Ithaca Energy and its wholly owned subsidiary Ithaca Energy UK have commenced oil production from the Jacky oilfield and restarted production from the Beatrice Bravo facility in UK North Sea.
According to the company, initial production rates from the Jacky well and the Bravo facility are in line with expectations. Stabilized rates will be established and announced shortly. It is anticipated that Jacky and Beatrice production will average approximately 10,000 barrels of oil per day (bopd) gross during the course of 2009.
Co-venturers in Jacky are Ithaca Energy UK with 67.275% interest, Dyas UK with 22.725% interest and North Sea Energy UK 10% interest, said the company.
Evaluation of Jacky field performance will lead to a decision, during 2009, on drilling a further well or wells. An independent evaluation of reserves by Sproule assigns gross proven and probable reserves of 5.1 million barrels to that field.
Iain McKendrick, CEO of Ithaca Energy, said: This is a significant achievement for the company. Ithaca can now look forward to substantial cashflows from its producing fields, which will then feed through to development activity at the recently discovered Carna gas field and to further appraisal activity on our important Stella field in the Central North Sea later in 2009.
