|
|
Media/Investor Relations
News Release
Ithaca Energy Awarded 12 Seaward Blocks in United Kingdom’s 23rd Licencing Round
LONDON, U.K. - CALGARY, ALBERTA, Sept. 8, 2005 -- Ithaca Energy Inc. today announced that its United Kingdom subsidiary, Ithaca Energy (UK) Ltd., as operator, has been awarded 6 licenses covering 12 Blocks in the United Kingdom’s 23rd Seaward Licensing Round. The tracts awarded were Blocks 11/29, 11/30b, 12/21b (Split), 12/26b (Split), 17/4 (Split), 17/5 (Split) 13/16b, & 14/18b in the Outer Moray Firth and Blocks 43/22c, 48/7c (Split) & 48/8 (Split), 53/3f in the Southern North Sea Gas Basin.
Ithaca will hold a 60% working interest in Blocks 43/22c, 48/7c, 48/8 and 53/3f with its partner EWE AG, a leading German energy services provider, holding a 40% interest. On Blocks 11/29, 11/30b, 12/21b (Split), 12/26b (Split), 17/4 (Split), and 17/5 (Split), Ithaca will hold a 100% working interest. On Blocks 13/16b and 14/18b, Ithaca will hold a 90% working interest with its partner Wimbledon Oil & Gas Ltd. holding the remaining 10%.
As part of its application, Ithaca Energy has committed to drill wells on two of its licenses and acquire 3D seismic over another. The awards consist of four Traditional Licences and two Promote Licences.
"Ithaca is delighted and very encouraged to have been awarded these Blocks. We are also very excited to be working with our new partners EWE AG and know that they will be very welcome in the UKCS. Ithaca is also pleased with the DTI’s ongoing support and renewed confidence that it places in our company. We plan to move rapidly in delivering results for the people of the United Kingdom and our shareholders." commented Ithaca Energy's CEO, Mr. Lawrence H. Payne.
"With our land position now up to 32 Blocks, Ithaca represents a diversified portfolio of Exploration and Development prospects. Our quest to acquire attractive undeveloped satellite projects continues. The Licences awarded today include two existing satellite discoveries on Blocks 14/18b and 12/21b within the respective greater Scapa and Beatrice field production areas. The Company plans to evaluate these discoveries by drilling at the earliest opportunity. We acknowledge the extraordinary efforts of our partners EWE AG and Wimbledon Oil & Gas as well as the technical team at Halliburton for their solid support and hard work." said Neill Carson, Ithaca Energy’s President.
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
|
|
