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Media/Investor Relations
News Release
Ithaca Energy Acquires a 90% Interest in Six Additional Offshore UK North Sea Exploration Blocks
LONDON, U.K. - CALGARY, ALBERTA, May 24, 2005 -- Ithaca Energy Inc. is pleased to announce the acquisition of an additional six Blocks in the North Sea. The Company has acquired a 90% equity interest in Outer Moray Firth Blocks 13/17, 13/18, 14/16, 14/17, 14/27b and 14/28c.
Ithaca has entered into an agreement with the current License holder, Wimbledon Oil and Gas Limited to purchase a 90% working interest in all of the blocks for cash and a commitment to fund Wimbledon’s share of costs to certain agreed points. Originally acquired under the United Kingdom’s 21st Seaward Licensing Round as "Promote" licenses, the work program undertaken during the last two years has satisfied the License requirements and has identified several prospects. Ithaca and Wimbledon plan to renew the licenses for another two years with a program of activity. Assignment of the interest is subject to DTI approval. The additional licenses bring the Company’s total Blocks under license to 16 or 453,273 net acres.
"This acquisition conforms perfectly with our company’s business plan. It provides the company with exposure to two very significant exploration prospects including a substantial portion of a very large "Buzzard" sand prospect and to a development project representing lower risk and earlier production. This is yet another step forward for us in the growth of our North Sea asset base." said Ithaca Energy's CEO, Mr. Lawrence H. Payne.
Ithaca Energy is also very pleased to announce the appointment of Mr. John P. Summers to the Company’s Board of Directors. Based in London, Mr. Summers experience as a Chartered Accountant and international financial consultant adds significant financial and accounting depth and breadth to the Board. Mr. Summers practiced as a Chartered Accountant from 1963 to 1985. In 1980 he formed JPS Financial Services, which since 1982 has provided financial and accounting advisory services to select individuals and institutions.
"John is a valuable addition to our Board and we are pleased to welcome him. His more than forty years of experience and contacts in the international financial and accounting industry will be a tremendous asset to our company, and I look forward to his contributions and input." said Neill A. Carson, President and Director of Ithaca.
Ithaca Energy Inc. is a next generation oil and gas company focusing on the untapped potential of oil and gas reserves on the UK Continental Shelf in the North Sea.
FOR FURTHER INFORMATION PLEASE CONTACT:
In Aberdeen:
Ithaca Energy Inc.
Neill M. Carson
President
Tel.: +44 (0) 1224 865645
In London:
Ithaca Energy Inc.
Mr. Lawrence H. Payne
CEO
Tel: +44 (0) 2073 611541
In Calgary:
Ithaca Energy Inc.
Mr. Brad G. Gunn
VP Corporate Development
Phone: (403) 263-0050
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