock Exchange