LONDON (ShareCast) - Ithaca Energy's Non-Executive Director, John Summers, has purchased 40,000 shares in the company, boosting his stake to 254,700.

The purchase was made ahead of its announcement that it has contracted the services of Applied Drilling Technology International (ADTI) for development drilling at its Greater Stella Area (GSA) discovery in the North Sea.

Summers bought the shares at 112p for a total of £44,800.

It was announced on Monday that the company signed a turnkey contract with ADTI, a subsidiary of Transocean, which will lock in the expenditure and performance requirements of core drilling operations.

The drilling campaign is anticipated to commence in the second quarter and involves the completion of four wells on the Stella field prior to start-up production. Each well is expected to take between 80 to 90 days to drill, complete and clean-up test.


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