I been looking up Ithaca's Energy info and came across their lastest report in March giving updates on whats going on! Ithaca' Energy report on page 27 reads "At this point, the credit crisis and oil price collapse brought the immediate viability of the project into question and Ithaca has put further development work on hold until the situation improves. Ithaca has terminated any arrangements with the floating production facility provider." it goes on to say that a Field Enviromental Impact Statement was approved in February 2009 with the Field Development Plan still to be submitted and approved. Next paragragh states " With the delay in project sanction, first oil will not now be before 2011." Their going to review this (Athena oil well) mid 2009. Well now we know whats going on with the Athena oil well ...
RHE Price at posting:
11.0¢ Sentiment: Hold Disclosure: Held
