ITHACA: START UP OF STELLA FIELD

Ithaca Energy announced the successful start-up of production from the Stella field. Production has been started from the field and oil export to the adjacent shuttle tanker has commenced. The production ramp-up phase will commence when the on-going commissioning of the gas processing and compression facilities is complete. The Ithaca operated Greater Stella Area is located in the heart of the Central Graben area of the Central North Sea, on the UK Continental Shelf. It is an area surrounded by various large producing fields, predominantly operated by the Majors, and numerous undeveloped discoveries.
The Greater Stella Area licences contain the Stella and Harrier fields, which are currently in the process of being developed, the Hurricane discovery and the “Twister” prospect, which was awarded in the 27th UK Offshore Licence Round in early 2013. Most recently, the Company has also added an approximately 17% interest in the “Vorlich” discovery, which is located 10 kilometres North of Stella. The Company’s focus on the Greater Stella Area is driven by monetisation of over 30 million barrels of oil equivalent of net proven and probable reserves. (Source: Ithaca)