Ithaca Energy Inc. Greater Stella Area Update

Ithaca Energy Inc. Greater Stella Area Update 
CALGARY, AB -- (Marketwired) -- 05/09/14 --  Ithaca Energy Inc. (TSX:
IAE) (LSE: IAE) ("Ithaca" or the "Company") provides an update
regarding Greater Stella Area ("GSA") operations and the overall
development schedule. 
Continued progress has been made on execution of the main GSA
development work programmes since the start of 2014. Strong flow test
results were achieved on the second Stella development well and
drilling is on-going on the third well, with the clean-up flow test
results for the well expected around late June 2014. The first of the
2014 subsea infrastructure installation campaigns was completed in
April 2014, involving tie-in of the first two development wells at
the Stella Main Drill Centre, with the next scheduled activity being
the installation of the "FPF-1" floating production facility mooring
piles in June 2014. 
Construction activities on the main deck of the FPF-1 have been
advancing and are currently centred on fit-out of the main
pre-assembled units that were lifted on to the vessel in the first
quarter of the year along with preparation for the installation of
additional equipment packages. A number of key pieces of equipment
have recently being installed on the main deck, including the three
gas turbine generators. In addition, installation of the four
additional buoyancy blisters being added to the columns of the FPF-1
is at an advanced stage of completion. 
While progress has been made on the FPF-1 modification works over
recent months, the topsides construction programme has advanced more
slowly than planned. As a consequence, Petrofac is now forecasting
that the vessel will be ready for sail-away from the Remontowa yard
in Poland to the Stella field in spring 2015. This schedule is
anticipated to result in first hydrocarbons from the GSA hub in
mid-2015. 
Ithaca is working with Petrofac to expedite the remaining
construction and commissioning works on the FPF-1. Updates on the
progress of the modification works will continue to be provided at
regular intervals over the coming months. 
The incremental cost to the Company of the delayed start-up is
estimated to be between $5-10 million, relating primarily to project
management costs. The funding position of the company is not
materially impacted by the delay. 
Les Thomas, Chief Executive Officer, commented:
 "While good progress
has been made with drilling of the third Stella development well and
the subsea infrastructure installation works, the delay in the FPF-1
sail-away schedule and consequently the impact on the timing of
Stella first oil is clearly disappointing. We are working with
Petrofac to expedite completion of the vessel modification and
commissioning works and deliver start-up of the GSA hub as quickly as
possible." 
First Quarter 2014 Financial Results
 The Company will issue its
financial results for the first quarter of the year on 13 May 2014. 
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.  
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, continued availability of financing for 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, Stella first oil,
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.  
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, 2013, and the Company's Annual Information Form for the
year ended December 31, 2013 and in reports which are on file with
the Canadian securities regulatory authorities and may be accessed
through the SEDAR website (www.sedar.com). 
Enquiries: 
Ithaca Energy
Les Thomas
lthomas@ithacaenergy.com
+44 (0)1224 650 261 
Graham Forbes
gforbes@ithacaenergy.com
+44 (0)1224 652 151 
Richard Smith
rsmith@ithacaenergy.com
+44 (0)1224 652 172 
FTI Consulting
Edward Westropp
edward.westropp@fticonsulting.com
+44 (0)207 269 7230 
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 
 
 
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