Ithaca Energy unveils promising drilling results at North Sea well

17th Jun 2014 08:15

Oil and gas explorer Ithaca Energy has reported promising drilling results from a North Sea well.Ithaca, which has exploration and production assets in the UK North Sea and Norwegian exploration activities, said its third well in the Stella field, known as B1, had found high-quality sands across a net reservoir interval of 2,034 feet, equating to 95% net pay.The group also kept its production guidance for the year at 11,000 to 13,000 barrels of oil equivalent per day.Chief Executive Les Thomas said: "We are very pleased with the high quality reservoir sands encountered by the Stella B1 well and look forward to the flow test results when we finish well completion operations." Ithaca's shares rose 3.75p or 2.7% to 143.75p in early trading in London.PW