Ithaca Energy announces hydrocarbon discovery offshore UK
Independent oil and gas company Ithaca Energy has announced the discovery of hydrocarbons at the K2 prospect offshore UK.
The K2 prospect is located in Block 22/14c of the Central North Sea on the UK Continental Shelf.
Ithaca Energy, which is the operator of the development, found hydrocarbons in the reservoir in the Forties member sandstones, with a net thickness of 45ft.
To determine the quality of the reservoir, logs were gathered, the company said.
Future activity and an estimation of the recoverable resources will be determined by further examination of the well findings, it added.
Following the positive findings in the main bore, Ithaca Energy and its joint venture partner Dana Petroleum decided to drill an appraisal sidetrack.
Both Ithaca Energy and Dana Petroleum control a 50% stake in the licence.
Ithaca Energy CEO Alan Bruce said: “I am delighted to report encouraging well results at K2, located in close proximity to existing infrastructure, further enhancing our portfolio.”
Earlier this month, Ithaca Energy signed a deal with Spirit Energy Resources to acquire the remaining 40% stake in the Fotla Discovery.
The Fotla Discovery is located in the UK North Sea’s Block 22/1b and is operated by Ithaca Energy.
According to GlobalData, production from the Fotla Discovery is expected to start in 2026.
In May, Ithaca Energy reached an agreement with Shell for a 30% working interest in the Cambo oil field.
The Cambo field, which lies within the western part of the Shetland Islands, is claimed to be the second-largest undeveloped oil and gas discovery in the UK North Sea.
Published: 28-07-2023
