Ithaca Starts Drilling on Polly Oil Prospect

Ithaca Energy Inc., a Canadian independent oil and gas company with exploration and development assets in the UK North Sea, is pleased to announce that drilling operations have commenced on its 100% owned Polly Prospect on Block 12/26c near the Beatrice oilfield in the Inner Moray Firth area of the United Kingdom's continental shelf.

The Polly Prospect is located approximately 2 kilometers east of the Beatrice field and is structurally similar to Beatrice itself. Gaffney Cline & Associates evaluated Polly as having the potential for 59 million barrels of recoverable oil. Utilizing the GSF Galaxy II jackup drilling rig and the drilling services of ADTI, the well will be drilled vertically through the Middle Jurassic Beatrice sands to a target vertical depth of approximately 2,465 meters or 8,110 feet. The well is expected to take approximately 22 days to drill.

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