Ithaca Energy signs turnkey drilling contract

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.

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"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