Ithaca Energy reports absence of hydrocarbons at Storbarden well

29th Apr 2013 08:41

AIM-listed North Sea oil and gas exploration, development and production company Ithaca Energy has reported that the Storbarden exploration well on PL 506S in Norway has not encountered hydrocarbons and the well is to be plugged and abandoned. The company reported that the costs of this and the other committed exploration and appraisal wells transferred to Ithaca as a result of the acquisition of Valiant Petroleum were accounted for in the price paid for the company, with no success assumed. Rocksource is the operator of the PL 506S licence with a 25% working interest. The partners in PL 506S are Petoro, Petrolia and Valiant.Ithaca Energy's share price was unchanged at 107p at 09:10 on Monday.MF