Athena Field Development - Water Injection Well (9498B)

TIDMRHEP

RNS Number : 9498B

Rheochem PLC

28 February 2011

Rheochem Plc

("Rheochem" or the "Company")

Athena Field Development - Water Injection Well-Successfully Drilled

by Ithaca Energy

Rheochem plc, the oil and gas business with oil services, production, development and exploration assets notes the announcement made on 28 February 2011 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 Development - Water Injection Well-Successfully Drilled

Ithaca Energy Inc. (TSX VENTURE:IAE)(AIM:IAE) announces that it has successfully completed the drilling of a water injection well for the Athena field development.

Well 14/18b-A1 ("the well") intersected 325 feet (on a true vertical basis) of net reservoir, exceeding the net reservoir requirements for water injection to support initial gross production from the field at approx.22,000 barrels of oil per day ("bopd")(source Sproule) from Q4 this year. The drilling unit will now proceed to drill a fourth production well and complete the three existing suspended wells on the field as well as the new producer and injector, from the same surface location.

The well has been drilled as a future water injector, down flank from three successful appraisal wells. This well is the first of a 180 day campaign of drilling and completion activities prior to subsea equipment installation and 'hook-up' of the Floating Production Storage and Offtake vessel (BW Athena). Operations on the well have met all key objectives.

Commenting, John Woods, Chief Developments Officer, said:

"This well was drilled and cased as planned and the results are inline with expectations. The success of the well represents strong progress towards first oil and is testament to the ability of the Company's development team to deliver. This is one more important step closer for the Athena field to become a significant producing asset for the Company."

The target formation (Top Scapa A, formally Upper Leek Sandstone), and principal reservoir unit of the Athena field, was encountered at 9,325 feet True Vertical Depth Subsea ("TVDSS"), in line with prognosis. Wireline logs have confirmed a multi-layer permeable sandstone and shale gross section of 820 feet of which 325 feet is net reservoir on a true vertical basis. Average porosity across the reservoir section is excellent and tests indicate good fluid mobility in all selected sandstone units tested. Formation pressure measurements lie close to known aquifer pressures recorded in earlier wells, confirming lateral and vertical communication throughout the field.

The well has been fully cased and temporarily suspended pending batch completion of all five wells (4 producers, 1 water injector) once the final production well has been drilled. The rig will return to the well towards the end of the campaign to perforate and run completion equipment in preparation for first production from the Athena field.

Athena Joint Venture Partners are Ithaca (operator, 22.5%), Dyas UK Ltd (47.5%), EWE Aktiengesellschaft (20%) and Zeus Petroleum Limited (10%).

In accordance with AIM Guidelines, Hugh Morel, BSc Physics and Geology (Durham), PhD Hydrogeology (London) and senior petroleum engineer at Ithaca Energy is the qualified person that has reviewed the technical information contained in this press release. Dr Morel has 30 years operating experience in the upstream oil industry.

Ithaca Energy Inc. and its wholly owned subsidiary Ithaca Energy (UK) Limited ("Ithaca" or "the Company"), is an oil and gas exploration, development and production company active in the United Kingdom's Continental Shelf ("UKCS"). The goal of Ithaca, in the near term, is to maximize production and achieve early production from the development of existing discoveries on properties held by Ithaca, to originate and participate in exploration and appraisal on properties held by Ithaca when capital permits, and to consider other opportunities for growth as they are identified from time to time by Ithaca."

- Ends -

For further information please contact:

 
 Rheochem 
  Haydn Gardner, CEO                 +61 (8) 9410 8200 
 Financial Dynamics 
  Billy Clegg / Edward Westropp / 
  Alex Beagley                       +44 (0) 20 7269 7207 
 Northland Capital Partners 
  Shane Gallwey                      +44 (0) 20 7492 4775 
 McCall, Aitken, MacKenzie 
  Andy Yeo                           +44 (0) 20 7763 6025

This information is provided by RNS

The company news service from the London Stock Exchange

END

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