Ithaca Restores Production at Jacky Field

Ithaca announced that stable production from the Jacky field has been restored in the J01 well at approximately 3,120 barrels of oil per day ("bopd")(1,482 bopd net to Ithaca).

Production has been restored to this level through the replacement of a dual ESP system with slightly larger pumps providing greater operational flexibility and prolonged run life. The well was producing at approximately 2,800 bopd (1,300 bopd net to Ithaca) before the loss of pump assisted flow, as previously announced.

Jacky Joint Venture Partners are Ithaca (Operator, 47.5%), Dyas UK Ltd (42.5%), North Sea Energy (UK) Limited (10%).

Athena Project Update

The engineering and modifications associated with the dry dock works in Dubai to extend the Floating Production Storage and Offloading vessel, 'BW Athena' by 65 feet and install a turret docking system have been completed. The vessel has now been re-floated ready for installation of the new power generation and water injection modules during July 2011. This is another critical milestone accomplished towards achieving first oil in 4Q 2011.

Athena Joint Venture Partners are Ithaca (operator, 22.5%), Dyas UK Ltd (47.5%), EWE Aktiengesellschaft (20%) and Zeus Petroleum Limited (10%).

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