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Media/Investor Relations
News Release
United Kingdom’s Secretary of State for Trade & Industry Offers 10 Seaward Blocks to Ithaca Energy Inc.
LONDON, U.K. - CALGARY, ALBERTA, Sept 15, 2004 -- Ithaca Energy Inc., a next generation oil and gas company focusing on the untapped potential of oil and gas reserves on the UK Continental Shelf, is pleased to announce that the United Kingdom’s Secretary of State for Trade and Industry has offered the Company 10 Blocks in the North Sea as a result of the competitive 22nd Offshore Licensing Round which closed June 5th, 2004. The tracts awarded were Blocks 42/25b, 43/16, 43/21b 50/26c, 48/3a, 48/4, 49/29c, 53/3e, and 53/4c in the Southern North Sea Gas Basin and Block 29/1c in the Central North Sea.
Ithaca will hold a 60% working interest in the Blocks with its partner WHAM Energy Limited holding 40%. Under the terms of the "Promote" licenses, Ithaca and WHAM will have two years in which to commit to a drilling programme on the acreage awarded.
"We are very pleased and excited to have been awarded these Blocks. This acreage is a first step for us in our move into the North Sea UKCS. Ithaca shares the DTI’s enthusiasm for stimulating growth in this basin and appreciates the trust and confidence placed in the company to actively explore these Blocks. And we plan to fully deliver on our commitments." commented Ithaca Energy's CEO, Mr. Lawrence H. Payne.
"As a new entrant in the UK, we plan to aggressively build out a strategic portfolio of very attractive prospects, whilst seeking to acquire existing production and near term development opportunities. This award provides us with exploration opportunities in mature areas near infrastructure and medium-term, moderate risk/higher reward growth potential in relatively under-drilled parts of the North Sea hydrocarbon province." 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 and around 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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