Venture North Sea Drills Deeper at Carna Prospect

Ithaca announced that the 42/21b-5z well has reached a total depth of 10029ft True Vertical Depth Subsea (TVDSS) and coring operations are currently taking place.

The well, operated by Venture North Sea Gas Limited, is located at the crest of a prominent structure and lies adjacent to the producing Garrow and Kilmar gas fields. The Joint Venture has agreed to deepen the well and operations continue by running a 270 ft section of core through anticipated Lower Leman Sandstone and underlying Namurian Millstone Grit Formation (Carboniferous) to accurately assess the reservoir properties and thickness of any sands. After coring, it is planned to further deepen the well to approximately 11200 ft TVDSS, which coincides with the depth of the structural closure of the Carna prospect.

The Carna well was spudded on December 26, 2008 utilising the rig, Ensco 92, and was mechanically sidetracked at 2,918 ft TVDSS on January 23, 2009. Should the well be tested, the Ensco 92 rig may remain at this location until at least mid March 2009, otherwise the rig will be released by the end of February 2009. On completion of Carna operations, the rig is scheduled to proceed to the Inner Moray Firth to
complete and tie-in Ithaca's Jacky development across the nearby Beatrice field production facility.

The co-venturers involved in the Carna prospect are Venture (56%, operator), Ithaca Energy (UK) Limited (29.9%), Dyas UK Limited (10.1%) and EWE Aktiengesellschaft (4%).