Ithaca Energy Inc IAE 27th UK Licensing Round Success

  Ithaca Energy Inc (IAE) - 27th UK Licensing Round Success

RNS Number : 7160P
Ithaca Energy Inc
29 October 2012




                                      

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





                              Ithaca Energy Inc.

                                      

                       27^th 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 27^th Offshore Licensing Round, with the Company being offered, as
Operator, two new traditional licenses.



Highlights

oIthaca 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.

oThe 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  Flemingkfleming@cenkos.com   
 +44 (0) 131 220 6939



RBC Capital Markets:

Tim                                             Chapman 
tim.chapman@rbccm.com +44 (0) 207 653 4641

Matthew   Coakesmatthew.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.



                                    -ENDS-

                     This information is provided by RNS
           The company news service from the London Stock Exchange

END


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