Ithaca Reserves Increase Significantly Since Stella Well

Ithaca Energy has increased reserves at the Stella field, following a successful appraisal well drilled in the first quarter of 2010. After reviewing the well's data, the field's proven reserves (1P) increased to 20.88 MMboe, a 30.6% increase; and the proven plus probable reserves (2P) increased to 41.96 MMboe, a 12.8% increase. The boost in Stella's reserves is attributed to the additional hydrocarbon column height, the nature of the fluids found within the structure, and the larger area defined by the appraisal well. Ithaca will now move forward with development plans of both the Stella field and the satellite fields, Harrier and Hurricane, with first oil and gas planned for late 2012. 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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