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Shares in Ithaca dip after well proves dry

SHARES in Aberdeen-based oil and gas independent Ithaca Energy have dipped on news that the Lupus-1 wildcat exploration well in the Norwegian North Sea, in which it has a 10 per cent interest, did not find any hydrocarbons.

Ithaca said that the well, operated by Tullow Oil and located about 35 kilometres (22 miles) south-east of the Oseberg Sør field and 110 km west of the island of Sotra, was now being plugged and abandoned.

It added that the well had been drilled to a total depth of 2,357 metres by the semi-submersible Borgland Dolphin rig in a water depth of 121 metres.

Noting Lupus-1 was the first well in production licence PL 507, Tullow said the data gained would be used to calibrate geological and geophysical uncertainties and reduce risks in future exploration wells.

Tullow Oil Norge is the operator of production licence PL 507 with a 60 per cent equity stake. Explora Petroleum has 20 per cent and Ithaca Energy and North Energy each have 10 per cent.

Ithaca shares finished 1p or 0.7 per cent lower at 135p.

Meanwhile, Faroe Petroleum has announced that production had recommenced at the Njord and Hyme fields in the Norwegian Sea. Faroe has a 7.5 per cent interest in these fields, which are operated by Statoil.

Production was shut in at these fields last July. The fields have been brought back on to production following a structural reinforcement project, which Faroe noted had been completed by operator Statoil on time and on budget. Faroe shares rose 1.75p to 120.25p.

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