Ithaca GSA Satellites Acquisitions

Ithaca Energy Inc. has expanded its core position in the Greater Stella Area ("GSA"), with four agreements entered into for the acquisition of additional interests in the "Vorlich" discovery and an operated interest in the "Austen" discovery.

Highlights

  * Interest in the Vorlich discovery increased from approximately 17% to 33% - additional licence interests acquired from ENGIE E&P, INEOS and Maersk

  * Approximately 4 MMboe1 of net proven and probable reserves added to the portfolio from the additional Vorlich licence interests

  * Acquisition from ENGIE E&P of a 75% interest and operatorship of the Austen discovery, which lies approximately 30 kilometres from the GSA production hub

  * Total acquisition costs including potential future contingent payments of under $6 million

Les Thomas, Chief Executive Officer, stated, "We are very pleased to announce this group of low cost acquisitions that further expand our core Greater Stella Area portfolio. This is in line with our "hub and spoke" strategy for maximising the value of the central infrastructure that has been put in place for the start-up of production from the Stella field."