Total Proved (1P) reserves have increased 30.6% from 15.99 million barrels of oil equivalent (mmboe) to 20.88mmboe and total Proved plus Probable (2P) reserves have increased 12.8% from 37.19mmboe to 41.96mmboe.
The increase in reserves is due to the updated evaluation of the Stella field based on the results of a successful appraisal well (30/6a-8) drilled in the first quarter of 2010.
In the latest reserves report prepared by Sproule International, net 1P reserves associated with the Stella field increased 118% from 4.69mmboe to 10.23mmboe and net 2P reserves increased 61%, from 8.94mmboe to 14.37mmboe. Combined net 2P reserves for the Greater Stella Area, which also includes the satellite Harrier and Hurricane fields, now totals more than 30mmboe.
The overall uplift in Stella reserves is attributed to the additional hydrocarbon column height, the nature of the fluids found within the structure and the larger area now defined by the appraisal well, the company said.
In detail, Sproule’s report defines net 2P reserves in the Andrew reservoir of 3.32 million barrels of oil, 8.47mmboe of gas and 2.58mmboe of associated condensate. The oil column height is assessed as 222ft with over 500ft of overlying gas and condensate.
The Stella field contains two reservoirs, the Andrew and the Ekofisk. The initial vertical Stella appraisal well and its sidetrack (30/6a-8Z) has provided delineation of hydrocarbons in place. Drill stem testing flowed light oil (39° API) and some water.
Proved plus Probable plus Possible (3P) reserves for the Stella field have been reduced by 8% as the increased definition of fluid type and structural shape has narrowed the potential range of development outcomes.
Iain McKendrick, CEO of Ithaca Energy, said: “The very significant increase in net reserves and value attributable to Ithaca since November last year, as underlined by this report, is a testament to the ability of the company’s technical and operational team to successfully find and develop hydrocarbons in the UK sector of the North Sea.”
