North Sea production boost for Ithaca

29th Dec 2010 11:45

Oil and gas explorer and producer Ithaca Energy Inc says that its UK subsidiary has more than doubled production from its second workover well on Beatrice Alpha. The stable production from the workover well has increased 115% to approximately 560 barrels of oil per day (bopd) gross. That exceeds management expectations. AIM-quoted Ithaca has a 50% stake in the Beatrice Field, Dyas (UK) has the other 50%, so its share is 280 bopd. Work on a third workover well will commence in early January 2011.In the morning, the Ithaca share price rose 10.5p to 164p.