Ithaca Energy provides an appraisal and exploration drilling activity update for Isabella and K2.

Isabella

Ithaca Energy and its partners today announced the results of recent appraisal drilling at the Isabella discovery (P1820) in Block 30/12d-12, located in the Central North Sea of the UK Continental Shelf.

Upon entering the reservoir, Total Energies informed the partners (Ithaca Energy (UK) Limited - 10%, Neptune E&P UK Limited - 50%, Energean Exploration Limited - 10%, Total Energies E&P North Sea UK Limited - 30% (as “Operator”)) that signs of hydrocarbons were present. Hydrocarbons were encountered in Upper Jurassic and Triassic sandstone reservoirs, with 148 feet (or 45 meters) of net thickness.

Logging while drilling and wireline logs were acquired to establish reservoir quality. The Operator intends to complete the gathering of data, plug and abandon the well, and evaluate the drilling results to establish commerciality of the reservoir. The well was drilled to a total depth of 15,600 feet (or 4,754 meters) in water depths of 262 feet (or 80 meters). The gross cost of drilling is approximately £66.6 million (net to Ithaca Energy: £6.66 million).

Isabella lies about 25 miles south of Total Energies’ Operated Elgin Franklin Field, where Ithaca Energy holds a 6.09% working interest, and 105 miles east of Aberdeen.

K2

Ithaca Energy is pleased to announce that the partners in License P2382 (Ithaca Energy - 50%, Dana Petroleum - 50%) have made the decision to carry out exploration drilling in Block 22/14c of the Central North Sea – the K2 prospect. As a 50% working interest holder, and operator, Ithaca Energy will incur 50% of the drilling costs.

Exploration drilling at the K2 prospect is expected to commence between June and July 2023 for approximately 41 days in order to determine the presence of hydrocarbons. The water depth at the drilling site is 294 feet (approximately 90 meters) and the final planned depth of the drilling is 9,000 feet (approximately 2,743 meters). Drilling is targeting the Forties Member sandstones.

The total gross cost of drilling is estimated at £17 million in a dry hole case. In the case of success, further gross costs estimated to be in the region of £17 million will be incurred, providing a total success cost of £34 million (net to Ithaca Energy: £17 million).

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