The licence as operator for Block 29/10d expands Ithaca Energy’s portfolio in the Greater Stella area.
The block lies in the Greater Stella Area and is neighbor to Block 29/10b (Hurricane discovery) and Block 30/6a (Stella and Harrier discoveries).
Ithaca has found a large structure encompassed by the block, which is known as Helios.
The company said that the structure has already been penetrated by one well drilled in the late 1960s, which recovered gas and condensate from the Andrew sand formation, the equivalent and principal reservoir of the Stella discovery, which is currently in development.
Further work is required to delineate and define an appraisal well on Helios, which has the potential to offer valuable upside to the development of the Greater Stella Area.
The 3D seismic data has already been acquired over the block and under the terms of the licence offered, the licensees have committed to purchase an additional 90sq km of 3D seismic data and to decide to drill or drop the block within two years from the start of the initial term of the licence.
Joint venture partners in the application for the block are Ithaca (68.33%) and Dyas UK (31.67%).
