Ithaca starts oil production at Athena field
Ithaca Energy, the AIM-listed oil and gas group focused on the UK Continental Shelf (UKCS), has reported the successful start-up of oil production from the Athena field which is proceeding as planned.
Ithaca Energy, the AIM-listed oil and gas group focused on the UK Continental Shelf (UKCS), has reported the successful start-up of oil production from the Athena field which is proceeding as planned.
In a brief statement, the company said that the initial operations phase of the field is in line with management's expectations.
"This involves bringing production from each well online and establishing stable performance of the oil processing and water injection systems," Ithaca said.
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 company, on behalf of all the Athena field co-venturers, thanks all the individuals and companies that have contributed to this significant milestone in the development of the field."
Shares were trading 1.38% higher at 179.44p in early trading on Monday morning.
Trap Oil, which expects its acquisition of an initial 10% stake in Athena to complete in the second quarter, said that this morning's announcement is "great news for Trapoil" and "most encouraging". The company said that the balance of the consideration is due by October 31st for a further 5% interest.
Lochard Energy also has a net 10% interest in the field though its wholly owned subsidiary Zeus Petroleum.
BC
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.
-
'We face a £6m inheritance tax bill under Reeves's changes – it's sheer terror'
Thousands of families fear they’ll have no option but to look at selling their firms in a fire sale to pay inheritance tax bills, due to Rachel Reeves’s changes to business property relief
-
Millions of over 50s fear pension investment risk – how should you position your portfolio?
To de-risk or not to de-risk, that is the question. Act too late and you could face irreversible losses. Move too early and miss out on significant gains that could transform your retirement.