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Media/Investor Relations
News Release
Ithaca Energy Acquires Interest in Barbara Gas Discovery from Eni
LONDON, U.K. - CALGARY, ALBERTA, July 25 2005 -- The Board of Directors of Ithaca Energy Inc. is pleased to announce that it has agreed to acquire for cash consideration, the interests of Eni in the Barbara Gas Discovery as part of a combined package of assets. The Barbara Gas Discovery lies in the central UK North Sea in Block 23/16c. The agreement to purchase is subject to, amongst other things, Government and regulatory approvals. Closing of the transaction effective January 1, 2005 is expected to occur by early October.
Included in the sale and purchase agreement is a combined package of assets including, Eni’s 20% equity interest in Blocks 23/16c, 23/16d and 23/17a, and a 100% equity interest in 23/16b(LW).
"We are very pleased to welcome the support of select members of the London financial community. The proceeds from this issue will enable us to execute and accelerate our aggressive plans to build our company." said Ithaca Energy's CEO, Mr. Lawrence H. Payne.
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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