SOURCE: Ithaca Energy Inc

June 24, 2013 02:00 ET

Ithaca Energy Inc - Norvarg Appraisal Well Update

ABERDEEN, SCOTLAND--(Marketwired - Jun 24, 2013) - Ithaca Energy Inc (TSX: EMD) (AIM: EMED)


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

                         Ithaca Energy Inc.

                    Norvarg Appraisal Well Update

                            24 June 2013

Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) ("Ithaca" or the "Company")
announces that the appraisal well (7225/3-2) being drilled on the
Norvarg discovery, located in PL535 in the Norwegian sector of the
Barents Sea, has confirmed the presence of hydrocarbons in the Kobbe
formation based on the results of wire line logs and formation tests
and cores.

The partnership has decided to perform a drill stem test (DST) on the
well to assess the quality of the Kobbe reservoir and the volume
potential in the northeastern part of the Norvarg closure.

Appraisal drilling operations commenced on 25 April 2013. The well is
being drilled using Ocean's Leiv Eiriksson semi-submersible rig. The
well is located in 377 metres of water, approximately 275 kilometres
north of the Hammerfest LNG plant on Melkoya.

The partners in the licence are Total E&P Norge (operator - 40 per cent
interest), North Energy (20 per cent), Ithaca Petroleum Norge (13 per
cent), Statoil (10 per cent*), Det Norske (10 per cent*), and
Rocksource Exploration Norway (7 per cent).
* Pending government approval.

Licence Round Award
Ithaca is pleased to also announce the award of licence PL535B in the
22nd Licensing Round on the Norwegian Continental Shelf. The licence,
which covers part of Block 7225/2, is an extension of the existing
PL535 licence in which the Norvarg discovery is located. The licence
work programme will follow that of PL535, with both licences having the
same partners and working interests.


Ithaca Energy:
Iain McKendrick, CEO   +44 (0) 1224 650 261
Graham Forbes, CFO       +44(0) 1224 652 151

FTI Consulting:
Billy Clegg      +44 (0) 207 269 7157
Edward Westropp  +44 (0) 207 269 7230
Georgia Mann     +44 (0) 207 269 7212

Cenkos Securities plc:
Jon Fitzpatrick            +44 (0) 207 397 8900
Neil McDonald               +44 (0) 131 220 6939

RBC Capital Markets:
Tim Chapman              +44 (0) 207 653 4641
Matthew Coakes           +44 (0) 207 653 4871

About Ithaca Energy:
Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) is an oil and gas operator
focused on North Sea production, appraisal and development activities.
The Company's strategy is centred on building a highly profitable North
Sea oil and gas company by maximising production and cashflow from its
existing assets, the appraisal and development of existing discoveries
on properties held by the Company and the delivery of additional growth
via acquisitions and licence round participation.

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

Forward-looking statements
Some of the statements and information in this press release are
forward-looking. Forward-looking statements and forward-looking
information (collectively, "forward-looking statements") are based on
the Company's internal expectations, estimates, projections,
assumptions and beliefs as at the date of such statements or
information, including, among other things, assumptions with respect to
production, drilling, well completion times, future capital
expenditures, future acquisitions and cash flow. The reader is
cautioned that assumptions used in the preparation of such information
may prove to be incorrect. When used in this press release, the
words"anticipate", "continue", "estimate", "expect", "may",
"will","project", "plan", "should", "believe", "could", "target" and
expressions, and the negatives thereof, whether used in connection with
operational activities, production forecasts, budgetary figures
contained in the corporate presentation, potential developments or
otherwise, are intended to identify forward-looking statements. Such
statements are not promises or guarantees, and are subject to known and
unknown risks, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in such
forward-looking statements. The Company believes that the expectations
reflected in those forward-looking statements and are reasonable but no
assurance can be given that these expectations, or the assumptions
underlying these expectations, will prove to be correct and such
forward-looking statements and included in this press release should
not be unduly relied upon. 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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