Ithaca Energy Ends Takeover Discussions

Ithaca Energy Inc.  announces that it has ceased discussions with all partiesregarding the potential acquisition of all of the outstanding shares of the Company. As previously announced, the Company received, initially, a confidential, non-binding proposal to acquire all of the outstanding shares of the Company and, subsequently, a number of unsolicited approaches from third parties.

The Board has concluded that continuing the current process at this time was unlikely to produce a transaction with financial terms that properly reflect the value of the Company, particularly in light of the current volatility in global markets and the short term softening in Brent crude prices. In reaching this decision the Board of Directors has fully considered the Company’s current value, its growth potential, the future value that can be delivered to shareholders and the responses of the third parties with whom discussions have been held.

Ithaca is firmly positioned to continue building upon its track record for delivering long term shareholder value through creatively growing the Company and maximising the value of its UK North Sea oil and gas assets.

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Offshore Nieuws Staff, May 29, 2012