Ithaca Energy shares rise on Jocelyn South drilling results

Ithaca Energy shares were in the green on Tuesday, after it noted that exploration drilling at the Jocelyn South prospect in Block 30/07a of the Central North Sea had confirmed the presence of hydrocarbons.

Ithaca Energy Inc. (DI)
24 December 2024 12:24:17

Source: Sharecast

The FTSE 250 company said the drilling, operated by Harbour Energy, encountered the top of the Joanne Reservoir at a depth of 12,620 feet TVDSS, or 17,763 feet MD, with gas condensate detected in the Joanne sandstone reservoir.

Initial analysis indicated a provisional net pay thickness of 434 feet MD, or 307.6 feet TVT.

Data collected during drilling, including logging, cuttings, and pressure readings, had been used to assess reservoir quality and fluid characteristics.

Harbour Energy, the operator, was continuing to gather and evaluate data to determine the commercial viability of the reservoir.

Jocelyn South is part of the Harbour Energy-operated J-Area, where Ithaca Energy holds a 33% working interest in the prospect.

The company said the J-Area includes the Jade, Judy, Jasmine, and Talbot fields, in which Ithaca holds significant stakes.

It added that the Talbot field recently achieved first production in November.

At 1204 GMT, shares in Ithaca Energy were up 4.2% at 107.32p.

Reporting by Josh White for Sharecast.com.

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