Ithaca Energy Inc. reported initial peak gross oil production rates from the Athena field of 22,000 barrels of oil per day ("bopd") (4,950 bopd net to Ithaca) as metered into the BW Athena's storage tanks. Oil export operations have commenced.

The flow from each of the four oil production wells is being supported by electrical submersible pumps, the operating parameters for which are being monitored to stabilize long term production rates. Water injection will be used to support the reservoir pressure of the field and thereby maintain and sustain production rates.

An initial cargo has already been offloaded from the BW Athena to the shuttle tanker Betty Knutsen. This and future cargoes will be transferred to Ithaca's Nigg oil terminal from where Athena crude will be sold to the market under the Company's marketing contract with BP.

Tags: Ithaca Energy Inc.