Ithaca Energy Spuds New Athena Development Well

Ithaca Energy Inc announced that, on behalf of the Athena Joint Venture Partners, it has commenced drilling the Athena 'D' development well in the core area of the field in UKCS block 14/18b. The work is being conducted by the Stena Spey drilling rig as part of a multi-client work program being managed by Senergy Ltd.

The well was spudded on June 6 and operations are expected to continue for about 50 days. After evaluation is complete, casing will be run and the well suspended for future completion as a production well. Completion activities are likely to be in late 2009 when the well will have a submersible pump fitted to increase production rates.

Ithaca Energy (UK) Ltd. holds a 70% interest in the Athena development along with its partners Ewe Atingellinschaft (20%) and Zeus Petroleum (10%). The field will be developed as a subsea tie-back to a stand alone production facility.

As announced on May 29, 2008, Ithaca has an exclusivity agreement in place with Bluewater Energy Services BV to negotiate the provision of a Floating Production, Storage and Offloading vessel (FPSO) in late 2009 to process produced fluids from the field.

"With the FPSO development scheme now under way, this well will be an important milestone for meeting our timeline to delivering Athena first oil in late 2009," said John Woods, Chief Development Officer.

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