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Media/Investor Relations
News Release
NOT FOR RELEASE IN THE UNITED STATES OR DISTRIBUTION TO US NEWS SERVICES
ITHACA ENERGY CONTRACTS JACK-UP RIG FOR TWO NORTH SEA WELLS
LONDON, U.K. - CALGARY, ALBERTA, June 29, 2006 -- Ithaca Energy Inc. (LSE-AIM: IAE, TSX-V: IAE), of Calgary, Alberta, announces that its wholly-owned subsidiary Ithaca Energy (UK) Limited has entered into a contract with Applied Drilling Technology International ("ADTI"), a division of GlobalSantaFe Drilling U.K. Limited for the provision of drilling services and for the employment of the jack-up rig GSF Magellan to drill two wells on its North Sea Licences during 2007.
Ithaca plans to drill a well on a 100 percent-owned License it holds in Beatrice area of the Inner Moray Firth area on the United Kingdom’s Continental Shelf in the North Sea. The well will be carried to a depth of approximately 2,225 metres at a location representing a potential extension to the Beatrice oilfield. The well is expected to commence in the first quarter of 2007, to take approximately 30 days to drill and test, and, if successful, will be cased and completed for future production.
The Beatrice oilfield has produced approximately 163 million barrels to date. Ithaca’s location is approximately 1000 metres from B-13, the closest Beatrice producing well, which has produced approximately 2.4 million barrels of oil since commencing production on December 24, 2001.
The second rig slot will be utilized to drill one of Ithaca’s other prospects in the Beatrice area or in the Southern North Sea gas basin. The specific locations are subject to normal permitting procedures.
Neill Carson, COO of Ithaca said, "Together with the previously announced contract to drill our Athena prospect this summer, today’s announcement represents an important milestone in the execution of our 2006/2007 North Sea Drilling Program. We are very pleased to secure slots for the drilling of these wells in an otherwise difficult rig market. We will continue to take advantage of opportunities as they arise."
Ithaca Energy Inc. is a Canadian company with offices in Calgary, Canada, London, England and Aberdeen, Scotland, which is focused on the exploration and development of oil and gas reserves in the North Sea on the United Kingdom’s Continental Shelf.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Forward-looking statements
Some of the statements in this announcement are forward-looking. Forward-looking statements include statements regarding the intent, belief and current expectations of Ithaca Energy Inc. or its officers with respect to various matters. When used in this announcement, the words "expects", "believes", "anticipates", "plans", "may", "will", "should" and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcome to differ materially from those suggested by any such statements. These forward-looking statements speak only as of the date of this announcement. Ithaca Energy Inc. expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based.
Enquiries:
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Ithaca Energy Inc:
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Office: |
Mobile |
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Lawrie Payne |
In London:
+44(0) 20 7590 3027 |
+44(0)7841 678668 |
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Brad Gunn |
In London:
+44(0) 20 7590 3026 |
+44(0)7920 019355 |
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In Calgary:
+1 (403) 668 9599 |
+1 (403) 389 4107 |
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Pelham Public Relations |
Office: |
Mobile |
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Charles Vivian |
+44(0) 20 7743 6673 |
+44(0)7977297903 |
| Philip Dennis
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+44(0) 20 7743 6363 |
+44(0)7947868206
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