Ithaca Energy Inc.

Ithaca Energy Inc.

February 05, 2010 02:00 ET

Bravo Workover Success


Not for Distribution to U.S. Newswire Services or for Dissemination in the United States

                                            Ithaca Energy Inc.
                                          Bravo Workover Success

LONDON,  U.K. - CALGARY, ALBERTA, February 5, 2010 - Ithaca Energy Inc. (LSE-AIM: IAE, TSX-V: IAE) and  its
wholly  owned subsidiary Ithaca Energy (UK) Limited ("Ithaca" or the "Company"), an independent oil  &  gas
company  with  exploration, development and production assets in the UK sector of the North Sea,  announces
today  that  production  potential from the Beatrice Bravo facility has increased  by  approximately  1,500
barrels  of  oil  per  day  ("bopd")  (750 bopd net to Ithaca), as a  result  of  the  completion  of  well
interventions.   This  is  significantly above Management's target of 500 bopd (250  bopd  net  to  Ithaca)
however it is too early to establish a reliable longer term production forecast and Management retains  the
overall target of 5,100 bopd net average production for 2010.

The  Beatrice Bravo well intervention programme has been successfully completed and the ENSCO  80  drilling
rig  has  now  been  released  from operations, after a period of waiting  on  weather.    Successful  well
intervention  operations to refurbish and restart production from three wells tied into the Beatrice  Bravo
platform  have resulted in a significant boost to production from the northern part of the Beatrice  field.
Approximately  1,000  bopd  gross  (500  bopd net to Ithaca) of the  incremental  production  potential  is
attributed  to  the highly effective B11 well intervention which involved perforating across  a  previously
untapped  section  of the Beatrice reservoir to access an undrained area of the field.  Management  expects
that  production  rates  from this part of the field will continue to stabilize in coming  months.  Current
combined  production performance of Bravo platform wells did at one point exceed 2,000  bopd  gross  (1,000
bopd  net  to  Ithaca).  It is anticipated that Beatrice Bravo metered ex-platform production  levels  will
stabilize around 1,500 bopd (750 bopd net to Ithaca).

Works  to  resolve  issues which relate to the processing plant on the Beatrice Alpha  platform  have  been
progressing. It is anticipated that production from wells tied into Alpha will restart later this month.

John  Woods,  Chief  Developments Officer, said "This positive result has been achieved  through  excellent
subsurface  work that has been undertaken to identify upside potential which still exists in  the  Beatrice
field.  We continue to look for additional opportunities that have similar potential in the wells tied back
to  the  Beatrice Alpha platform and look forward to unlocking significant value through the Alpha workover
campaign which will commence in late Q1 2010".

Joint  Venture Partners in the Beatrice Field, including Beatrice Bravo are Ithaca (50%) and  Dyas  UK  Ltd


Ithaca Energy:
Iain McKendrick, CEO         +44 (0) 1224 650 261
John Woods, CDO              +44 (0) 1224 650 273
Nick Muir, CXO                +44 (0) 1224 650 267

Pelham Bell Pottinger:
Philip Dennis      +44 (0) 207 337 1516
Elena Dobson       +44 (0) 207 337 1517

Cenkos Securities plc:
Jon Fitzpatrick              +44 (0) 131 220 9773
Ken Fleming                      +44 (0) 131 220 9772

In  accordance  with AIM Guidelines, Lawrie Payne, MA Marine Geology (Alberta & Columbia) and  Chairman  of
Ithaca  Energy is the qualified person that has reviewed the technical information contained in this  press

Not for Distribution to U.S. Newswire Services or for Dissemination in the United

Forward-looking statements
Some  of  the  statements  in  this  announcement are forward-looking. Forward-looking  statements  include
statements regarding the intent, belief and current expectations of Ithaca Energy Inc. or its officers with
respect to various matters. When used in this announcement, the words "expects," "believes," "anticipates,"
"plans,"  "may,"  "will," "should", "scheduled to take", "primary objectives", "potential development"  and
similar  expressions, and the negatives thereof, are intended to identify forward-looking statements.  Such
statements  are  not promises or guarantees, and are subject to risks and uncertainties  that  could  cause
actual  outcome  to  differ materially from those suggested by any such statements.  These  forward-looking
statements  speak  only  as of the date of this announcement. Ithaca Energy Inc.  expressly  disclaims  any
obligation  or  undertaking  to release publicly any updates or revisions to any forward-looking  statement
contained  herein  to reflect any change in its expectations with regard thereto or any change  in  events,
conditions  or  circumstances  on  which any forward-looking statement  is  based  except  as  required  by
applicable securities laws.

The  term "boe" may be misleading, particularly if used in isolation. A boe conversion of 6 Mcf: 1  bbl  is
based  on  an  energy equivalency conversion method primarily applicable at the burner  tip  and  does  not
represent a value equivalency at the wellhead.

Neither TSX Venture nor it's Regulation Services Provider (as that term is defined in the policies  of  the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Ithaca Energy Inc.