Re: Ithaca Energy Inc. Athena Field announcement


 

TIDMRHEP 
 
RNS Number : 2251X 
Rheochem PLC 
02 December 2010 
 

2 December 2010 
 
                                  Rheochem Plc 
                          ("Rheochem" or the "Company") 
 
Athena Field: Flowline Installation and FPSO Mooring System Contract Awarded by 
                                  Ithaca Energy 
 
Rheochem plc, the oil and gas business with oil services, production, 
development and exploration assets notes the announcement made on 2 December 
2010 by Ithaca Energy Inc relating to the Athena project. Rheochem has a net 10% 
interest in this field through its 100% ownership of Zeus Petroleum Limited. 
 
                              "Ithaca Energy Inc. 
 
  Athena Field: Flowline Installation and FPSO Mooring System Contract Awarded 
 
London, UK - Calgary, Canada, December 2nd, 2010- Ithaca Energy Inc. (TSX 
Venture: IAE, LSE AIM: IAE) and its wholly owned subsidiary Ithaca Energy (UK) 
Limited ("Ithaca" or the "Company"), an independent oil & gas company with 
exploration, development and production assets in the UK sector of the North 
Sea, announces that the contracts for the  installation of subsea equipment and 
the installation of the FPSO mooring system for the Athena development has been 
awarded to Bibby Offshore Limited ("Bibby Offshore"). The contracts were awarded 
after an extensive tendering exercise with bids being received from a number of 
installation contractors active within the North Sea. 
 
For the subsea installation contract, Bibby Offshore will install subsea 
manifolds, flowlines, power cables and umbilicals between the subsea wellheads 
and the floating production, storage and offloading ("FPSO") vessel 'BW Athena'. 
This work includes both the 2km seabed sections (which will be trenched) and the 
dynamic riser sections leading to the buoy connecting the system to the FPSO. 
 
For the FPSO mooring system contract, Bibby Offshore will install an APL STP 
Buoy. The STP Buoy is a mooring line tethered buoy utilised to locate the FPSO 
at the Athena site. This work includes the installation of nine suction piles, 
and associated anchor lines. 
 
Notes: 
 
The initial development consists of four production wells supported by one water 
injection well.  Production will be routed via the subsea manifold and a two 
kilometre, 8 inch flowline to the FPSO. Oil production will be exported via 
shuttle tankers. Produced gas will be used to generate power on the FPSO. 
 
On September 9, 2010, the Company announced the award of two major contracts; 
the provision of an FPSO and the provision of a semi-submersible drilling rig. 
 
On September 20, 2010, The Company received Field Development Plan approval from 
the Department of Energy and Climate Change.  First production from the field is 
planned for Q3 2011. 
 
The Athena Joint Venture Partners are Ithaca (operator, 22.5%), Dyas UK Ltd 
(47.5%), EWE Aktiengesellschaft (20%) and Zeus Petroleum Limited (10%)." 
 
                                    - Ends - 
 
 For further information please contact: 
 
+------------------------------------+--------------------------+ 
| Rheochem                           | +61 (8) 9410 8200        | 
| Haydn Gardner, CEO                 |                          | 
|                                    |                          | 
+------------------------------------+--------------------------+ 
| Financial Dynamics                 | +44 (0) 20 7269 7207     | 
| Billy Clegg / Edward Westropp /    |                          | 
| Alex Beagley                       |                          | 
|                                    |                          | 
+------------------------------------+--------------------------+ 
| Northland Capital Partners         | +44 (0) 20 7492 4775     | 
| Shane Gallwey                      |                          | 
|                                    |                          | 
+------------------------------------+--------------------------+ 
| McCall, Aitken, MacKenzie          | +44 (0) 20 7763 6025     | 
| Andy Yeo                           |                          | 
+------------------------------------+--------------------------+ 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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Rheochem (LSE:RHEP)
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