Oil and gas drilling update from Ithaca Energy

Source:Ithaca Energy Inc.

Oil and gas drilling update from Ithaca Energy Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) (“Ithaca” or the “Company”) provides an operations update ahead of today’s 2014 Annual and Special Shareholders Meeting.

Stella Development Drilling Update
The third development well on the Stella field, well 30/06a-B1X (“B1”), has been successfully drilled to a total measured depth subsea of 16,185 feet. A 2,147 foot gross horizontal reservoir section was drilled in the Palaeocene Andrew sandstone reservoir, within the targeted oil rim. The well intersected high quality sands across a net reservoir interval of 2,034 feet, equating to 95% net pay. This compares to 1,312 feet and 2,514 feet in Stella wells A1 and A2, respectively.

Operations are currently on-going to run the well completion assembly, following which a clean-up flow test will be performed. It is anticipated that the results of the flow test will be announced around the end of June 2014.

Operations Update
The 2014 production enhancements programme is progressing as planned and guidance for the year remains unchanged at 11,000 to 13,000 barrels of oil equivalent per day.

The Fionn sidetrack was completed in May 2014. The platform modification works to enable start-up of the electrical submersible pumps installed in the Causeway and Fionn production wells have also been completed. The platform modifications to enable start-up of water injection on the Causeway field are now substantially complete and the commencement of water injection is expected in August 2014.

Drilling operations have just been completed on the infill production well on the Don Southwest field. Installation of the required subsea spool piece between the wellhead and the existing drilling centre manifold is scheduled for the coming weeks, with start-up of the well expected in August 2014.

The drilling rig that will be used for the Athena “P4” well workover currently remains on schedule to arrive on location at the field around late August 2014, once it has completed its work programmes for prior clients.

Les Thomas, Chief Executive Officer, commented:
“We are very pleased with the high quality reservoir sands encountered by the Stella B1 well and look forward to the flow test results when we finish well completion operations.”

Annual & Special Shareholders Meeting Presentation
A short presentation covering the Company's on-going operational and corporate activities will be given at the 2014 Annual and Special Shareholders Meeting that is scheduled to be held today at 14.00 (local time) in Calgary, Canada. The presentation will be made available on the Company's website (www.ithacaenergy.com) immediately prior to the meeting, along with a new film providing additional information about the on-going work being completed on the Greater Stella Area development.

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