Lochard Energy Group PLC Operational update (9502H)

TIDMLHD

RNS Number : 9502H

Lochard Energy Group PLC

27 June 2013

Lochard Energy Group plc

("Lochard" or the "Company")

Operational Update

Lochard notes the announcement made by Ithaca Energy plc which contained the following update in relation to the Athena field:

"During the quarter the Athena field completed its first full year of operations, with gross production of approximately 3.6 million barrels having been produced to date.

Gross production from the field is currently at a reduced level, primarily as a function of one of the four producing wells, the "P2" well, being temporarily shut-in awaiting a repair to the electrical cable serving that particular well. A diving support vessel has been contracted to perform the necessary operations to fix the electrical fault and reinstatement of production from the well is anticipated within the next few weeks.

During the quarter, the Athena field commenced the production of water with oil. This is significantly later than originally anticipated. As previously noted, the evolution of the water production profile will now provide important information for forecasting the ultimate field production profile and the scope for future potential upside investment opportunities."

- Ends -

For further information, call:

 
 Lochard Energy Group Plc 
  Clive Carver, Chairman                      +44 1883 717 357 
 finnCap Limited 
  Matthew Robinson / Christopher Raggett      +44 20 7220 0500

This information is provided by RNS

The company news service from the London Stock Exchange

END

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