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IAE North Sea Oil "Substantial" Discovery. Now for Development (IAE)

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Creator bcfc1978 Created 11 Oct 2006 Posts 35 Last Post 3 years ago

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10th OCTOBER 2006: CONFIRMED oil in substantial quantities.

Electric logs indicate that the well has intersected a total oil column of
"""""""""632 feet""""""""""""" in the Upper Leek formation.

The well was also drilled on time and on budget, the company said.
Ithaca COO Neill Carson said>>

"We are delighted the drilling of Ithaca's
first well in the North Sea has been achieved on schedule and on budget and that
the initial results confirm the presence of oil in substantial quantities.
Subject to successful testing, further drilling to develop the accumulation and
the application for field development is planned."

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