Ithaca Energy Inc announces that the TOTAL E&P Norge AS operated exploration well 25/5-9 on the “Trell” Prospect in licence PL102 F/G in the Norwegian North Sea has discovered oil in the Paleocene Heimdal Formation. The well intersected 19 metres of net pay in excellent quality Heimdal reservoir, in a location close to existing infrastructure. Wireline logs and pressure data have confirmed a hydrocarbon contact and samples of oil and water were acquired for further analysis. Preliminary estimates made by the Operator place the size of the discovery at between 3.1 and 12.5 million barrels of recoverable oil.

Ithaca entered into an agreement with TOTAL in December 2013 to acquire a 10% working interest in licences PL102 F/G. Completion of the transaction is currently progressing through the normal regulatory consents. The agreement is consistent with Ithaca’s strategy in Norway of gaining access to lower risk exploration opportunities capable of monetisation prior to development.

The PL102 F/G licensees are TOTAL 40%, (operator), Petoro 30%, Lotos Exploration and Production Norge 10%, Det Norske Oljeselskap 10% and Ithaca 10%.

The well was drilled to 2240 metres true vertical depth subsea and encountered a 21 metre gross oil column. The discovery was made in a mature area of the Norwegian North Sea, within approximately 10 kilometres of the Heimdal production hub.