Business
K2 Successful Exploration Well Results
K2 Successful Exploration Well Results.
About this update from Ithaca Energy Plc
[{"type":"text","content":"\n\nPress release\n27 July 2023\n \nIthaca Energy plc (\"Ithaca Energy\" or the \"Group\")\n \nIthaca Energy announces K2 successful exploration well results\nIthaca Energy is pleased to announce the results of exploration drilling at the K2 prospect, located in Block 22/14c of the Central North Sea of the UK Continental Shelf.\nUpon entering the reservoir, Ithaca Energy, acting as the operator, discovered that hydrocarbons were present in the reservoir in the Forties member sandstones, with 45 feet of net thickness. Logs were acquired to establish reservoir quality and further analysis of the well results will be performed to determine future activity and the recoverable resources estimate. Ithaca Energy, together with its joint venture partner, have decided to perform an appraisal sidetrack following these encouraging results in the main bore.\nIthaca Energy holds a 50% working interest in the licence with the remaining 50% working interest held by Dana Petroleum.\nAlan Bruce, Chief Executive Officer, commented: \"I am delighted to report encouraging well results at K2, located in close proximity to existing infrastructure, further enhancing our portfolio.\"\n \n \nEnquiries\n \n\n\n\nIthaca Energy\n\n\n\n\n\n\n\nKathryn Reid - Head of Investor Relations, Corporate Affairs & Communications\n\n\[email protected]\n\n\n\n\n\n\n\n\n\n\n\n\nFTI Consulting (PR Advisers to Ithaca Energy)\n\n\n+44 (0)203 727 1000\n\n\n\n\nBen Brewerton / Nick Hennis\n\n\[email protected]\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n \nAbout Ithaca Energy plc\n \nIthaca Energy is a leading UK independent exploration and production company focused on the UK North Sea with a strong track record of material value creation. In recent years, the Company has been focused on growing its portfolio of assets through both organic investment programmes and acquisitions and has seen a period of significant M&A driven growth centred upon two transformational acquisitions in recent years. Today, Ithaca Energy is one of the largest independent oil and gas companies in the United Kingdom Continental Shelf (the \"UKCS\"), ranking second by resources.\n \nWith stakes in six of the ten largest fields in the UKCS and two of UKCS's largest pre-development fields, and with energy security currently being a key...