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Total Hits Oil At Trell Prospect In Norway

|Includes:Ithaca Energy Inc. (IACAF), TOT

Ithaca Energy reported that the Total-operated exploration well 25/5-9, targeting the Trell prospect in in the Norwegian North Sea, has discovered 19m of net oil pay.

The well, located in PL102 F/G, encountered the oil in the Paleocene Heimdal Formation, approximately 10 km from the existing Heimdal production hub. Wireline logs and pressure data have confirmed a hydrocarbon contact and samples of oil and water were acquired for further analysis.

According to preliminary estimates by Total, the discovery holds 3.1 MMbbl to 12.5 MMbbl of recoverable oil.

Ithaca's stake in the prospect was acquired through a transaction with Total in Dec-2013.

PL102 F/G ownership: Total (40%, operator), Petoro (30%), Lotos E&P (10%), Det Norske (10%) and Ithaca (10%).

In December 2013, Ithaca entered into an agreement with Total to acquire 10% non-operated interest in License PL102 in the Norwegian North Sea.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Stocks: IACAF, TOT