Ithaca Energy provides Athena Project update

Wednesday, February 29, 2012
  • Upon arrival in the field the BW Athena will be hooked up to the pre-installed production system.

Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) announces that the 'BW Athena' Floating Production, Storage and Offloading Vessel has departed Dubai Dry Docks World to be met by a dedicated guard vessel. As previously stated, routes, sailing times and location updates for the vessel will not be issued.

All FPSO production critical equipment was run and fully tested prior to vessel departure thus minimizing the period between arrival in the field and first production of oil.

Upon arrival in the field the BW Athena will be hooked up to the pre-installed production system. Hook-up will mark completion of the development phase and the Company anticipates that the production phase will commence in early Q2 2012. Production is anticipated to reach approximately 22,000 (1) barrels of oil per day ('bopd'), ~5,000 bopd (net to Ithaca).

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

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