Ithaca Secures Funds for Stella Development, Satellites

Ithaca Energy has secured funds from the Bank of Scotland for the development of the Stella field and two satellite discoveries, Harrier and Hurricane. Under a term sheet arranged between Ithaca and BOS, US $30 million will be immediately available to Ithaca on execution of the facility documents. Another $110 million will be allocated for the Greater Stella Area development based on an engineering assessment of the field(s), FDP approval and final credit approval. Currently, engineering work has commenced on the Stella development and the two discoveries based on the positive outcome of the Stella appraisal well, and a full development plan should be defined during 2010. The involved parties shall negotiate and finalize the facility documents on or before June 30, 2010. The Stella gas field is situated on UKCS Block 30/6 in waters measuring 280 feet (85 meters) in the North Sea. Ithaca serves as the operator and holds a 50.33% interest.

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