Ithaca goes into Hurricane
Shares in Ithaca Energy rose on Monday morning after the firm said it had started drilling its Hurricane appraisal well in the North Sea.
Shares in Ithaca Energy rose on Monday morning after the firm said it had started drilling its Hurricane appraisal well in the North Sea.
The well programme in the in Block 29/10b of the company's Greater Stella Area is expected to take between 75 to 85 days to complete.
The drilling mission has three purposes:
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
- confirming the nature and volume of recoverable hydrocarbons
- calibrating the hydrocarbon contact with seismic amplitude
- verifying the distribution, quality and connectivity of the reservoir
The company's independent reserves evaluator, Sproule International, has assigned net proved and probable reserves of 2.7m barrels of oil equivalent to Hurricane.
Ithaca said that once the appraisal drilling was complete, the wellbore would be suspended for future re-entry and completion as a production well.
The firm's shares rose almost 5% on the news.
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
More pensioners dragged into 60% tax trap – could you be caught?Frozen thresholds are pushing more older workers into paying income tax at levels much higher than the headline rate, new figures show. We look at why and how you can avoid being caught in the 60% tax trap.
-
Higher earners face £377 bill if Reeves puts up income tax – do you fit the Treasury’s definition of ‘working people’?Labour’s election manifesto pledged not to raise National Insurance, VAT or income tax but prime minister Keir Starmer appeared reluctant to repeat the promise this week
