RHEP Rheochem

 

TIDMRHEP TIDMIAE 
 
RNS Number : 0175T 
Rheochem PLC 
21 September 2010 
 

 
21 September 2010 
                                  Rheochem Plc 
                          ("Rheochem" or the "Company") 
 
                     Athena Field Development Plan Approved 
                                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 
21 September 2010 by Ithaca Energy Inc relating to the receipt of Field 
Development Plan ("FDP") approval from the UK Department for Energy and Climate 
Change ("DECC") for the Athena oil field. Rheochem has a net 10% interest in 
this field through its 100% ownership of Zeus Petroleum Limited. 
 
                              "Ithaca Energy Inc. 
 
                     Athena Field Development Plan Approved 
 
London, UK - Calgary, Canada, September 21, 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, is pleased to announce it has received Field Development Plan ("FDP") 
approval from the UK Department for Energy and Climate Change ("DECC") for the 
Athena oil field. 
 
Gaining FDP approval is a very significant step towards securing first 
production from the field, which is planned for Q3 2011 at 22,000 barrels of oil 
per day ("bopd") (4,950 bopd net to Ithaca) following an independent evaluation 
of the Company's petroleum and natural gas reserves by Sproule International 
Limited (www.sproule.com). The Athena field is operated by Ithaca. 
Iain McKendrick, Chief Executive Officer, commented: 
 
"Since announcing the launch of the Athena development in February of 2010, 
Ithaca and its Joint Venture partners have worked tirelessly to negotiate 
contracts that secure a robust development.  Ithaca Energy is now in a great 
position to deliver the next phase of the Athena project, which will involve 
development drilling and fabrication to meet first production targeted in Q3 
2011. FDP approval is a major milestone for any development and testament to the 
ability and dedication of the Company's development team and exceptional 
cooperation between the Joint Venture partners." 
 
Notes: 
 
The Company can now continue to swiftly progress the execution of the project 
which involves engineering and fabrication, and installation in the North Sea, 
180 kilometres northeast from Aberdeen. 
 
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 a stand-alone floating production, storage and 
offloading ("FPSO") vessel. 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. Most 
principle suppliers to the project have now been selected after a competitive 
bid process. 
 
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 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 
 
 MSCLIFIRATILFII 
 

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