ITHACA Energy, the oil and gas operator focused on the UK North Sea, has reported a substantial increase in reserves.
Figures for the year to December 31, 2009, showed net proved reserves rose by 90%, compared with a year earlier, to 15.99million barrels of oil equivalent (mboe).
Ithaca said yesterday the rise partly reflected an upward adjustment at the joint-venture Beatrice and Jacky fields amid new estimates based on actual production.
The total was also boosted by new reserves at Stella, Harrier and Sproule, none of which had been evaluated previously. Ithaca’s net and probable reserves were up by 115% on a year earlier at 37.19mboe, driven by discoveries and reservoirs – namely Carna, Stella, Harrier, Hurricane – not previously assessed.
The figures are after adjustments for an asset sale to Dyas UK and an anticipated farmout of Stella and Harrier to Challenger Minerals.
Ithaca chief executive Iain McKendrick said: “The company will continue to add significant value to the portfolio through strong technical and commercial collaboration. “2010 is going to be an exciting year for the company which . . . will see the launch of Athena and the appraisal of the Stella field.”
Ithaca hopes to produce first oil from its Athena field by the end of the year.