Ithaca Energy announces completion of Carna transaction

Source: Ithaca Energy, Inc.

Ithaca Energy Inc. (TSX:IAE)(AIM:IAE) announces completion of the transaction announced March 26 2012 concerning the Company's interest in the Carna discovery, located in the Southern Gas Basin of the UK North Sea.

Completion of the transaction results in Ithaca increasing its position in the Carna discovery to 32% (from 16%); the Company will become Operator with immediate effect.

Joint Venture partners (and their respective interests) in the Carna discovery are: Ithaca Energy (UK) Limited, operator (32%), Centrica (40%), Dyas UK Limited (24%), EWE Energie AG (4%).

About the Carna Discovery:

The discovery was made in early 2009 with a gas column in excess of 1490 feet TVD (true vertical depth) and net pay of 127 feet TVD. The well tested gas at a gross stabilised rate of 8.8 million cubic feet per day (MMcfpd) on a 48/64th choke from a vertical well penetrating the Carboniferous. Ithaca has agreed with the joint venture partners to accelerate development studies of the Carna discovery and, if appropriate, to submit a Field Development Plan before the end of 2012.


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