SOURCE: Ithaca Energy Inc

August 01, 2014 02:00 ET

Ithaca Energy Inc.: Completion of Acquisition of Interests in Three UK Producing Oil Fields

CALGARY, AB--(Marketwired - Aug 1, 2014) - Ithaca Energy Inc. (TSX: IAE) (LSE: IAE)

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Ithaca Energy Inc.

Completion of Acquisition of Interests in three UK Producing Oil Fields

1 August 2014

Ithaca Energy Inc. (TSX: IAE) (LSE: IAE) ("Ithaca" or the "Company") is pleased to report that, further to the announcement made on 23 June 2014, it has now completed the acquisition of the three UK producing oil field interests from Sumitomo Corporation ("Sumitomo"). 

Ithaca has acquired Summit Petroleum Limited ("SPL"), a subsidiary company of Sumitomo, which holds the Cook (20.00%), Pierce (7.48%) and Wytch Farm (7.43%) field interests that have been acquired. The net consideration paid at completion was $163 million, taking into account working capital and net cashflows since the transaction effective date of 1 January 2014.

- ENDS -

Enquiries:        
         
Ithaca Energy        
Les Thomas   lthomas@ithacaenergy.com   +44 (0)1224 650 261
Richard Smith   rsmith@ithacaenergy.com   +44 (0)1224 652 172
         
FTI Consulting        
Edward Westropp   edward.westropp@fticonsulting.com   +44 (0)203 727 1521
Shannon Brushe   shannon.brushe@fticonsulting.com   +44 (0)203 727 1077
         
Cenkos Securities        
Neil McDonald   nmcdonald@cenkos.com   +44 (0)131 220 6939
Beth McKiernan   bmckiernan@cenkos.com   +44 (0)131 220 9778
         
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

About Ithaca Energy
Ithaca Energy Inc. (TSX: IAE) (LSE: IAE) is a North Sea oil and gas operator focused on the delivery of lower risk growth through the appraisal and development of UK undeveloped discoveries, the exploitation of its existing UK producing asset portfolio and a Norwegian exploration and appraisal business targeting the generation of discoveries capable of monetisation prior to development. Ithaca's strategy is centred on generating sustainable long term shareholder value by building a highly profitable 25kboe/d North Sea oil and gas company. For further information please consult the Company's website www.ithacaenergy.com.

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