Ithaca Energy Inc - Trell Oil Discovery

Ithaca Energy Inc - Trell Oil Discovery 
ABERDEEN, SCOTLAND -- (Marketwired) -- 02/21/14 --  Ithaca Energy
Inc. (TSX: IAE) (LSE: IAE) 


 
 
TSX: IAE; LSE: IAE
 
Not for Distribution to U.S. Newswire Services or for Dissemination in
                       the United States
 
                       Ithaca Energy Inc.
                      Trell Oil Discovery
 
                       21 February 2014
 
Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) ("Ithaca" or the "Company")
announces that the TOTAL E&P Norge AS ("TOTAL") operated exploration
well 25/5-9 on the "Trell" Prospect in licence PL102 F/G in the
Norwegian North Sea has discovered oil in the Paleocene Heimdal
Formation.The well intersected 19 metres of net pay in excellent
quality Heimdal reservoir, in a location close to existing
infrastructure.Wireline logs and pressure data have confirmed a
hydrocarbon contact and samples of oil and water were acquired for
further analysis.Preliminary estimates made by the Operator place the
size of the discovery at between 3.1 and 12.5 million barrels of
recoverable oil.
 
Ithaca entered into an agreement with TOTAL in December 2013 to acquire
a 10% working interest in licences PL102 F/G.Completion of the
transaction is currently progressing through the normal regulatory
consents.The agreement is consistent with Ithaca's strategy in Norway
of gaining access to lower risk exploration opportunities capable of
monetisation prior to development.
 
The PL102 F/G licensees are TOTAL 40%, (operator), Petoro 30%, Lotos
Exploration and Production Norge 10%, Det Norske Oljeselskap 10% and
Ithaca 10%.
 
The well was drilled to 2240 metres true vertical depth subsea and
encountered a 21 metre gross oil column.The discovery was made in a
mature area of the Norwegian North Sea, within approximately 10
kilometres of the Heimdal production hub.
 
                                - 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)207 269 7230
Georgia Mann    georgia.mann@fticonsulting.com    +44 (0)207 269 7212
 
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 AIM: 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.
 
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, construction times, well completion times, risks
associated with operations, 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 similar expressions, and the
negatives
thereof, whether used in connection with operational activities,
drilling plans, production forecasts, budgetary figures, 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 press release. 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.
 
The well results disclosed in this press release have been prepared by
TOTAL, as Operator of licence PL102 F/G, and represent that quantity of
petroleum that is estimated, as of a given date, to be recoverable from
the Trell accumulation, prior to production. There is no certainty
that the discovery will be commercially viable to produce any portion
of the resources.
 
In this press release, information prepared by TOTAL has been provided
with respect to the Trell Prospect which, but for Ithaca's interest in
the well, would be considered "analogous information" as defined in
applicable securities laws. This information is derived from publicly
available information sources. Please note that some of this data may
not have been prepared by independent qualified reserves evaluators or
auditors and the preparation of any estimates may not be in strict
accordance with Canadian Oil & Gas Evaluation Handbook.
 
Regardless, of potential variance, Ithaca believes that the provision
of this information is relevant to Ithaca's activities, given its
positions and operations (either ongoing or planned) in the area in
question; however, readers are cautioned that there is no certainty
that any development of the relevant properties will be successful or
occur.
 
Additional information on these and other factors that could affect
Ithaca's operations and financial results are included in the Company's
Management's Discussion and Analysis for the year ended December 31,
2012, and the Company's Annual Information Form for the year ended
December 31, 2012 and in reports which are on file with the Canadian
securities regulatory authorities and may be accessed through the
Company's profile on the SEDAR website (www.sedar.com).
 
                    This information is provided by RNS
          The company news service from the London Stock Exchange
 
END

  
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