Ithaca Energy has contracted the services of Applied Drilling Technology International (ADTI) for development drilling at its Greater Stella Area (GSA) discovery in the North Sea.
The turnkey contract with ADTI, a subsidiary of Transocean, will lock in the expenditure and performance requirements of core drilling operations.
The drilling campaign is anticipated to commence in the second quarter and involves the completion of four wells on the Stella field prior to start-up production. Each well is expected to take between 80 to 90 days to drill, complete and clean-up test.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"The award of the ADTI contract represents an important step in the company's approach to reducing GSA project execution risk," said Project Manager, Mike Travis.
"ADTI has a long and established relationship with Ithaca, having successfully and safely completed turnkey operations on seven of the company's operated wells over recent years."
Joint venture partners also include Dyas UK and Petrofac Energy Developments UK.
Share increased 4.50% to 116p at 14:37 on Monday.
RD
-
Which UK region has the most in savings? Average savings by areaThe amount people have in their savings differs from region to region in the UK. How does your nest egg compare to those living nearby?
-
Doug and Mary Perkins: Specsavers’ clear-sighted foundersHelped by the deregulation of the sector in the 1980s and brilliant advertising, Mary Perkins and her husband Doug have taken Specsavers to the top of the optometry market
