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Press release from Marketwire

Ithaca Energy Inc-Stella Drilling Commences

Tuesday, June 18, 2013

Ithaca Energy Inc-Stella Drilling Commences

02:00 EDT Tuesday, June 18, 2013

ABERDEEN, SCOTLAND--(Marketwired - June 17, 2013) -

 Ithaca Energy Inc. (TSX VENTURE: IAE) Not for Distribution to U.S. Newswire Services or for Dissemination in the United States Ithaca Energy Inc. Stella Field Development Drilling Commences 18 June 2013Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) ("Ithaca" or the "Company")announces the commencement of development drilling operations on theStella field, with the first well on the field having been spuddedusing the Ensco 100 heavy duty jack-up rig.The initial campaign involves the drilling and completion of fourproduction wells on the Stella field prior to start-up. Threehorizontal wells are to be drilled into the oil rim of the field, alongwith one highly deviated gas-condensate well on the crest of thestructure.As previously announced, Advanced Drilling Technology International("ADTI"), a subsidiary of the global drilling contractor Transocean,has been contracted to manage the drilling and completion operationsunder "turnkey" contract arrangements.Each well is anticipated to take approximately 80-90 days to drill andcomplete. It is planned for each well to be clean-up tested, within thecapacity limits of the flow test equipment that will be used on theEnsco 100. Details of the test results will be provided.The joint venture partners in the Ithaca operated GSA are Ithaca Energy(UK) Limited (54.66%), a wholly owned subsidiary of the Company, DyasUK Limited (25.34%) and Petrofac Energy Developments (20%).Further information on the development is available on the Company'swebsite, including a new film that provides aninsight in to the on-going operations on the development of the GSA.Enquiries:Ithaca Energy:Iain McKendrick, CEO +44(0) 1224 650 261Graham Forbes, CFO +44(0) 1224 652 151FTI Consulting:Billy Clegg +44 (0) 207 269 7157Edward Westropp +44 (0) 207 269 7230Georgia Mann +44 (0) 207 269 7212Cenkos Securities plc:Jon Fitzpatrick +44 (0) 207 397 8900Neil McDonald +44 (0) 131 220 6939RBC Capital Markets:Tim Chapman +44 (0) 207 653 4641Matthew Coakes +44 (0) 207 653 4871About Ithaca Energy:Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) is an oil and gas operatorfocused on North Sea production, appraisal and development activities.The Company's strategy is centred on building a highly profitable NorthSea oil and gas company by maximising production and cashflow from itsexisting assets, the appraisal and development of existing discoverieson properties held by the Company and the delivery of additional growthvia acquisitions and licence round participation. Not for Distribution to U.S. Newswire Services or for Dissemination in the United StatesForward-looking statementsSome of the statements and information in this press release areforward-looking. Forward-looking statements and forward-lookinginformation (collectively, "forward-looking statements") are based onthe Company's internal expectations, estimates, projections,assumptions and beliefs as at the date of such statements orinformation, including, among other things, assumptions with respect toproduction, drilling, well completion times, future capitalexpenditures, future acquisitions and cash flow. The reader iscautioned that assumptions used in the preparation of such informationmay prove to be incorrect. When used in this press release, thewords "anticipate", "continue", "estimate", "expect", "may", "will","project", "plan", "should", "believe", "could", "target" and similarexpressions, and the negatives thereof, whether used in connection withoperational activities, production forecasts, budgetary figurescontained in the corporate presentation, potential developments orotherwise, are intended to identify forward-looking statements. Suchstatements are not promises or guarantees, and are subject to known andunknown risks, uncertainties and other factors that may cause actualresults or events to differ materially from those anticipated in suchforward-looking statements. The Company believes that the expectationsreflected in those forward-looking statements and are reasonable but noassurance can be given that these expectations, or the assumptionsunderlying these expectations, will prove to be correct and suchforward-looking statements and included in this press release shouldnot be unduly relied upon. These forward-looking statements speak onlyas of the date of this announcement. Ithaca Energy Inc. expresslydisclaims any obligation or undertaking to release publicly any updatesor revisions to any forward-looking statement contained herein toreflect any change in its expectations with regard thereto or anychange in events, conditions or circumstances on which any forward-looking statement is based except as required by applicable securitieslaws. -ENDS- This information is provided by RNS The company news service from the London Stock ExchangeEND


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