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Ithaca Energy Inc. TSXV:IAE TSX Venture Common Stock
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Ithaca Energy Inc.: Divestment to Dyas of an Interest in the Hurricane Field

20/10/2011 7:05am

Marketwired Canada


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 agreed to
divest an interest in the Hurricane field to Dyas UK Limited ("Dyas"). The
Company has also signed a contract letter of intent to secure a rig for drilling
of the Hurricane appraisal well in early 2012.


The Company has signed an agreement with Dyas to divest a 25.34% interest in
Block 29/10b, which contains the Hurricane field, with an effective date of 1
January 2011. In consideration for the interest, Dyas will pay its pro-rata
share of costs incurred since the effective date. This transaction should be
considered within the context of all transactions announced by the Company
today. The transaction is subject to the submission for approval of a Stella /
Harrier Field Development Plan to the Department of Energy and Climate Change
("DECC"). 


Hurricane Appraisal Well Rig Commitment

The Company has signed a rig contract letter of intent with Awilco Drilling plc
to provide a semi-submersible drilling unit for the drilling of an appraisal
well and performance of a well test on Hurricane commencing in Q1-2012. The
Company intends to manage the drilling of the well through turnkey arrangements.



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 recent 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.


About Hurricane:

Hurricane was discovered in 1995 by well 29/10-4Z which tested the western lobe
of a mapped structure and encountered light oil (41 degrees API) in a 62 foot
section of reservoir sands. The Hurricane appraisal well is being designed to
confirm hydrocarbons in the eastern lobe of the structure, characterised by high
porosity (up to 30%) channelised Paleocene Rogaland sandstones. Upon the
successful appraisal of Hurricane, the intention is to suspend the well as a
future development well.


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 future development plans associated with the Hurricane
field 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.


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