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Press release from Marketwire

Ithaca Energy Inc-Norvarg Appraisal Well Update

Monday, June 24, 2013

Ithaca Energy Inc-Norvarg Appraisal Well Update

02:00 EDT Monday, June 24, 2013

ABERDEEN, SCOTLAND--(Marketwired - June 23, 2013) - Ithaca Energy Inc (TSX: EMD) (AIM: EMED)

TSX VENTURE: IAENot for Distribution to U.S. Newswire Services or for Dissemination in the United States Ithaca Energy Inc. Norvarg Appraisal Well Update 24 June 2013Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) ("Ithaca" or the "Company")announces that the appraisal well (7225/3-2) being drilled on theNorvarg discovery, located in PL535 in the Norwegian sector of theBarents Sea, has confirmed the presence of hydrocarbons in the Kobbeformation based on the results of wire line logs and formation testsand cores.The partnership has decided to perform a drill stem test (DST) on thewell to assess the quality of the Kobbe reservoir and the volumepotential in the northeastern part of the Norvarg closure.Appraisal drilling operations commenced on 25 April 2013. The well isbeing drilled using Ocean's Leiv Eiriksson semi-submersible rig. Thewell is located in 377 metres of water, approximately 275 kilometresnorth of the Hammerfest LNG plant on Melkoya.The partners in the licence are Total E&P Norge (operator - 40 per centinterest), North Energy (20 per cent), Ithaca Petroleum Norge (13 percent), Statoil (10 per cent-), Det Norske (10 per cent-), andRocksource Exploration Norway (7 per cent).- Pending government approval.Licence Round AwardIthaca is pleased to also announce the award of licence PL535B in the22nd Licensing Round on the Norwegian Continental Shelf. The licence,which covers part of Block 7225/2, is an extension of the existingPL535 licence in which the Norvarg discovery is located. The licencework programme will follow that of PL535, with both licences having thesame partners and working interests.Enquiries:Ithaca Energy:Iain McKendrick, CEO imckendrick@ithacaenergy.com +44 (0) 1224 650 261Graham Forbes, CFO gforbes@ithacaenergy.com +44(0) 1224 652 151FTI 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 8900Neil McDonald nmcdonald@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 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" andsimilarexpressions, 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 anyforward-looking statement is based except as required by applicablesecurities laws. -ENDS- This information is provided by RNS The company news service from the London Stock ExchangeEND

FOR FURTHER INFORMATION PLEASE CONTACT:

Contact Information:
RNS
Customer
Services
0044-207797-4400
rns@londonstockexchange.com
http://www.rns.com

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