May. 2013 - Spike Exploration announced its entry into the Athena field partnership with its 15% acquisition of Dyas UK Limited's majority interest. Athena is operated by Ithaca Energy with a 22.5% interest in the license. Upon completion of the agreement, the remaining equity holders will be Dyas (17.5%), EWE Energie (20%), Trap Oil (15%), Zeus Petroleum (10%) and Spike Exploration (15%). Spike is a newly formed oil and gas company with plans to become a major exploration player on the UK continental shelf. The Athena field is located in block 14/18b and was brought on stream in May 2012. Currently, the field is producing just over 10,000 boepd.

Sep. 2012 - Ithaca Energy announced that a hydraulic intervention to correct a production tubing blockage in well P1 has been performed with minor success. Gross production from the well is now between 700 and 800 bopd. P1, drilled in 2006, is the original appraisal well and was completed as a development well in 2011. A workover was contemplated by the Athena partners but it was determined that more value would be gained from producing the well in its current condition. The company did indicate that future attempts to further clear the blockage using facilities on the FPSO may be undertaken.

Jun. 2012 - Ithaca Energy reported that the Athena field has reached initial peak gross oil production rates of 22,000 bopd, and oil export operations have commenced. The flow from each of the four oil production wells is being supported by electrical submersible pumps with water injection being used to support the reservoir pressure of the field and thereby maintaining and sustaining production rates. An initial cargo has already been offloaded from the BW Athena to the shuttle tanker Betty Knutsen.

May. 2012 - Ithaca Energy Inc. announced the successful start-up of oil production from the Athena field. The initial operations phase of the field is in line with the management's expectations and proceeding as planned. This involves bringing production from each well online and establishing stable performance of the oil processing and water injection systems. Athena field is owned by a joint-venture partnership including the field operator, Ithaca with 22.5%, Dyas UK Limited holding 47.5%, EWE Energie with 20% and Zeus Petroleum Limited owning the remaining 10%.

Apr. 2012 - The BW Athena FPSO has arrived on location at the Athena field in the North Sea. The vessel was connected to the STP mooring buoy, with hook-up and ongoing infield commissioning activities. Ithaca Energy said that a further announcement will be made upon delivery of first oil from the field.

Mar. 2012 - Trap Oil will acquire a 15 percent working interest in the Athena oil field from Dyas UK Limited, subject to DECC and Dyas partners' approvals. The effective date for the transaction is Jan. 1, 2012. Ithaca Energy is the operator and currently holds a 22.5 percent stake in the block. Following completion of the acquisition, the remaining equity holders will be Dyas, the largest equity holder with 32.5%, EWE Energie AG with 20% and Zeus Petroleum with the remaining 10%. The field will be developed via four existing production wells and one water-injection well tied to a stand-alone FPSO, the BW Athena vessel. The vessel is expected to arrive at the Athena location this month and, since the majority of the subsea elements for the field have already been installed, all of the production wells are ready for hook-up.

Feb. 2012 - The BW Athena FPSO has departed Dubai Dry Docks World to be moored on the Ithaca-operated Athena field in the UK sector of the North Sea. All FPSO production critical equipment was run and fully tested prior to vessel departure thus minimizing the period between arrival in the field and first production of oil, stated the operator. Upon arrival, the BW Athena will be hooked up to the pre-installed production system. Hook-up will mark completion of the development phase and Ithaca anticipates that the production phase will commence in early 2Q 2012. Production is anticipated to reach approximately 22,000 bopd.

Jan. 2012 - Ithaca Energy reported that the BW Athena FPSO is undergoing final conversion work at Dubai Dry Dock World. The vessel is scheduled to begin its transfer from Dubai to the UK in mid-February. The Athena field is slated for production in 1Q12 and flow at a rate of 10,000 boepd. The Athena field lies on Block 14/18b in 440 feet (134 meters) of water.

Dec. 2011 - Ithaca Energy announced that conversion operations on the Athena FPSO is still underway, however, the conversion scope has proved to be more extensive than previously thought. BW Offshore, the party responsible for the conversion, and Dubai Dry Docks have completed a fast-track engineering project to deliver the vessel close to the original schedule. Additional work is being performed to ensure that production is not delayed once the vessel is moored on the field, stated the operator. Once the vessel leaves Dubai, it will sail to the North Sea and hook-up to the pre-installed production buoy. In-field commissioning will be minimized by the comprehensive dockside commissioning being undertaken in Dubai. It is anticipated the vessel will sail from Dubai in early 2012. Furthermore, installation of subsea equipment has progressed well and remains within schedule; and all development wells are ready for production. The Athena field lies on Block 14/18b in 440 feet (134 meters) of water. Ithaca Energy serves as the operator of the field, holding a 22.5% interest; Dyas UK Ltd. holds 47.5%; EWE holds 20%; and Zeus holds the remaining 10% interest.

Jun. 2011 - Ithaca Energy has completed the final production well on the Athena field in the UK sector of the North Sea. The well encountered a section of oil saturated net reservoir with good porosities, stated the company. Development drilling has concluded, and the project remains on schedule to commence production in 4Q 2011. Production is expected to flow at 22,000 bopd. The 14/18b-A2Z development well intersected 515 feet (157 meters) of net reservoir in the sub horizontal section of the wellbore, reaching a total measured depth of 15,497 feet (4,723 meters). The Sedco 704 semisub is running completion equipment to perforate this well, three existing suspended production wells and a water injection well. Well 14/18b-A2Z was directionally drilled to the northwest area of the Athena field where it encountered the primary reservoir section, the Scapa A reservoir at 11,967 feet (3,648 meters, measured depth). Ithaca said that electric logs acquired across the entire reservoir section confirmed a series of reservoir sands with porosities of up to 20%. Furthermore, modification and recertification work on the BW Athena FPSO, currently dry docked in Dubai, is at an advanced stage. The FPSO should return to UK waters for hook-up to the turret mooring buoy by the end of 3Q 2011. The Athena field lies on Block 14/18b in 440 feet (134 meters) of water. Ithaca Energy serves as the operator of the field, holding a 22.5% interest; Dyas UK Ltd. holds 47.5%; EWE holds 20%; and Zeus holds the remaining 10% interest.

Mar. 2011 - Ithaca Energy announced that the Sedco 704 semisub has commenced drilling of the final production well for Athena's field development. The well, 14/18b-A2, is being drilled from the Athena drill center and is the final well in the company's 180-day campaign of drilling and completion activities. Plans call for the well to be directionally drilled to produce oil reserves lying in the northwest area of the Athena field. Additionally, this well might intersect the top reservoir at a point within the appraised Athena oil pool and continue north, drilling at a high angle to provide valuable information relating to an area of the field targeted for future development, stated the operator. Drilling and completion operations should take about 80 days. The Athena field is located on Block 14/18b in the UK sector of the North Sea in 440 feet (134 meters) of water. Ithaca Energy serves as the operator of the field, holding a 22.5% interest; Dyas UK Ltd. holds 47.5%; EWE holds 20%; and Zeus holds the remaining 10% interest.

Mar. 2011 - Ithaca Energy has completed a water injection well, 14/18b-A1, on the Athena field in the UK sector of the North Sea. The well intersected 325 feet (99 meters) of net reservoir, exceeding the net reservoir requirements for water injection to support initial gross production from the field at 22,000 bopd from Q4 this year, stated the operator. The drilling unit will now proceed to drill a fourth production well and complete three existing suspended wells on the field, as well as a production and injection well, from the same surface location. The current water injector well was drilled down flank from three successful appraisal wells. Furthermore, this well kicks-off a 180-day campaign of drilling and completion activities prior to subsea equipment installation and hook-up of the BW Athena FPSO. The targeted formation, and principal reservoir unit of the Athena field, was encountered at 9,325 feet (2,842 meters) true vertical depth subsea, and is inline with prognosis. The well was cased and temporarily suspended pending batch completion of all five wells once the final production well has been drilled. The rig is expected to return to the 14/18b-A1 well at the end of the drilling campaign to perforate and run completion equipment to prepare for first production from the field. Situated on Block 14/18b in the Outer Moray Firth area in the UK sector of the North Sea is the Athena project in 440 feet (134 meters) of water. Ithaca Energy serves as the operator of the field, holding a 22.5% interest; Dyas UK Ltd. holds 47.5%; EWE holds 20%; and Zeus holds the remaining 10% interest.

Jan. 2011 - Ithaca Energy announced that the Sedco 704 semisub is on location at the Athena field, and is ready to commence a 180-day drilling campaign. The operator will drill the field's fourth producing well, a water injector well, and will complete three existing wells as producers. The semisub will initially drill one water injection well, followed by a fourth production well (three suspended appraisal wells are to be completed for production as part of this campaign), stated the operator. The four completed production wells will be equipped with downhole submersible pumps to maximize field production rates. Initial production from the field is estimated to flow at a gross rate of 22,500 bopd. Additionally, subsea work will follow in the third quarter of 2011 to install field pipelines and subsea manifolds. In the second quarter of 2011, the FPSO will be dry docked for the installation of a turret mooring section amidships, extending the FPSO by about 65 feet (20 meters). All work is scheduled for completion in the third quarter of 2011, allowing the vessel to return to UK waters and arrive on location. First oil from the field is targeted for the fourth quarter 2011. Situated on Block 14/18b in the Outer Moray Firth area in the UK sector of the North Sea is the Athena project in 440 feet (134 meters) of water. Ithaca Energy serves as the operator of the field, holding a 22.5% interest; Dyas UK Ltd. holds 47.5%; EWE holds 20%; and Zeus holds the remaining 10% interest.

Dec. 2010 - Ithaca Energy awarded Bibby Offshore Limited contracts for the installation of subsea equipment and the installation of the FPSO mooring system for the Athena development. Work for the subsea installation entails installing subsea manifolds, flowlines, power cables and umbilicals between the subsea wellheads and the floating production, storage and offloading vessel, BW Athena. This work includes both the 1.2 mile (2 kilometer) seabed sections, which will be trenched, and the dynamic riser sections leading to the buoy connecting the system to the FPSO. For the mooring system contract, Bibby Offshore will install an APL STP buoy, nine suction piles, and associated anchor lines. The Athena field is situated on Block 14/18b in the Outer Moray Firth area in the UK sector of the North Sea in 440 feet (134 meters) of water. Ithaca Energy serves as the operator of the field, holding a 22.5% interest; Dyas UK Ltd. holds 47.5%; EWE holds 20%; and Zeus holds the remaining 10% interest.

Sep. 2010 - Ithaca Energy has received Field Development Plan approval from the UK Department for Energy and Climate Change for the Athena oil field. By garnering approval, the field is on schedule to reach first oil by the third quarter of 2011. The field is situated on Block 14/18b in the Outer Moray Firth area in the UK sector of the North Sea in 440 feet (134 meters) of water. Ithaca Energy serves as the operator of the field, holding a 22.5% interest; Dyas UK Ltd. holds 47.5%; EWE holds 20%; and Zeus holds the remaining 10% interest.

Sep. 2010 - BW Offshore signed a contract with Ithaca Energy and partners for the BW Carmen FPSO, which will be employed on the Athena oil field. The contract includes a fixed charter period of three years, plus options for an additional five years. To be renamed BW Athena, the FPSO will be upgraded with field specific equipment, including a submerged turret production buoy. Production from the field is expected to commence during the second half of 2011. Situated on Block 14/18b in the Outer Moray Firth area in the UK sector of the North Sea is the Athena project in 440 feet (134 meters) of water. Ithaca Energy serves as the operator of the field, holding a 22.5% interest; Dyas UK Ltd. holds 47.5%; EWE AG holds 20%; and Zeus holds the remaining 10% interest.

Mar. 2010 - Ithaca Energy and partners awarded an LOI to the BW Carmen FPSO for use on the Athena oil field in the UK sector of the North Sea. Prior to signing a fully termed contract in 2Q10, a FEED study will be carried out by BW Offshore. The FPSO is scheduled to deploy to the field in mid-2011 with production commencing shortly after. Initial gross rates are expected to flow at 22,000 bopd. Ithaca Energy serves as the operator of Athena, holding a 22.5% interest; Dyas UK Ltd. holds 47.5%; EWE holds 20%; and Zeus holds the remaining 10% interest.

Feb. 2010 - Ithaca Energy and the Athena Joint Venture Partners approved the purchase of long lead equipment to initiate Athena's field development, and orders will be made to purchase electrical submersible pumps, subsea trees and engineering support. A full project team has been placed to plan the development of the field and to finalize the submission of the Environmental Statement and Field Development Plan (FDP) for approval. Submission is expected in March 2010, and governmental approval is anticipated by July 2010. Athena's project team will also handle the final stage of contract negotiations for an FPSO and construction and provision of subsea facilities and drilling services. With offshore installation work and FPSO deployment expected to be complete by the second half of 2011, first production is targeted for the second quarter of 2011. Ithaca serves as the operator of Athena, holding a 22.5% interest; Dyas UK Ltd holds a 47.5% interest; EWE Aktiengesellschaft holds a 20% interest; and Zeus Petroleum holds the remaining 10% interest.

Sep. 2008 - Rheochem announces that the existing credit facility provided by ANZ Bank has been increased. The increased limit includes A$10 million for working capital which will be used to fund the drilling fluids business whilst freeing up existing resources to pay for the Company's share of the Athena oilfield development in the North Sea.

Jul. 2008 - Ithaca Energy announced that it has successfully tested 28 degree API sweet oil at a stable rate of 2,330 barrels of oil per day from its third well (14/18b-18) on the Athena project in the Outer Moray Firth area of the UCCS.

Jul. 2008 - Ithaca Energy has announced that drilling on its Athena 14/18b-18 well in the outer Moray Firth area has reached total true vertical depth of 9492 feet and the well is being completed for testing and future production.

Jun. 2008 - Ithaca has commenced drilling the Athena 'D' development well in the core area of the field in UKCS block 14/18b. The work is being conducted by the Stena Spey drilling rig as part of a multi-client work program being managed by Senergy Ltd.

May. 2008 - Ithaca Energy announced that it has entered into an exclusivity agreement with Bluewater Energy Services BV to develop the Athena Field using the Uisge Gorm Floating Production, Storage and Offloading vessel(FPSO).

Apr. 2008 - Ithaca Energy says that well 14/18b-17 on the Company's Athena prospect is currently being suspended pending evaluation and possible sidetracking for use in the development of the wider Athena project after failing to encounter commercial hydrocarbons in the primary horizon. Well 14/18b-17 is the Company's third well on this prospect, the two previous wells having each successfully tested at rates of approximately 1,300bopd. The well was drilled by the Byford Dolphin semisub.

Apr. 2008 - Reochem reports that operations on the 14/18b-17Z well were halted due to problems in the hole. The drill pipe was stuck in the well. Rotation of the drill pipe and circulation of fluid past the obstruction has been established. The rig has freed the drill pipe and will now pull out of the hole for a bit change.

Mar. 2008 - Ithaca Energy has commenced the drilling of the 14/18-17 well, its third well on the Athena oil project intended to appraise the potential of an extension to the known accumulation. The Byford Dolphin spudded this well on March 10th.

Oct. 2007 - Ithaca Energy has successfully tested 28 degree API sweet oil at a peak rate of 1,375 bopd from its second well (14/18b-16) on the Athena project in the Outer Moray Firth area of the United Kingdom's continental shelf. Company analysis indicates that under full production conditions planned for the development, the well would produce approximately 5,000 bopd employing submersible pumps.

Oct. 2007 - Ithaca Energy has completed drilling its second well on the Athena discovery (14/18b-16) in the outer Moray Firth area has reached total depth of 11,000 feet and the well is being completed for testing and future production.

Sep. 2007 - Ithaca Energy has commenced drilling operations on its second well, 14/18b-16, located on its Athena project in the Outer Moray Firth area of the United Kingdom's continental shelf.

Aug. 2007 - Ithaca Energy (UK), has entered into an agreement with Senergy Ltd. to utilize the Stena Spey semi-submersible drilling rig and drilling management services to drill the next appraisal well on the Athena oil project.

Nov. 2006 - Ithaca Energy has received an independent engineering evaluation of its 70% owned oil discovery at Athena on Block 14/18b in the Outer Moray Firth area of the North Sea. The evaluation was conducted to confirm the results of the 14/18b-15 well recently drilled by the Company which tested up to 1,330 barrels of oil per day ("bopd") from the Upper Leek reservoir.

Nov. 2006 - Ithaca Energy has signed a Letter of Intent to contract a semi-submersible drilling rig for the drilling of the next well on its 70% owned Athena oil project commencing in the second quarter of 2007.

Oct. 2006 - Ithaca Energy has successfully tested 25 degree API sweet oil at a restricted rate of 1,330 barrels of oil per day (bopd), from its 14/18b-15 well on the Athena project in the Outer Moray Firth area of the United Kingdom's continental shelf. Initial analysis indicates that the well would produce approximately 5,000 bopd upon development, which is in line with management's expectations. Ithaca owns a 70% interest in the project together with, EWE Akteingellschaft 20%, and Zeus Petroleum 10%.

Oct. 2006 - Ithaca Energy says that drilling on its Athena 14/18b-15 well in the outer Moray Firth area has reached total depth of 11,051 feet. Electric logs indicate that the well has intersected a total oil column of 632 feet in the Upper Leek formation.

Sep. 2006 - Ithaca prepares to spud 14/18-7 well with the Bredford Dolphin semisub rig. the well is expected to penetrate the reservoir approximately 1350 feet from the bottom hole location of the 14/18-7 well. It will be drilled at a 60 degree angle to vertical through the prospective zones and will be drilled to a total depth of 10,943 feet below sea level. The well is expected to take approximately 30 days to drill and, should the well be successful, up to 14 days to test.