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Ithaca Energy PLC on Tuesday announced drilling at its Isabella discovery has found signs of hydrocarbons, as it also confirmed drilling for its K2 prospect.
The UK North Sea exploration and production company said TotalEnergies E&P North Sea UK Ltd had reported the presence of hydrocarbons in the Upper Jurassic and Triassic sandstone reservoirs at the Isabella discovery. Ithaca holds a 10% stake in the Isabella discovery,
The company said the well was drilled to a depth of 15,600 feet, at a cost of £66.6 million, with the cost to Ithaca Energy being £6.7 million.
Ithaca Energy said it will be undertaking exploration drilling at its K2 prospect, in which it holds 50% ownership.
The drilling programme is expected to begin between June and July 2023, lasting for around 41 day in order to determine the presence of hydrocarbons. The planned depth of the drilling is 9,000 feet, the company said.
Ithaca said if successful, the drilling will incur a cost of £34 million, half of which will be paid by the company’s licence partner, Dana Petroleum PLC.
Ithaca Energy shares were up 0.8%, trading at 184.30 pence per share on Tuesday afternoon in London.
By Harvey Dorset, Alliance News reporter
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