Ithaca Announces Completion of Several Transactions

Ithaca Energy Inc. announces the completion of the various transactions entered into on 19 October 2011 concerning the Company’s Greater Stella Area (GSA) assets.

Completion of the transactions results in Ithaca transferring various field interests to Petrofac and Dyas and acquiring a shareholding interest in FPF-1 Limited, the company that owns the “FPF-1” floating production unit that will be used as the GSA production hub.

The interest of each co-venturer in the GSA fields is now as follows:

Field Block Ithaca Dyas Petrofac

Stella / Harrier(i) 30/6a 54.66% 25.34% 20%

Hurricane 29/10b 54.66% 25.34% 20%

Helios 29/10d 54.66% 25.34% 20%

Petrofac’s 20% interest in the Stella and Harrier fields will be transferred under the terms of an Earn-In type agreement, upon first hydrocarbons from the joint development and subject to the normal regulatory approvals.

 About Ithaca Energy:

Ithaca Energy Inc. and its wholly owned subsidiary Ithaca Energy (UK) Limited , is an oil and gas exploration, development and production company active in the United Kingdom’s Continental Shelf (“UKCS”). 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.

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Offshore Nieuws Staff, May 08, 2012; Image : Ithaca