Capex Data
No data yet.
Future Plans
Strategy
Ithaca's strategy to focus on the exploitation and exploration of massive oil and gas opportunities in the United Kingdom's Continental Shelf.
Why the UKCS North Sea?
Declining production in a growing number of North Sea oil fields is stimulating the search for new oil. Many recent developments are reservoirs that just a few years ago were considered too small or complex for even a second look. But advances in technology and industry practice are converting these marginal fields into profitable prospects.
Production in the North Sea has matured and the major oil producers view the remaining opportunities as too small for their attention. Many experts believe that there are many 100 million barrel plus finds remaining. The UK government is forcing the majors to explore, produce, or relinquish their licenses.
As the majors have shifted their focus to other regions of the world, the divestiture of producing assets in the North Sea has begun, and created an opportunity for independents, like Ithaca Energy.
While it is a relatively high cost region, it is politically stable, has a favorable tax regime and is in close proximity to major European markets.
Ithaca Energy intend to target stranded fields, un-developed discoveries, and turn them into profitable assets, utilizing advanced technology (such as Floating Production, Storage and Offshore Loading systems), new operating practices, and creative acquisition techniques.
Focus on producing fields or undeveloped discoveries that:
• May be too small to be economic for larger companies
• May need investment, modernization or rehabilitation; or
• May no longer fit with a company's strategy (e.g., a company decides to sell its oil fields in order to shift its focus to gas.)
These fields often have huge potential for additional discoveries.
Ongoing Operations
The expeditious development of the Company’s discoveries at Athena, Jacky and Barbara are fundamental to Ithaca’s plan to generate production at the earliest opportunity. At present first production is anticipated from Jacky in late 2008 with Athena to follow in late 2009. While proceeding with the process of bringing the three current discoveries on stream, the Company is also making preparations to commence the drilling of certain exploration properties. Under a farmout arrangement, the Morpheus prospect in the Southern Gas Basin will be drilled in the first quarter of 2008.