Ithaca Signs Agreement with Ensco Offshore UK to Provide Drilling Unit

Ithaca Energy Inc. announces that it has signed an agreement with Ensco Offshore UK Limited to provide a jack up drilling unit for development drilling on the Stella and Harrier fields to commence in 2012.

Further to the recently announced Development Concept selection for the Stella and Harrier Fields in Block 30/6a of the Central North Sea, the Company has signed a Letter of Award for the Ensco 100 drilling unit forthe development drilling campaign on the Stella and Harrier fields.

The campaign, which will include the drilling of 5 firm wells and up to 3 options for additional wells, will commence on Stella in H2 2012.

 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 explorationand 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.

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Source: hemscottir , November 3, 2011