Ithaca unveils Athena field development plans

Ithaca Energy has decided to move ahead with the development plans for the Athena project in the UK North Sea. The Athena field development plan is currently being finalized to be submitted for approval by March 2010, and approval from authorities is then expected by July 2010.

Athena Field Development

The Athena field will be developed via four production wells and one water-injection well tied to a stand-alone FPSO. Ithaca has already secured the FPSO Uisge Gorm for the Athena development.

There are already three successful wells on Athena, 14/18b-15A, 14/18b-16 and 14/18b-18, which will be completed for production. Drilling operations on the fourth production well and the water-injection well will take place in the fourth quarter of 2010 and the first quarter of 2011.

Production will then be transported from a subsea manifold two kilometers to the Athena FPSO. Oil production will be exported via shuttle tankers, and produced associated gas will be used to generate power on the FPSO.

Ithaca plans all offshore installation to be complete and production to commence by the second quarter of 2011. Initial production rates are expected to reach 22,000 barrels of oil per day.

Athena Oil Field

The Athena oil field is located on Block 14/18b in Production License P1293 in the Outer Moray Firth of the UK North Sea. The latest reserve report on the Athena oil field estimates proved and probable reserves of 24.4 million barrels of oil.

Ithaca serves as the operator of Athena with 22.5 percent interest. Dyas holds 47.5 percent interest, EWE Aktiengesellschaft holds 20 percent interest, and Zeus Petroleum holds the remaining 10 percent interest in 
Athena.

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