REG - Ithaca Energy PLC Delek Group - DLEKG - K2 Successful Exploration Well Results

Ithaca EnergyAnnouncement

27/07/2023 07:15

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RNS Number : 3096H  Ithaca Energy PLC  27 July 2023

Press release

27 July 2023

 

Ithaca Energy plc ("Ithaca Energy" or the "Group")

 

Ithaca Energy announces K2 successful exploration well results

Ithaca Energy is pleased to announce the results of exploration drilling at
the K2 prospect, located in Block 22/14c of the Central North Sea of the UK
Continental Shelf.

Upon entering the reservoir, Ithaca Energy, acting as the operator, discovered
that hydrocarbons were present in the reservoir in the Forties member
sandstones, with 45 feet of net thickness.  Logs were acquired to establish
reservoir quality and further analysis of the well results will be performed
to determine future activity and the recoverable resources estimate. Ithaca
Energy, together with its joint venture partner, have decided to perform an
appraisal sidetrack following these encouraging results in the main bore.

Ithaca Energy holds a 50% working interest in the licence with the remaining
50% working interest held by Dana Petroleum.

Alan Bruce, Chief Executive Officer, commented: "I am delighted to report
encouraging well results at K2, located in close proximity to existing
infrastructure, further enhancing our portfolio."

 

 

Enquiries

 

 Ithaca Energy
 Kathryn Reid - Head of Investor Relations, Corporate Affairs &      kathryn.reid@ithacaenergy.com (mailto:kathryn.reid@ithacaenergy.com)
 Communications

 FTI Consulting (PR Advisers to Ithaca Energy)                       +44 (0)203 727 1000
 Ben Brewerton / Nick Hennis                                         ithaca@fticonsulting.com (mailto:ithaca@fticonsulting.com)

 

 

About Ithaca Energy plc

 

Ithaca Energy is a leading UK independent exploration and production company
focused on the UK North Sea with a strong track record of material value
creation. In recent years, the Company has been focused on growing its
portfolio of assets through both organic investment programmes and
acquisitions and has seen a period of significant M&A driven growth
centred upon two transformational acquisitions in recent years. Today, Ithaca
Energy is one of the largest independent oil and gas companies in the United
Kingdom Continental Shelf (the "UKCS"), ranking second by resources.

 

With stakes in six of the ten largest fields in the UKCS and two of UKCS's
largest pre-development fields, and with energy security currently being a key
focus of the UK Government, the Group believes it can utilise its significant
reserves and operational capabilities to play a key role in delivering
security of domestic energy supply from the UKCS.

 

Ithaca Energy serves today's needs for domestic energy through operating
sustainably. The Group achieves this by harnessing Ithaca Energy's deep
operational expertise and innovative minds to collectively challenge the norm,
continually seeking better ways to meet evolving demands.

 

Ithaca Energy's commitment to delivering attractive and sustainable returns is
supported by a well-defined emissions-reduction strategy with a target of
achieving net zero by 2040.

 

Ithaca Energy plc was admitted to trading on the London Stock Exchange (LON:
ITH) on 14 November 2022.

 

-ENDS-

 

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