ABERDEEN, SCOTLAND--(Marketwire - Oct 29, 2012) -
TSX-V:IAE
Not for Distribution to U.S. Newswire Services or for Dissemination in
the United States
Ithaca Energy Inc.
27th UK Licensing Round Success
29 October 2012
Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) is pleased to announce its
success in the UK's 27th Offshore Licensing Round, with the Company
being offered, as Operator, two new traditional licenses.
Highlights
o Ithaca has been awarded two operated licenses; Block 29/5d in the
vicinity of the Company's existing Greater Stella Area ("GSA")
interests and Block 15/17b in the Outer Moray Firth.
o The license offers are based on the completion of technical studies,
leading to a drill or drop decision on each license within two
years of formal license award.
Block 29/5d is a joint venture between Ithaca (Operator, 54.66 %), Dyas
UK Ltd (25.34%) and Petrofac Energy Developments UK Ltd (20%). The
Block lies in the GSA, adjacent to Block 29/10b, which contains the
Company's recently appraised Hurricane discovery and close to the
future location of the "FPF-1" floating production unit that will be
installed as part of the ongoing development of the Stella and Harrier
fields in Block 30/6a. The joint venture has identified a target in
Block 29/5d analogous to the appraised Hurricane Rogaland sand
interval, known as "Twister".
Block 15/17b is a joint venture between Ithaca (Operator, 50%) and
Premier Oil (UK) Ltd (50%).The block lies in the Outer Moray Firth
basin and is close to the Ithaca operated Athena Field and Premier
license interests.The block contains four undeveloped Jurassic oil
discoveries, known as the "Piper Isles".The block is adjacent to a
number of oil producing fields, most notably Piper, Saltire, Iona and
Chanter.
The work programme for both Blocks comprises the completion of
technical (subsurface) studies, along with development concept
screening analysis, to enable a decision to be made within two years of
the formal award of each license on committing to the drilling of a
well on each Block thereafter.
Nick Muir, Chief Technical Officer, commented:"I am delighted that the
Company's existing asset portfolio is
expanding with two such promising license awards.These licenses
enable the Company to further increase its GSA stock of opportunities
for the FPF-1 production hub and to establish a new foothold in a
prolific area of the Outer Moray Firth.The Company looks forward to
driving forward these opportunities and building upon the successes of
previous license round awards from which it has generated significant
value, namely the appraisal and development of the now producing Jacky
and Athena fields and the recently appraised Hurricane discovery"
Enquiries:
Ithaca Energy:
Iain McKendrick, CEO imckendrick@ithacaenergy.com
+44 (0) 1224 650 261
Nick Muir, CTO nmuir@ithacaenergy.com +44 (0) 1224 650 267
FTI Consulting:
Billy Clegg billy.clegg@fticonsulting.com
+44 (0) 207 269 7157
Edward Westropp edward.westropp@fticonsulting.com
+44 (0) 207 269 7230
Georgia Mann georgia.mann@fticonsulting.com
+44 (0) 207 269 7212
Cenkos Securities plc:
Jon Fitzpatrick jfitzpatrick@cenkos.com +44 (0) 207 397 8900
Ken Fleming kfleming@cenkos.com +44 (0) 131 220 6939
RBC Capital Markets:
Tim Chapman tim.chapman@rbccm.com +44 (0) 207 653 4641
Matthew Coakes matthew.coakes@rbccm.com +44 (0) 207 653 4871
Notes to oil and gas disclosure:
In accordance with AIM Guidelines, John Horsburgh, BSc (Hons)
Geophysics (Edinburgh), MSc Petroleum Geology (Aberdeen) and Subsurface
Manager at Ithaca is the qualified person that has reviewed the
technical information contained in this press release. Mr Horsburgh
has over 15 years operating experience in the upstream oil and gas
industry.
About Ithaca Energy:
Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) and its wholly owned
subsidiary Ithaca Energy (UK) Limited ("Ithaca" or "the Company"),is an
oil and gas operator focused on production, appraisal and development
activities on the United Kingdom Continental Shelf. The goal of
Ithaca, in the near term, is to maximize production and achieve early
production from the development of existing discoveries on properties
held by Ithaca, to originate and participate in exploration and
appraisal on properties held by Ithaca when capital permits, and to
consider other opportunities for growth as they are identified from
time to time by Ithaca.
Not for Distribution to U.S. Newswire Services or for Dissemination in
the United States
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 "anticipate", "continue", "estimate", "expect", "may",
"will","project", "plan", "should", "believe", "could", "target" and
similar
expressions, and the negatives thereof., whether used in connection
with potential developments, operational activities or otherwise, are
intended to identify forward-looking statements. Such statements are
not promises or guarantees, and are subject to known and unknown risks
and uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such
forward-looking statements or information.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.
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