First oil production from Athena in North Sea

Offshore staff

CALGARY, Canada – Ithaca Energy has started oil production from the Athena field in the UK central North Sea.

The initial operations phase involves bringing production from each well online to the FPSO BW Athena and establishing stable performance of the oil processing and water injection systems.

Ithaca has ceased discussions with all parties reportedly interested in acquiring the company, and now intends to pursue further growth opportunities in the UK offshore sector. These could be financed by an increased credit-approved facility from BNP Paribas. Ithaca claims it can draw on funds of up to $250 million for suitable targets.

5/29/2012

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