Ithaca Energy Inc. announces that the exploration well on the Handcross prospect (204/18b-2A) has been drilled to a total measured depth of 10,120 feet into the Tertiary, Vaila Formation. No hydrocarbons were encountered in the target T36 or T35AA sands. The well is in the process of being plugged and abandoned.
Ithaca’s share of the well cost is carried by the co-venturers that farmed into the licence, which was transferred as part of the Valiant Petroleum plc acquisition.
The Handcross licence partners are Ithaca (25%, Operator), Edison International SpA (25%), RWE Dea UK SNS Limited (20%), Sussex Energy Limited (15%) and Oyster Petroleum Limited (15%).
Ithaca Energy Inc. is a North Sea oil and gas operator focused on the delivery of lower risk growth through the appraisal and development of UK undeveloped discoveries, the exploitation of its existing UK producing asset portfolio and a Norwegian exploration and appraisal business targeting the generation of discoveries capable of monetisation prior to development. Ithaca’s strategy is centred on generating sustainable long term shareholder value by building a highly profitable 25kboe/d North Sea oil and gas company.
Press Release, February 12, 2014 ; Image : Ithaca