Ithaca Awards Jacky Discovery Contract to HSM

Ithaca announced the award of a significant contract to design, construct, install and commission a wellhead platform for the development of the (90% owned) Jacky discovery 5 kilometers to the northeast of the Beatrice field. This contract has been awarded to HSM Steel Structures of Shiedam in Holland and is scheduled for delivery and installation in Q4 2008.

The award of this major contract is a milestone in the development of the Jacky field, which will be tied back to the Beatrice production infrastructure. A Field Development Plan for Jacky is under discussion with the UK government, and approval is expected in Q2 2008. Jacky initial production rates are estimated to be more than 6,000 barrels of oil per day, significantly increasing throughput at the Beatrice field and onshore Nigg oil storage and transshipment terminal, both of which are in the process of being acquired by Ithaca (100%) from Talisman Energy.