UK-based independent Ithaca Energy has expanded its holdings in the Greater Stella Area (GSA) through four agreements, which increases its stake in the Vorlich discovery and gives it an operated interest in the Austen discovery.
Through agreements with ENGIE E&P, INEOS and Maersk, to take 100% in license P1588 (Block 30/1F), containing 10-20% of the Vorlich discovery, Ithaca increases its stake in Vorlich from 17-33%, adding about 4 MMboe net proven and probable reserves.
Ithaca also acquired 75% interest from ENGIE E&P in the Austen discovery, which lies about 30km from the GSA production hub. The deals are together costing Ithaca US$6 million.
Meanwhile, the FPF-1 floating production facility, which will be used to developed GSA, has completed the majority of the required deep water marine system trials. The final remaining trials are expected to be completed in the coming days, says Ithaca.
Vorlich was discovered and appraised in 2014 with exploration well 30/1f-13A,Z and 13Z. The well encountered hydrocarbons in a Palaeocene sandstone reservoir in Block 30/1c and a subsequent side-track into Block 30/1f confirmed the westerly extension of the discovery. The well was flow tested at a maximum rate of 5350 boe/d (approximately 80% oil).
Vorlich is about 10km north of the planned GSA production hub and is estimated to contain gross proven and probable undeveloped reserves of approximately 24 MMboe. Following completion of the Vorlich appraisal program in 2014, current activities are focused on planning and preparing a field development plan.
On completion of the acquisitions, the overall Vorlich license interests will be: License P363: BP (operator) 80%; Ithaca, 20%. License P1588: Ithaca (operator), 100%.
Austen is an Upper Jurassic oil / gas-condensate accumulation on which a number of wells have been drilled, the most recent being appraisal well 30/1b-10,10Z drilled by ENGIE E&P in 2012, that was flow tested at a maximum rate of 7820 boe/d (approximately 50% oil).
The gross contingent resources (1C to 3C) associated with Austen are estimated by Ithaca to be in the range of 4-28 MMboe. An independent assessment will be completed at the end of the year as part of the usual annual reserves evaluation exercise.
Upon completion of the acquisition, the Austen licence interests will be: Ithaca (operator), 75%; Premier Oil, 25%.
It is planned for further subsurface and development engineering studies to be completed in order to advance preparation of a field development plan for approval prior to January 2019.
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