Ithaca Provides Positive Update on Athena Field Operations and Production

Ithaca Energy Inc. (TSX:IAE,LSE:IAE) provided an update on operations and production at its Athena field, commenting that gross production from the P1 well has increased slightly and is now at about 700 to 800 barrels of oil per day.

As quoted in the press release:

The production data that has so far been obtained from the field indicates that the anticipated sweep of oil within the reservoir is likely to result in the reserves attributed to P1 being fully produced by the well in its current production condition, supported by recovery from the other wells on the field. The P1 well is the original appraisal well that was drilled on the field in 2006 (completed as a development well in 2011) and represents the least significant producer in terms of forecast ultimate oil recovery from the field.

Click here to read the full Ithaca Energy Inc. (TSX:IAE,LSE:IAE) press release.