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UK: Ithaca Energy assumes operatorship and increases interest in Southern Gas Basin Carna discovery
27 Mar 2012
Ithaca Energy has agreed to take over operatorship and increase its working interest in the Carna discovery, located in the Southern Gas Basin of the UK North Sea. The transaction with Centrica North Sea Gas increases the Company's working interest in the Carna discovery to a material level from 16% to 32%. The financial terms of the transaction remain confidential between the parties.
The Carna discovery straddles Blocks 43/21b and 43/22c and lies adjacent to the producing Garrow and Kilmar gas fields, which constitute the Tors facilities. The discovery was made in early 2009 when a gas column in excess of 1490 feet TVD (true vertical depth) and net pay of 127 feet TVD was encountered in well 43/21b-5Z. The well tested gas at a gross stabilised rate of 8.8 million cubic feet per day (MMcfpd) on a 48/64th choke from a vertical well penetrating the Carboniferous.
The Company has agreed to a work programme with all of the Joint Venture partners to accelerate development studies of the Carna discovery and, if appropriate to submit a Field Development Plan for approval to the Department of Energy and Climate Change before the end of 2012.
The effective date of the Acquisition is January 1, 2012. The transaction and transfer is conditional upon government and partner consents, as is customary.
Joint Venture partners (and their respective interests) in the Carna discovery, post the transaction, are: Ithaca Energy (UK), operator (32%), Dyas UK (24%), Centrica (40%), EWE Energie (4%).
- Blocks 42/52b, 43/16 and 43/21b were awarded to Ithaca in the 22nd Licencing Round in 2004. Block 43/22c contains the eastern extension of Carna discovery and was awarded to Ithaca in the 23rd Round.
- The Carna discovery straddles blocks 43/21b and 43/22c in the Southern North Sea and lies between two producing fields Garrow and Kilmar, which together constitute the Tors Development.
- The Carna exploration well, 43/21b-5, was drilled in 2008. The well encountered dry gas bearing Carboniferous reservoir formations. The section was cored and a well test was carried out which flowed at a stabilised rate of 9 million standard cubic feet per day.
- The structure comprises an elongate NW-SE 'pop-up' with over 1,000 feet of closure at the Carboniferous level.
- Engineering and development options are being assessed by the operator. It is possible that the field will be subsea tied back to the Kilmar platform, lying approximately 11 km to the NE of Carna, and produce from two high angle or horizontal wells
Source: Ithaca Energy / energy-pedia