Tuesday, October 27, 2020

Les Thomas News

Ithaca Buys Chevron's UK North Sea Fields

(Photo: Chevron)

Israel's Delek Group moved closer to listing its Ithaca Energy subsidiary on Thursday by buying most of Chevron's British North Sea oil and gas fields for $2 billion.Under pressure from a fall in oil prices to near 14-year lows of $26 a barrel in 2016, major oil and gas companies in the North Sea have been forced to sell assets to private equity-backed investors and specialized operators.Delek said the deal, backdated to Jan.

Ithaca Updates on Stella Field Commissioning

Stella North Drill Centre Manifold Installation Operations Photo Courtesy Ithaca Energy

Ithaca Energy Inc. provides an update on the status of the on-going Stella field commissioning programme and the expected schedule for start-up of production. Activities on the offshore commissioning programme for the FPF-1 floating production facility are well advanced and preparation for start-up of the Stella field is on-going. During routine inspections, faults on a number of electrical junction boxes on the vessel’s processing facilities have been identified and a programme of necessary repairs is underway.

Ithaca Energy Logs Robust Performance

Re-float Operations Courtesy Ithaca Energy

Ithaca Energy Inc. announces its quarterly financial results for the three months ended 30 September 2015 (“Q3-2015” or the “Quarter”) and for the nine months ended 30 September 2015. Les Thomas, Chief Executive Officer, stated, “We are very pleased to report a strong set of results thanks to consistent production levels, strong hedging gains and rigorous cost control, all of which has contributed to commencing deleveraging of the business ahead of the step-change that comes with Stella start-up.

Delek Buys $66 mln Stake in Ithaca Energy

The investment arm of Israeli gas firm Delek Group has acquired a near 20 percent stake in North-Sea focused oil producer Ithaca Energy for $66 million, the companies said on Friday. The deal underlines investors still see value in North Sea related businesses, despite a slump in oil prices and high operating costs in one of the world's most mature oil and gas basins. Ithaca, whose London-listed shares have sunk more 60 percent since the oil price started to decline in June 2014…

Norway Sale - Ithaca Energy

Dry Dock Barge  Courtesy Ithaca Energy

Ithaca Energy Inc. has entered into an agreement to sell its wholly owned subsidiary, Ithaca Petroleum Norge AS (“Ithaca Norge”), for an initial consideration of US$60 million. The Company also has the ability to earn additional bonus payments of up to US$30 million dependent on exploration success from the existing licence portfolio. Pursuant to the agreement, Ithaca Norge will be acquired by MOL Nordsjon B.V., a wholly owned subsidiary of the Hungarian listed company MOL Plc (MOL:BUD).

Stella A3 Well Flow Test

Logo

Ithaca Energy Inc. announces the successful completion of flow test operations on the fifth and final development well on the Stella field, with the well achieving a flow rate of over 8,000 barrels of oil equivalent per day (“boepd”). Well 30/6a-A3Y (“A3”) is the fifth development well drilled on the Stella field. The well was drilled to a total measured depth subsea of 14,267 feet, with a 2,137 foot gross horizontal reservoir section completed in the Ekofisk chalk reservoir…

Ithaca's Robust Performance FY 2014

Logo

Ithaca Energy Inc. announces its financial results for the twelve months ended 31 December 2014, together with the results of its independently assessed year-end reserves assessment and an operations update. Les Thomas, Chief Executive Officer, commented, “In 2014 we took significant steps to build and strengthen our business, growing production and reserves, while diversifying our debt structure. Going forward we are clearly focused on delivering the transformational Stella development, with first production expected in Q2-2016.

Further Delay on Greater Stella

Stella North Drill Centre Manifold Installation Operations Courtesy of Ithaca Energy

Ithaca Energy is facing a further delay of almost a year to start-up of its Greater Stella Area (GSA) development hub project off the UK due to stalled modification work by Petrofac on the field’s floating production, storage and offloading unit. Here is an update regarding the schedule for completion of the “FPF-1” floating production facility modifications programme and start-up of the GSA production hub. The FPF-1 is being…

STELLA B1 Well Flow Test Completed

04 Stella North Drill Centre Manifold Installation Operations (149)

Ithaca Energy Inc. announced completion of flow test operations on the third development well on the Stella field, with the well achieving a flow rate of 12,492 barrels of oil equivalent per day. Well 30/6a-B1Z (“B1”) is the third development well drilled on the Stella field. The well was drilled to a total measured depth subsea of 16,185 feet, with a 2,147 foot gross horizontal reservoir section completed in the Palaeocene Andrew sandstone reservoir.

Ithaca Energy Operations Update Ahead of Shareholders Meet

Ithaca logo

Ithaca Energy Provided its operations update ahead of today’s Shareholders Meeting. The details are as follows. The third development well on the Stella field, well 30/06a-B1X (“B1”), has been successfully drilled to a total measured depth subsea of 16,185 feet. A 2,147 foot gross horizontal reservoir section was drilled in the Palaeocene Andrew sandstone reservoir, within the targeted oil rim. The well intersected high quality sands across a net reservoir interval of 2,034 feet, equating to 95% net pay.