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Media/Investor Relations
News Release
NOT FOR RELEASE IN THE UNITED STATES OR DISTRIBUTION TO US NEWS SERVICES
ITHACA ENERGY COMPLETES THE DRILLING OF MANUEL
LONDON, U.K. - CALGARY, ALBERTA, March 15, 2008 - Ithaca Energy Inc. (“Ithaca” or the “Company”) (LSE-AIM: IAE, TSX-V: IAE), of Calgary, Alberta, announces that its wholly-owned subsidiary Ithaca Energy (UK) Limited has completed the drilling of its second exploration well (11/29-1) near the Beatrice field in the inner Moray Firth area of the North Sea. The 11/29-1 well on the Manuel Prospect, reached a total depth of 8147 ft TVDSS and is now being plugged and abandoned.
The well encountered oil saturated sands of Jurassic age of less than reservoir quality. Wireline logs have been run and MDT pressure and fluid sampling has been undertaken but no oil sample was recovered.
The well was drilled to target multiple reservoir sand units defined within a large stratigraphic closure known as the Manuel prospect lying 12 kilometres to the southwest of the Beatrice field. The prospect had been delineated using 2D seismic data which Ithaca complemented with its own seismic acquisition shot in November 2006. The results of this well will allow Ithaca to calibrate the existing seismic data and undertake a full technical work programme to determine future drilling locations.
Before drilling commenced, Ithaca farmed out part of its interest, paying 52.5% of the dry hole costs of the well and retaining a 68.34% interest in the prospect. Other participants are Norwest 5%, Challenger Minerals 13.33% and North Sea Energy 13.33%.
Nick Muir, CXO, commented:
“While the well was commercially unsuccessful, information obtained from the well was highly encouraging. The well was drilled in an under explored area, in fact this was the first well on this block and the results obtained will help enormously to determine the focus of further exploration in this area.”
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