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Press release from Marketwire

Ithaca Energy Inc -27th UK Licensing Round Success

Monday, October 29, 2012

Ithaca Energy Inc -27th UK Licensing Round Success03:00 EDT Monday, October 29, 2012ABERDEEN, SCOTLAND--(Marketwire - October 29, 2012) -TSX-V:IAE Not for Distribution to U.S. Newswire Services or for Dissemination in the United States Ithaca Energy Inc. 27th UK Licensing Round Success 29 October 2012Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) is pleased to announce itssuccess in the UK's 27th Offshore Licensing Round, with the Companybeing offered, as Operator, two new traditional licenses.Highlightso Ithaca 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.o The 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 %), DyasUK Ltd (25.34%) and Petrofac Energy Developments UK Ltd (20%). TheBlock lies in the GSA, adjacent to Block 29/10b, which contains theCompany's recently appraised Hurricane discovery and close to thefuture location of the "FPF-1" floating production unit that will beinstalled as part of the ongoing development of the Stella and Harrierfields in Block 30/6a. The joint venture has identified a target inBlock 29/5d analogous to the appraised Hurricane Rogaland sandinterval, known as "Twister".Block 15/17b is a joint venture between Ithaca (Operator, 50%) andPremier Oil (UK) Ltd (50%).The block lies in the Outer Moray Firthbasin and is close to the Ithaca operated Athena Field and Premierlicense interests.The block contains four undeveloped Jurassic oildiscoveries, known as the "Piper Isles".The block is adjacent to anumber of oil producing fields, most notably Piper, Saltire, Iona andChanter.The work programme for both Blocks comprises the completion oftechnical (subsurface) studies, along with development conceptscreening analysis, to enable a decision to be made within two years ofthe formal award of each license on committing to the drilling of awell on each Block thereafter.Nick Muir, Chief Technical Officer, commented:"I am delighted that theCompany's existing asset portfolio isexpanding with two such promising license awards.These licensesenable the Company to further increase its GSA stock of opportunitiesfor the FPF-1 production hub and to establish a new foothold in aprolific area of the Outer Moray Firth.The Company looks forward todriving forward these opportunities and building upon the successes ofprevious license round awards from which it has generated significantvalue, namely the appraisal and development of the now producing Jackyand Athena fields and the recently appraised Hurricane discovery"Enquiries:Ithaca Energy:Iain McKendrick, CEO imckendrick@ithacaenergy.com +44 (0) 1224 650 261Nick Muir, CTO nmuir@ithacaenergy.com +44 (0) 1224 650 267FTI Consulting:Billy Clegg billy.clegg@fticonsulting.com +44 (0) 207 269 7157Edward Westropp edward.westropp@fticonsulting.com +44 (0) 207 269 7230Georgia Mann georgia.mann@fticonsulting.com +44 (0) 207 269 7212Cenkos Securities plc:Jon Fitzpatrick jfitzpatrick@cenkos.com +44 (0) 207 397 8900Ken Fleming kfleming@cenkos.com +44 (0) 131 220 6939RBC Capital Markets:Tim Chapman tim.chapman@rbccm.com +44 (0) 207 653 4641Matthew Coakes matthew.coakes@rbccm.com +44 (0) 207 653 4871Notes to oil and gas disclosure:In accordance with AIM Guidelines, John Horsburgh, BSc (Hons)Geophysics (Edinburgh), MSc Petroleum Geology (Aberdeen) and SubsurfaceManager at Ithaca is the qualified person that has reviewed thetechnical information contained in this press release. Mr Horsburghhas over 15 years operating experience in the upstream oil and gasindustry.About Ithaca Energy:Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) and its wholly ownedsubsidiary Ithaca Energy (UK) Limited ("Ithaca" or "the Company"),is anoil and gas operator focused on production, appraisal and developmentactivities on the United Kingdom Continental Shelf. The goal ofIthaca, in the near term, is to maximize production and achieve earlyproduction from the development of existing discoveries on propertiesheld by Ithaca, to originate and participate in exploration andappraisal on properties held by Ithaca when capital permits, and toconsider other opportunities for growth as they are identified fromtime to time by Ithaca. Not for Distribution to U.S. Newswire Services or for Dissemination in the United StatesForward-looking statementsSome 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 officerswith respect to various matters.When used in this announcement, thewords "anticipate", "continue", "estimate", "expect", "may","will","project", "plan", "should", "believe", "could", "target" andsimilarexpressions, and the negatives thereof., whether used in connectionwith potential developments, operational activities or otherwise, areintended to identify forward-looking statements. Such statements arenot promises or guarantees, and are subject to known and unknown risksand uncertainties and other factors that may cause actual results orevents to differ materially from those anticipated in suchforward-looking statements or information.These forward-lookingstatements speak only as of the date of this announcement.IthacaEnergy Inc. expressly disclaims any obligation or undertaking torelease publicly any updates or revisions to any forward-lookingstatement contained herein to reflect any change in its expectationswith regard thereto or any change in events, conditions orcircumstances on which any forward-looking statement is based except asrequired by applicable securities laws. -ENDS- This information is provided by RNS The company news service from the London Stock ExchangeENDFOR FURTHER INFORMATION PLEASE CONTACT: Contact Information: RNSCustomerServices0044-207797-4400rns@londonstockexchange.comhttp://www.rns.com