ITHACA Energy has said the fourth development well drilled on the Greater Stella field, which it hopes to bring onstream next year, has increased directors' confidence in the production forecasts for the $385 million (£240m) scheme.
The North-Sea focused oil and gas firm said the four development wells on the field have flowed at a combined maximum of in excess of 45,000 barrels oil equivalent per day in tests.
"This well production capacity significantly de-risks the initial annualised production forecast for the Greater Stella Area hub of approximately 30,000 boepd," said the company.
The results will boost directors' hopes that the Greater Stella development, 175 miles east of Aberdeen, could power a big increase in earnings at the company.
Led by chief executive Les Thomas, Ithaca has a 55 percent share of the Greater Stella asset. If production is 30,000 boepd, Ithaca's sharea would be 16,000 boepd.
The company recorded average pro-forma production of 12,800 boepd in the first half, including 2,300 boepd from a portfolio of assets on and off the UK acquired from Sumitomo for $163m.
In May, Aberdeen-based Ithaca said the expected start of production from Greater Stella had been delayed to mid-2015 from the end of this year.
Work in Poland on a floating production facility the company plans to use on Greater Stella has taken longer than expected.
The delay highlights the challenges companies can face developing new fields in the North Sea, even after encouraging drilling results.
Petrofac, the oil services giant, has a 20 percent stake in Greater Stella. Dyas of Holland has 25 percent.
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