We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ithaca Energy Inc. | TSXV:IAE | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Ithaca Energy Inc. (TSX VENTURE:IAE)(AIM:IAE) announces that it has acquired Challenger Minerals (North Sea) Limited ("CMNSL"), thereby increasing its interests in the Stella / Harrier fields, obtaining a non-operated interest in the producing Broom field and access to additional undeveloped North Sea discoveries. The Company has acquired the entire share capital of CMNSL from Transocean Drilling U.K. Limited for a consideration of US$35 million; US$25 million payable immediately and US$10 million upon approval of the Stella / Harrier Field Development Plan by the Department of Energy and Climate Change ("DECC"). Through this transaction the Company has acquired: -- An additional 18% interest in the Stella / Harrier fields. -- An 8% non-operated interest in the Broom producing field. Management estimate that net average production from Broom is currently approx. 470 barrels of oil per day ("bopd"), with net remaining proved plus probable reserves of approximately 0.9 million barrels of oil ("Mbbl"). -- A 10% interest in two undeveloped discoveries, Scolty and Torphins (Block 21/8a), located adjacent to the Forties field in the Central North Sea, plus a 10% interest in the nearby Crathes prospect (straddling Blocks 21/12c & 21/13a). -- US$15 million of UK tax losses. The full portfolio acquired by the Company is summarised as follows: -------------------------------------------------------------------- Block(s) Field / Discovery Type Equity Interest -------------------------------------------------------------------- 2/4a & 2/5 Broom Producing 8% -------------------------------------------------------------------- 21/8a, Scolty, Torphins Undeveloped 10% -------------------------------------------------------------------- 21/12c & 21/13a Crathes Exploration 10% -------------------------------------------------------------------- 21/13c - Exploration 10% -------------------------------------------------------------------- 29/10a & 30/6a Stella, Harrier Undeveloped 18% -------------------------------------------------------------------- Glossary: - Mbbl millions of barrels of oil - bopd barrels of oil per day A conference call for analysts in the UK and Europe will be held at 09.00 GMT on October 20 2011 and with North American analysts on the same day at 14.00 GMT (07.00 EST) to provide further background information on the details presented in this and other press releases issued today. Dial-in details for the call can be obtained by contacting Pelham Bell Pottinger. A presentation concerning the information covered in this press release will be available on the Company's website (www.ithacaenergy.com) immediately prior to the conference call on October 20 2011. Notes to oil and gas disclosure: In accordance with AIM Guidelines, Hugh Morel, BSc Physics and Geology (Durham), PhD Hydrogeology (London) and senior petroleum engineer at Ithaca is the qualified person that has reviewed the technical information contained in this press release. Dr Morel has 30 years operating experience in the upstream oil industry. The estimates of reserves for individual properties may not reflect the same confidence level as estimates of reserves of all properties, due to the effects of aggregation. The term "boe" may be misleading, particularly if used in isolation. A boe conversion of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Estimates of reserves contained in this press release in connection with the transaction may not been prepared in accordance with the COGE Handbook and have not been prepared by a qualified reserves evaluator. Sproule International Limited will evaluate the reserves associated with the transaction at the end of 2011 as part of their annual evaluation of the Company's assets. About Ithaca Energy: Ithaca Energy Inc. and its wholly owned subsidiary Ithaca Energy (UK) Limited ("Ithaca" or "the Company"), 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 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 the estimated production levels of in connection with the transaction, reserves associated with the transaction and other benefits of the transaction 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.
1 Year Ithaca Energy Inc. Chart |
1 Month Ithaca Energy Inc. Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions