Drilling Commences at UKCS Carna Prospect

Ithaca has commenced the drilling of the 43/21b-A well to explore the Carna prospect in the UKCS Southern Gas Basin as expected.

Using the, Ensco 92 rig, operated by Venture North Sea Gas Limited (Venture), the 43/21b-A well was spudded on December 26. The Carna prospect is a significant potential gas-bearing structure located in Block 43/21b, in which Ithaca has a 29.9% interest. The prospect lies adjacent the Garrow and Kilmar gas fields.

The 43/21b-A well will be drilled vertically to a depth of approximately 11,000 feet TVDSS. The well will take approximately 50 days to reach total depth and will target Permian age Leman sandstones and underlying potential in the Carboniferous section. If successful, the well will be tested and suspended for fast-track development.

Ithaca originally held a 60% interest in this license block. In January 2008, the Company agreed to farm-out a 20% interest in the Carna prospect to Venture in exchange for 30% of the well costs, retaining a 40% working interest. Since then Dyas UK Limited has purchased a 25.25% interest in all Ithaca's assets, including Carna, and will benefit from the terms of Ithaca's original farmout to Venture. Ithaca has thus reduced its overall cost exposure in this well to a 22.425% paying interest whilst retaining 29.9% working interest.

The co-participants involved in the Carna prospect are Venture (56%, operator), Ithaca Energy (UK) Limited (29.9%), Dyas UK Limited (10.1%) and EWE Aktiengesellschaft (4%).

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