Ithaca Closes Cdn $158MM Financing

Ithaca Energy has collected C $158 million from its previously announced Canadian bought deal and UK private share placement. The combination of the proceeds together with debt made available from the recently announced Bank of Scotland facility and a portion of anticipated cash flows are to be used to fund the Greater Stella Area development project in the UK central North Sea. The Greater Stella Area includes the Stella, Harrier and Hurricane discoveries. Detailed planning for the project has already started, and Ithaca has engaged in a formal dialogue with the DECC authorities and host infrastructure owners to accelerate and optimize the planned development. Ithaca plans to develop Stella with four oil producing wells and one gas producing well, and two gas producing wells for the Harrier discovery. 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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