Ithaca Energy PLC has achieved a significant breakthrough with its K2 exploration well in the central region of the UK North Sea, signaling a positive development for the company. While specific details about the discovery have not been disclosed, Ithaca Energy confirmed the presence of hydrocarbons in the reservoir within the Forties member sandstones, boasting an impressive 45 feet of net thickness.

Logging work has been initiated to assess the reservoir quality, and further analysis will be conducted to determine the future course of action and estimate the potential recoverable resources from this discovery.

Chief Executive Alan Bruce expressed his delight at the encouraging results from the K2 well, particularly emphasizing its advantageous location in close proximity to existing infrastructure, which enhances the company's portfolio.

Ithaca Energy holds a 50% stake in the project, with Dana Petroleum as its partner, holding the other 50% interest.

Following this promising announcement, Ithaca shares on the London stock exchange experienced an upward trend, gaining 3.6p or 2.26% to reach 163p, valuing the company at approximately £1.64 billion. This new discovery marks a significant milestone for Ithaca Energy as it continues to make strides in the UK North Sea exploration sector, strengthening its position in the competitive energy market.