RHEP Rheochem

 

TIDMRHEP 
 
RNS Number : 4153S 
Rheochem PLC 
09 September 2010 
 

 
9 September 2010 
                                  Rheochem Plc 
                          ("Rheochem" or the "Company") 
 
                   Athena Field Development Contracts Awarded 
                                By Ithaca Energy 
 
Rheochem plc, the oil and gas business with oil services, production, 
development and exploration assets is pleased to note the announcement made on 8 
September 2010 by Ithaca Energy Inc relating to the awarding of development 
contracts relating to the Athena project. Rheochem has a net 10% interest in 
this field through its 100% ownership of Zeus Petroleum Limited. Rheochem would 
also like to note the timeline for first oil production in Q4 2011. 
 
Haydn Gardner CEO commented: "It is encouraging to see this project moving 
forward at an accelerated rate and we eagerly await Field Development Plan 
approval which is expected later this month." 
 
                               Ithaca Energy Inc. 
 
                   Athena Field Development Contracts Awarded 
 
London, UK - Calgary, Canada, September 9, 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 
contract for provision of a floating production facility and the letter of award 
for provision of a semisubmersible drilling rig have been awarded for the Athena 
development. 
 
The Athena Field is situated in Block 14/18b in the Outer Moray Firth area of 
the United Kingdom Continental Shelf. Ithaca operates the field with a 22.5% 
interest. The other co-venturers in the field are Dyas UK Ltd (47.5%), EWE 
Aktiengesellschaft AG (20%) and Zeus 
Petroleum Limited (10%). 
 
The field will be developed using a floating production, storage and offloading 
("FPSO") vessel, and a contract has been signed with BW Offshore Limited to 
provide the BW Carmen 
(to be renamed 'BW Athena'). The contract will have a minimum term of 3 years 
(extendable for up to 8 years) and includes modifying the vessel and deploying 
it to a fixed mooring at the Athena field. The vessel will be mobilised to the 
Athena field at the end of Q3 2011. 
 
Offloading of produced oil will be by tandem moored shuttle tankers. Previously 
the field has been appraised and three of the suspended appraisal wells will be 
completed for production (using downhole pumps) along with one new production 
well and one new water injector. A letter of award has been signed with Applied 
Drilling Technology International ("ADTI") (a subsidiary of Transocean Ltd.) for 
provision of drilling management services and for the supply of the Sedco 704 
semi-submersible drilling rig. The rig will be available from the end of 2010 
and the drilling and completion programme is expected to last approximately 180 
days. 
 
Both the FPSO contract and drilling letter of award are subject to Field 
Development Plan approval which is expected within approximately 3 weeks. 
Contracts for the subsea equipment (moorings, flowlines, controls, power cables, 
pumps and meters) will be placed over the coming weeks. 
 
John Woods, Chief Developments Officer, commented: 
"We are delighted to have awarded these two critical contracts for drilling and 
production at 
the Athena Field. We are committed to a robust development of the field and 
confident that 
our chosen suppliers will deliver the quality of service that will ensure timely 
and effective 
execution of the Athena project plan. Our co-venturers have been very supportive 
in getting 
these contracts agreed to and awarded, at the same time as the Field Development 
Plan is 
in the final stages of approval". 
 
 
                                    - Ends - 
 
 For further information please contact: 
 
+------------------------------------+--------------------------+ 
| Rheochem Plc                       | +61 (8) 9410 8200        | 
| Haydn Gardner, CEO                 |                          | 
|                                    |                          | 
+------------------------------------+--------------------------+ 
| Financial Dynamics                 | +44 (0) 20 7269 7207     | 
| Billy Clegg / Edward Westropp /    |                          | 
| Alex Beagley                       |                          | 
|                                    |                          | 
+------------------------------------+--------------------------+ 
| Astaire Securities Plc             | +44 (0) 20 7492 4775     | 
| Shane Gallwey                      |                          | 
|                                    |                          | 
+------------------------------------+--------------------------+ 
| McCall, Aitken, McKenzie           | +44 (0) 20 7464 4062     | 
| Andy Yeo                           |                          | 
+------------------------------------+--------------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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