Shares in Ithaca Energy were marked down heavily after it announced that one of the four production wells in the North Sea's Athena field had yet to be brought online because of a blockage.
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Testing revealed no issues relating to the integrity of the well, and Ithaca's bosses think the blockage is likely to be linked to production tubing. Nevertheless, production and subsequent cash flows will be hit, particularly if Ithaca is forced to use a rig to help fix the blockage. Output from Athena is currently 12,000 barrels of oil-equivalent per day, while the loss from the blocked well is estimated at 5,000 barrels – with 1,125 barrels net to Ithaca.
