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.

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.

"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

Recommended

Which assets will benefit as the “jam tomorrow” bubble pops?
Investment strategy

Which assets will benefit as the “jam tomorrow” bubble pops?

With tech stocks, cryptocurrencies and many other “long duration” investments crashing hard, the “jam tomorrow” bubble looks to be bursting. John Step…
24 Jan 2022
Three innovative Asian stocks to buy now
Share tips

Three innovative Asian stocks to buy now

Professional investor Fay Ren of the Cerno Pacific Fund highlights three of her favourite Asian stocks to buy now
24 Jan 2022
Share tips of the week – 21 January
Share tips

Share tips of the week – 21 January

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
21 Jan 2022
Seven cheap defence stocks to buy now
Share tips

Seven cheap defence stocks to buy now

We’ve got used to a world without war between major powers, but that era is coming to an end as Russia threatens Ukraine and China eyes Taiwan. Buy de…
21 Jan 2022

Most Popular

Shareholder capitalism: why we must return power to listed companies’ ultimate owners
Investment strategy

Shareholder capitalism: why we must return power to listed companies’ ultimate owners

Under our system of shareholder capitalism it's not fund managers, it‘s the individual investors – the company's ultimate owners – who should be telli…
24 Jan 2022
Three innovative Asian stocks to buy now
Share tips

Three innovative Asian stocks to buy now

Professional investor Fay Ren of the Cerno Pacific Fund highlights three of her favourite Asian stocks to buy now
24 Jan 2022
Temple Bar’s Ian Lance and Nick Purves: the essence of value investing
Investment strategy

Temple Bar’s Ian Lance and Nick Purves: the essence of value investing

Ian Lance and Nick Purves of the Temple Bar investment trust explain the essence of “value investing” – buying something for less than its intrinsic v…
14 Jan 2022