ITHACA ENERGY - Öl aus der Nordsee - 500 Beiträge pro Seite

[DaenischeSuedsee]

Latest News
First Oil from the Jacky Field

London, UK - Calgary, Canada, 20th April, 2009 – Ithaca Energy Inc (“Ithaca Energy”) (TSX Venture: IAE, LSE AIM: IAE), a Canadian independent oil and gas company with exploration and development assets in the UK North Sea, is pleased to advise that the Jacky field, which started production on the 6th April 2009, is now performing above expectations.
more...

http://www.ithacaenergy.com/

[DaenischeSuedsee]

Ithaca's Jacky well flows at 8,800 bopd

2009-04-20 11:31 ET - News Release

Mr. Iain McKendrick reports

POSITIVE UPDATE ON JACKY FIELD PRODUCTION PERFORMANCE

The Jacky field, which is partially owned by Ithaca Energy Inc. and its wholly owned subsidiary Ithaca Energy (UK) Ltd. -- an independent oil and gas company with exploration, development and production assets in the United Kingdom sector of the North Sea -- started production on April 6, 2009 and is now performing above expectations.

The Jacky production well is currently flowing without artificial lift at gross rates of around 8,800 barrels of oil per day (bopd) (5,920 bopd net to Ithaca). This compares favourably with predevelopment expectations that artificial lift would be required to achieve 7,800 bopd gross. The Jacky field has been developed with initially one production well tied back to the nearby Beatrice field facilities.

The current intention is to allow reservoir pressure to reduce over the next few weeks. This will allow start of artificial lift, which is expected to increase production rates further.

http://www.stockwatch.com/oldsite/oldsite_quote.aspx?symbol=…

[DaenischeSuedsee]

RESEARCH CAPITAL Research Report ( 2 Seiten )

http://supplytracking.com/Jackytobeonstreambymonthend.pdf

[DaenischeSuedsee]

Ithaca Energy Inc. - TSXV

Shares Outstanding: 156,234,000
Market Cap: 92.2 Million

http://bigcharts.marketwatch.com/quickchart/quickchart.asp?s…

Ithaca wird auch in London gehandelt ( UK:IAE )

[DaenischeSuedsee]

aus Research Capital:

The company exited 2009 wi th cash of US$39.2 mil lion ($47.9 million). Year-over-year,
proven plus probable reserves increased 9.5% to 28.7 million boe.

[DaenischeSuedsee]

ich sehe weiteren Beirägen mit großem Interesse entgegen


. . DS

[c77k]

Ithaca hat sehr schöne und aussichtreiche projekte!

Nach dem financial Results 2008 (seite 3) wird darauf hingewiesen dass das Athena Projekt erst weiter betrieben wird wenn der Ölpreis besser ist!

Naja stellt sich nun die Frage was ist besser! Zu diesem Zeitpunkt März 2009 war er unter 50 $!

Nun wird die 60 $ angepeillt!

Bin bei Ithaca sehr zuversichtlich!

[c77k]

Antwort auf Beitrag Nr.: 37.152.861 von c77k am 12.05.09 12:25:54

US-Ölpreis knapp unter Jahreshoch bei 60 Dollar - US-Lagerdaten im Fokus
Leser des Artikels: 60

SINGAPUR (dpa-AFX) - Der US-Ölpreis hat sich am Mittwoch knapp unter der Marke von 60 US-Dollar und damit in der Nähe des Jahreshochs gehalten. Im asiatischen Handel kostete ein Barrel (159 Liter) der US-Referenzsorte West Texas Intermediate (WTI) mit Auslieferung im Juni 59,52 Dollar. Das sind 67 Cent mehr als am Vortag. Am Dienstag erreichte der Preis für US-Rohöl zeitweise ein Jahreshoch bei 60,08 Dollar.

Auch der Preis für Rohöl der Nordseesorte Brent legte am Morgen leicht zu. Ein Fass kostete 58,61 Dollar und damit 67 Cent mehr als am Vortag. Im weiteren Handelsverlauf würden die Anleger gespannt auf die neusten Daten zu den Ölreserven in den USA warten, hieß es von Händlern. Ein Anstieg der Lagerbestände in der größten Volkswirtschaft der Welt könnte allerdings den Höhenflug der Ölpreisen am Nachmittag stoppen und für einen Rückschlag bei den Notierungen sorgen./jkr/wiz

[DaenischeSuedsee]

Antwort auf Beitrag Nr.: 37.160.817 von c77k am 13.05.09 08:05:14

moin,

mit 92 Mio Markt Kap und 47 Mio cash Bestand müßte Ithaca bei 8.800 bopd
eigentlich ziehen, charttechnisch sah es jedenfalls Ende der Woche gut aus

[c77k]

Antwort auf Beitrag Nr.: 37.161.760 von DaenischeSuedsee am 13.05.09 10:04:49

stetig und gemütlich wird sie das auch!
Bin sehr zuversichtlich!

[RayNar]

Apollo2000 hat eine neue Präsentation von Ithaca entdeckt:
http://www.ithacaenergy.com/presentations/090505%20Ithaca%20…

[Bitech]

Die Präsentation sieht gut aus.
Bin seit eben auch mit ein paar Stücken dabei.

Bitech

[DaenischeSuedsee]

der chart sieht auch gut aus heute, +16%, das gibt Hoffnung . .

[DaenischeSuedsee]

Woow, . . die erwacht ja richtig zum Leben, Kaufalarm !!

[Bitech]

Ithaca Energy Inc. Operational and Production Update


7:13 AM ET, May 27, 2009


LONDON, UNITED KINGDOM and CALGARY, ALBERTA, May 27, 2009 (Marketwire via COMTEX) -- NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Ithaca Energy Inc. (IAE)(AIM:IAE) and its wholly owned subsidiary Ithaca Energy (UK) Limited ("Ithaca" or "the Company"), an independent oil & gas company with exploration, development and production assets in the UK sector of the North Sea, is pleased to announce it has started operating the downhole pump on the Jacky field, increasing gross production rates to approximately 10,000 barrels of dry oil per day (bopd) (6,728 bopd net to Ithaca). This rate is significantly above the levels expected from the field with both the well and the reservoir performing strongly.

The Jacky field came on stream on the 6th April at initial rates of approximately 8,800 bopd (gross). Downhole pressures and deliverability were above expectations and as a result the activation of the downhole pump was delayed in order to protect it. With the pressure having now fallen it has been possible to start operating the pump.

Average production in April and May (to date) from Jacky and Beatrice (Bravo and Alpha facilities) was lower than the initial rates experienced due to the fall in downhole pressure from Jacky; constraints from ongoing commissioning and well maintenance work at Beatrice; and a portion of initial Jacky production contributing to fill the infield and export pipelines. As such in April the average Jacky and Beatrice volumes arriving at the Nigg Oil Terminal were 4,740 bopd (3,294 net to Ithaca) and in May, prior to switching on the downhole pump at Jacky, production from Jacky and Beatrice was approximately 5,390 bopd (3,710 bopd net to Ithaca). These numbers compare with expectations, prior to Jacky field startup, of 7,500 bopd gross (5,054 bopd net to Ithaca).

Commissioning and maintenance work is now drawing to a close and the Beatrice and Jacky facilities are currently producing at combined rates of approximately 11,500 bopd (7,850 bopd net to Ithaca) and will quickly make up the production deficit from April and May.

An update on capital expenditure for Jacky will be included in the Company's report on results for the first quarter to March 31, 2009.

Partners in the Jacky field are Ithaca (67.275%), Dyas UK Ltd (22.725%) and North Sea Energy (UK) Ltd (10%).

Partners in the Beatrice Field are Ithaca (74.75%) and Dyas UK Ltd (25.25%).

In accordance with AIM Guidelines, Lawrie Payne, MA Marine Geology (Alberta & Columbia) and Chairman of Ithaca Energy is the qualified person that has reviewed the technical information contained in this press release.

Not for Distribution to U.S. Newswire Services or for Dissemination in the United States

Forward-looking statements

Some of the statements in this announcement are forward-looking. Forward-looking statements include statements regarding the intent, belief and current expectations of Ithaca Energy Inc. or its officers with respect to various matters. When used in this announcement, the words "expects," "believes," "anticipates," "plans," "may," "will," "should" and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcome to differ materially from those suggested by any such statements. These forward-looking statements speak only as of the date of this announcement. Ithaca Energy Inc. expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based except as required by applicable securities laws.

The term "boe" may be misleading, particularly if used in isolation. A boe conversion of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

SOURCE: Ithaca Energy Inc.

Ithaca Energy Inc:Iain McKendrickCEO+44 (0) 1224 650 [e-mail] Energy Inc:John WoodsCDO+44 (0) 1224 650 [e-mail] Energy Inc:Steven TurnerCFO+44 (0) 1224 652 [e-mail] Public Relations:Charles Vivian+44 (0) 207 743 [e-mail] Public Relations:Philip Dennis+44 (0) 207 743 [e-mail] Partners Limited:Marc Cramsie+44 (0) 207 634 [e-mail]
Copyright (C) 2009 Marketwire. All rights reserved.

[oddl84]

Antwort auf Beitrag Nr.: 37.236.837 von DaenischeSuedsee am 22.05.09 21:27:31

Hallo wie hoch sind den die Produktionskosten/barrel bei den derzeitig knapp 9000bpd? fg oddl

[DaenischeSuedsee]

Antwort auf Beitrag Nr.: 37.291.433 von oddl84 am 31.05.09 18:22:41

Produktionskosten, meines Wissens (o. Gewähr, müßte nochmals prüfen)

($17 opex + $2 G&A + $2 interest) = 21 $ pro barrel

. DS

[DaenischeSuedsee]

P.S.: G&A = General & Administrative expense

[DaenischeSuedsee]

. . noch mal . .

auch aus der in # 11 von "RayNar" vorgestellten Presentation ersichtlich, S. 14/26

Presentation May 2009 Update

http://www.ithacaenergy.com/presentations/090505%20Ithaca%20…

[c77k]

Antwort auf Beitrag Nr.: 37.326.552 von DaenischeSuedsee am 05.06.09 10:24:28

http://www.frasermackenzie.com/newresearch/Metrics.pdf

KZ: 1,2$

[DaenischeSuedsee]

Antwort auf Beitrag Nr.: 37.349.698 von c77k am 09.06.09 09:28:50

. . thx
. . . .

[DaenischeSuedsee]

Antwort auf Beitrag Nr.: 37.349.698 von c77k am 09.06.09 09:28:50

Ithaca Energy1 . IAE . $0.71 . Strong Buy . 12month target . $1.90 . 167.6% .
market cap. . $115

. oder sehe ich da was falsch ?

[DaenischeSuedsee]

. eh, schon kapiert, Ergebnis in €

1,90 CAD x 0,64 = 1,216 €

[c77k]

Antwort auf Beitrag Nr.: 37.352.545 von DaenischeSuedsee am 09.06.09 14:31:54

hab ich das § zeichen mit dem € verwechselt!
eie ie ieieiei

geb mir selbst nen

[c77k]

Antwort auf Beitrag Nr.: 37.160.817 von c77k am 13.05.09 08:05:14

Vor fast 4 Wochen hab ich einen Artikel gepostet Ölpreis 60$

Nun sind wir bei 70-71$

http://rohstoffe.wallstreet-online.de/oil_crude.html

Der Ölpreis ist die letzten Monate um 50% gestiegen!

Nun wieder die Frage:
Rentiert sich nun das Athena Projekt?

Ich behaupte YES!!!!

[c77k]

Antwort auf Beitrag Nr.: 37.360.721 von c77k am 10.06.09 10:46:02

10.6.2009
US-Ölpreis klettert Richtung 71 US-Dollar
Quelle: SwissInfo

Der Höhenflug der Ölpreise hat sich am Mittwoch fortgesetzt. Der Preis für ein Barrel (159 Liter) der US-Referenzsorte West Texas Intermediate (WTI) zur Auslieferung im Juli kletterte am Morgen auf 70,86 US-Dollar und damit auf ein neues Sieben-Monats-Hoch. Im Vergleich zum Handelsschluss am Vortag ergibt sich damit ein Sprung um 85 Cent. Seit dem Tief Ende Dezember 2008 bei 35 Dollar hat sich der Ölpreis damit gut verdoppelt.

Der Preis für ein Barrel der Nordseesorte Brent zur Auslieferung im Juli legte am Morgen um 70 Cent auf 70,32 Dollar zu. Händler machten Lagerdaten aus den USA für den Sprung verantwortlich. Zudem bestehe die Hoffnung, dass der Rückgang der Ölnachfrage die Talsohle erreicht habe. Am Nachmittag werden neue Öllagerdaten vom US-Energieministerium veröffentlicht. Sollten diese ebenfalls auf eine Bodenbildung hindeuten, könnten die Ölpreise weiter steigen, hiess es.

10.6.2009
EIA erhöht Prognose für Ölpreis
Quelle: finanznachrichten.de

Die Energie-Informations-Agentur EIA (Energy Information Administration) erhöht ihre Prognose für den durchschnittlichen Ölpreis für das Jahr 2009 um 13,5 Prozent auf 58,70 Dollar je Barrel (159 Liter). Vor einem Monat sagte die EIA für das Jahr 2009 noch einen durchschnittlichen Ölpreis von 52 Dollar je Barrel voraus.

Für die zweite Jahreshälfte 2009 prognostiziert die EIA einen durchschnittlichen Ölpreis von 67 Dollar je Barrel, was etwa 16 Dollar über dem durchschnittlichen Preis der ersten Jahreshälfte liegen würde.

Auch für das kommende Jahr 2010 korrigiert die EIA ihr Kursziel für den Ölpreis von 58 Dollar auf 67,42 Dollar je Barrel nach oben. Für den Monat Juli rechnet die EIA mit einem durchschnittlichen Benzinpreis von 2,70 Dollar pro Gallone. Für das Jahr 2009 geht die EIA von einem durchschnittlichen Benzinpreis von 2,33 Dollar pro Gallone aus.

Weiter senkt die EIA ihre Prognose für die tägliche Opec-Ölproduktion von 28,65 Millionen Barrel auf 28,49 Millionen Barrel.

[DaenischeSuedsee]

[c77k]

sieht ja heut lecker aus in CAN!

[c77k]

USA: Rohölbestände kräftig gesunken
Leser des Artikels: 117

WASHINGTON (dpa-AFX) - In den USA sind die Lagerbestände an Rohöl in der vergangenen Woche kräftig gesunken. Die Vorräte seien um 4,4 Millionen Barrel (je 159 Liter) auf 361,6 Millionen Barrel zurückgegangen, teilte das US-Energieministerium am Mittwoch in Washington mit. Experten hatten einen wesentlich moderateren Rückgang um 0,4 Millionen Barrel erwartet.




Die Bestände an Benzin sanken überraschend um 1,6 Millionen Barrel auf 201,6 Millionen Barrel. Hier wurde mit einem Anstieg um 0,8 Millionen Barrel gerechnet. Die Destillate-Bestände (Heizöl, Diesel) gaben leicht um 0,3 Millionen Barrel auf 149,7 Millionen Barrel nach. Erwartet wurde ein Plus um 1,4 Millionen Barrel.

Der US-Ölpreis legte nach den Daten deutlich zu. Zuletzt kostete ein Barrel der Referenzsorte WTI zur Juli-Auslieferung 71,39 Dollar und damit 1,38 Dollar mehr als am Vortag.

^Die Daten im Überblick:

Woche Vorwert
Rohöllagerbestände 361,6 366,0
Benzinlagerbestände 201,6 203,2
Destillatebestände 149,7 150,0

(in Mio Barrel)°

/RX/bf/js
Autor: dpa-AFX

[c77k]

WOW 10% in CAN!

Lets rock´n roll

[DaenischeSuedsee]

Antwort auf Beitrag Nr.: 37.373.383 von c77k am 11.06.09 16:32:27

ich denke an dieser Stelle darf man mal eien chart einstellen

[c77k]

Antwort auf Beitrag Nr.: 37.373.620 von DaenischeSuedsee am 11.06.09 16:56:12

das darf man....

14 % + vor allem die Stückzahl sind nicht schlecht für den Anfang!
Würd mich interessieren ob es news gab!
jemand ne Ahnung?

[DaenischeSuedsee]

Antwort auf Beitrag Nr.: 37.373.706 von c77k am 11.06.09 17:02:49

Percent Change: +16.67%

na,das Ergebnis des heutigen Tages kann sich aber sehen lassen

würde mal sagen Momentum und Ölpreis, vielleicht dringt jetzt doch
mehr durch daß IAE Bewertungsspielraum nach oben hat

schönen Abend noch . .

[c77k]

Ithaca könnte mal wieder was bekannt geben...
Beispielsweise zum Thema Athena Projekt!

[Bitech]

Antwort auf Beitrag Nr.: 37.426.332 von c77k am 19.06.09 12:26:12

Moin,

gibt es neben dem leicht sinkenden Ölpreis Gründe/News für den jetzt doch starken Kursrückgang? Wir liegen immer noch über den von Ithaca kalkulierten Ölpreis (Brent Oil) von $50 für 2009.

Bitech

[Bitech]

News.

Ithaca Energy Inc.: Agreement on Early Conversion of Dyas Loan


9:09 AM ET, June 29, 2009


LONDON, UNITED KINGDOM and CALGARY, ALBERTA, Jun 29, 2009 (Marketwire via COMTEX) -- NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Ithaca Energy Inc. ("Ithaca" or the "Company") (IAE)(AIM:IAE) and its wholly owned subsidiary Ithaca Energy (UK) Limited, an independent oil & gas company with exploration and development assets in the UK sector of the North Sea, announces that it has entered into an agreement with Dyas UK Limited ("Dyas") for the conversion of Dyas' US$61.2 million outstanding secured loan.

Under the agreement entered into in October 2008, Dyas had the option (the "2008 Option") to convert the US$61.2 million loan by 1st November 2010 in consideration for the purchase of an additional 15.15% of all of Ithaca's interests held at 1st November 2008 (the "Effective Date").

Upon the early conversion of the Dyas loan, Ithaca will become debt free and will receive an additional cash payment from Dyas of approximately US$35.8 million in exchange for Dyas taking further equity in all of its properties, including the Jacky and Beatrice fields, in addition to the 15.15% interest entitlement under the 2008 Option.

Ithaca and Dyas have revised the working interest positions in its key assets through this transaction as follows:

------- ----------------------- --------------- Pre Post 1/11/08 Post Revised 1/11/08 (excluding 2008 option) Transaction ------- ----------------------- ---------------Asset Type Ithaca Ithaca Dyas Ithaca Dyas % % % % %Beatrice Production 100 74.75 25.25 50.00 50.00Jacky Production 90 67.28 22.73 47.50 42.50Athena Development 70 52.33 17.68 22.50 47.50Carna Development 40 29.90 10.10 16.00 24.00Stella Development 66.67 49.83 16.83 35.00 31.67
In addition, equity in all of Ithaca's remaining exploration assets will also be transferred, such that Dyas will acquire a final equity holding equivalent to 50% of Ithaca's equity positions immediately prior to the Effective Date.

The total aggregate consideration for this revised transaction will be approximately US$97 million. Based on the Company's evaluation of proven and probable reserves as at 31 December 2008, Ithaca is selling 11.6 million developed and undeveloped barrels of oil equivalent (boe) at a price of US$8.36 per boe.

The key benefits to Ithaca as a result of this transaction are:

- Receipt of a cash payment of approximately US$35.8 million which will provide funding for additional projects in particular to enhance production from Jacky and Beatrice areas, to appraise Stella and to seek new opportunities to broaden its asset base;

- Strong cash position with no debt;

- Reduced working interests ahead of major capital expenditures on Stella, Carna and the Beatrice Area; and

- Improved forward planning with no Dyas option overhang.

The transaction is subject to the approval of the UK Department for Environment and Climate Change ("DECC"), Talisman Energy and usual third party consents. The TSX Venture Exchange has approved the transaction subject to the usual post closing filing conditions.

Iain McKendrick, CEO of Ithaca said:

"This is a major step forward, putting the Company onto an excellent long term footing. This revised deal leaves the Company debt free and with financial resources sufficient to finance a manageable future capital expenditure program that will develop existing projects as well as new opportunities. The Company now has a diverse portfolio and is poised for growth from the platform that has been created through this second transaction with Dyas. I regard this as a transformational move, securing the future of Ithaca in an exciting environment in which to expand".

In accordance with AIM Guidelines, Lawrie Payne, MA Marine Geology (Alberta & Columbia) and Chairman of Ithaca Energy is the qualified person that has reviewed the technical information contained in this press release.

References to 'boe' may be misleading, particularly if used in isolation. A boe conversion ratio of 6Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Not for Distribution to U.S. Newswire Services or for Dissemination in the United States

Forward-looking statements

Some of the statements in this announcement are forward-looking. Forward-looking statements include statements regarding the intent, belief and current expectations of Ithaca Energy Inc. or its officers with respect to various matters. When used in this announcement, the words "expects," "believes," "anticipates," "plans," "may," "will," "should" and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcome to differ materially from those suggested by any such statements. These forward-looking statements speak only as of the date of this announcement. Ithaca Energy Inc. expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based except as required by applicable securities laws.

SOURCE: Ithaca Energy Inc.

Ithaca Energy Inc.Iain McKendrickCEO+44 (0) 1224 650 [e-mail] Energy Inc.Steven TurnerCFO+44 (0) 1224 652 [e-mail] Public RelationsCharles Vivian+44 (0) 207 743 [e-mail] Public RelationsPhilip Dennis+44 (0) 207 743 [e-mail] Partners LimitedRichard Swindells+44 (0) 20 7634 [e-mail]
Copyright (C) 2009 Marketwire. All rights reserved.

[RayNar]

Gefunden von Apollo2000, kleiner Vergleich mit geschätzten Zahlen einiger Junior-Produzenten:

International Junior & Intermediate Oil and Gas
http://www.frasermackenzie.com/newresearch/Metrics.pdf

[c77k]

Das "Jacky Ölfeld" von Ithaca produziert mehr, als erwartet ...


Jul 22, 2009
Ithaca Energy Inc.: Jacky Field Performance Continues to Exceed Expectations

Ithaca Energy Inc. and its wholly owned subsidiary Ithaca Energy (UK) Limited, an independent oil & gas company with exploration, development and production assets in the UK sector of the North Sea, is pleased to announce that production from the Jacky field is now flowing at rates in excess of 11,000 bopd.

On the 6th April 2009, the Jacky production well started flowing without artificial lift at gross rates of around 8,800 barrels of oil per day (bopd) (5,920 bopd net to Ithaca). On 20th May 2009, the downhole pump was activated, immediately boosting the flow from the reservoir. Since then, optimisation of pump performance has resulted in progressive production rate improvement and now daily rates are in excess of 11,000 bopd (7,400 bopd net to Ithaca). Daily rates continue to increase.

Average production for the month of June was approximately 9,300 bopd (6,257 bopd net to Ithaca). Combined rates from the Jacky and Beatrice fields producing to the Nigg oil terminal during June were in excess of 10,900 bopd (7,455 bopd net to Ithaca).

The Jacky field has continued to produce 'dry' oil increasing confidence in the likely ultimate production volume. Ithaca is currently proposing to drill a water injection well in the third quarter of 2009 to support and maintain production levels through 2010 and beyond. A drilling rig has been identified for this work.

John Woods, Chief Developments Officer said "The continued excellent performance of the Jacky field has increased our confidence in the sustained production and associated revenue that will provide Ithaca with the financial strength necessary to realise its development portfolio".

Partners in the Jacky field are Ithaca (67.275%), Dyas UK Ltd (22.725%) and North Sea Energy Ltd (10%)

Partners in the Beatrice Field are Ithaca (74.75%) and Dyas UK Ltd (25.25%).

On 29th June 2009, Ithaca announced a second transaction with Dyas UK Ltd that will reduce Ithaca's interests in Jacky and Beatrice to 47.5% and 50% respectively. Closing of that transaction remains on course to be completed before the end of the third quarter of 2009.

[c77k]

London sieht gut aus heute: 41 = 0,475

[DaenischeSuedsee]

Hallo zusammen,

das Kursziel von $ 1,45 wurde vor kurzem von Tristone in einem 130 Seiten Bericht zu oil juniors (den ich noch nicht gefunden habe) bestätigt


Weekly Top Pick    

When Tristone list their favorite stocks their list takes a global perspective, well actually a Canadian and British perspective coming up with names such as Bankers Petroleum: “ for its exceptional resource potential, strong management team and its aggressive H2/09 work programs.” Pacific Rubiales: “for its exciting development and exploration portfolio”. Pan Orient: “for its great acreage position in SE Asia, strong cash flow and ongoing exploration potential”. They also like Valiant: “for its recent success in SW Don” and also Western Zagros: “for its acreage in Kurdistan”. The report reminds you of one of those Russian authors that got paid by the word because it is a truly exhausting effort, heck and that was just to read it. I can imagine the work that went into writing this 130 page piece of work but having said that I suspect the one page that will get all the looks will be page 3 where they go down a list of their favorite stories, and past favorite stories, and what new target prices they might have on some of the old stories.  

Some of the big changes have been Bankers Petroleum where they have raised their target from $2.90 to $3.80.  

One analyst recently titled their research report on Bankers as, “Ex-Rally Team Stepping up Manufacturing of Continental Europe’s Largest Oilfield”!  

BANKERS PETROLEUM (BNK-T) $1.80 +0.18  

Other adjustments to targets included Ithaca from $0.80 to $1.45   ITHACA ENERGY (IAE-V) $0.55  

They continue with…Pacific Rubiales where the target is now $12.50 from $12 and Pan Orient moves to $9 from $7.60. The report also looks at Sterling Resources, which was one of the few to be downgraded seeing their target cut from $2.30 to $2.20.

The report is interesting in that it does follow a few quirky stories such as Candax whose target has been upped from $0.18 to $0.33.

Meanwhile Coastal Energys target has been upped from $3.70 to $4.85, for those seeking adventure in Thailand, and for those that are really bold, Western Zagros has seen their target bounced from $1.40 to $3.70.  

[RayNar]

Geklaut von Apollo2000 mal wieder :

Ithaca Energy: Debt Free After Completion of Second Dyas Transaction
Wed Jul 29, 9:50 AM

LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - July 29, 2009) -Ithaca Energy Inc. (TSX VENTURE: IAE.V)(AIM: IAE)and its wholly owned subsidiary Ithaca Energy (UK) Limited ("Ithaca" or"the Company"), an independent oil & gas company with exploration,development and production assets in the UK sector of the North Sea, ispleased to announce it has now successfully completed the sale of themajority of its assets under the second transaction with Dyas, whichwill leave Ithaca in a strong cash position and with no debt, reducedongoing funding commitments and greater forward planning ability.

On the 29th June 2009, the Company issued a press release announcingthe early conversion of an existing loan in exchange for cash andinterests in the company's properties.

Ithaca and Dyas have now achieved early completion of this second transaction on all assets except the Stella discovery, which is anticipated to complete inAugust. Finalising this transaction leaves Ithaca debt free and in receipt of a further cash payment of approximately US$40.6 million, of which US$32.2 million has been paid and a further US$8.4 million will be paid on final completion (Stella discovery). The cash payment has increased from the number previously announced due to further value adjustments.

The total aggregate final consideration for this revised transaction is approximately US$101.8 million and interest payments on the loan have ceased.

Iain McKendrick, CEO of Ithaca said:

"Rapid completion on this second transaction, which brings significant financial resources into the company, combined with excellent performance at Jacky, secures the financial strength of Ithaca. The company is now well positioned to develop its existing portfolio as well as embark upon new opportunities for growth".

In addition:

- In week beginning 3rd August 2009 the company will launch a revised website: www.ithacaenergy.com

- On the same day an updated corporate presentation will be uploaded to the website.

[RayNar]

Mal wieder was von Apollo:

IAE comments in the UK....seem very bullish...
July 30, 2009

Ithaca Energy Says Jacky Field Performance Continues to Exceed Expectations And The Company Is Debt Free After Completion of Second Dyas Transaction

A week is long time in politics, the British Prime Minister the late Harold Wilson once famously said. Conversely in the oil and gas industry, given the time it can take to bring assets to fruition, a year can be a short time. If you look at Ithaca Energy, and which has just made two key announcements concerning funding and production you could say: “What a difference a year can make”.
The Toronto Venture Exchange and London AIM listed group is focused largely on the UK North Sea and has assembled interests ranging from 20 per cent to 100 per cent in 30 blocks or parts blocks under 16 licences covering 514,000 acres across the gamut of near production, appraisal, development and exploration prospects.

The North Sea seemed to be attractive again in the late nineteen nineties and early two thousands as the oil price began its dizzying rise to a summit US $147 a barrel in July 2008. No really substantial discovery has been made in the North Sea since Buzzard in 2002, nevertheless, there are plenty of development opportunities.

Ithaca was interested in green field exploration but decided early in 2008 that it would be prudent when oil prices were so high to go for a revisit of a known discovery to achieve some production and cash flow.

The Athena field in the outer Moray Firth was discovered some 15 years ago. Two wells 14/18-12 and 14/18-7 flowed at 1,250 and 850 bpd respectively indicating proven reserves of 22 million barrels of oil. In the climate of the times with the oil price seemingly in free fall, these were not considered commercial amounts.

Ithaca undertook two drill stem tests of the original discovery in the first half of 2008. The 14/18b-15 tested oil from the Upper Leek Sand stone at up to 1,330 bpd. Ithaca’s second well, the #16 was directionally drilled from the same drill centre as the #15 well and the Upper Leek was intersected at a distance of 2,500 feet northeast of the bottom hole location of the #15. Like the #15 well the # 16 tested at rates of approximately 1,330 bpd. Ithaca then decided to drill a further well better to appraise the prospect. By July 2008 oilbarrel.com was able to report the 14/18b-18 tested 28 degree API sweet oil at a stable rate of 2,330 bpd. It was thought that using Electrical Submersdible Pumps (ESPS) each well could produce 5000 bpd.

Further development and appraisals wells were planned. There probably would be no production until late 2009 but Ithaca at least had first output in its sights. But then, of course, July 2008 was when the oil price peaked and started to collapse. Costs, particularly rig costs, which had risen four fold by mid 2008 over a five year period, took longer to decline. The North Sea was an expensive environment and Ithaca, like many other operators in this hydrocarbon province began to find itself strapped for cash. First oil from Athena by Christmas 2009 began to seem a long way off.

Ithaca got round the problem by what now seems a smart asset swop. Late in 2009 it agreed to enter a sale and purchase agreement with Dyas UK to sell up to 25.5 per cent of its portfolio for US$40million and entered into a loan agreement for US$61 million for a two year facility, replacing completely the fully drawn Royal Bank of Scotland US$60 million predevelopment facility. Dyas with production (at that time) of 24,000 barrels of oil equivalent a day, is a wholly owned subsidiary of SHV, the largest private conglomerate in the Netherlands.

The assets to be sold included 25.2 per cent in the lease and use of the 100 per cent Talisman owned Beatrice field. Beatrice is an oilfield in the Inner Moray Firth which Ithaca leased from Talisman. There was some small production from Beatrice Alpha and Beatrice Bravo. There was to be a 22.7 per cent sale of the Jacky discovery (Ithaca 90 per cent). Jacky sits in block 12/21c right at the top of Beatrice was being developed for first production in 2009 with a production and export facility through Beatrice.

A 17.7 per cent interest in the Athena field was to be passed on. A 16.8 per cent interest in the Stella gas condensate discovery was to go over. Stella ( 66.67 per cent ) was scheduled to be appraised in 2009 with first gas in 2010.

These deals having been done and Jacky duly having come on stream Ithaca was able to report in May 2009 that Jacky started production on April 6, 2009, having started commenced flowing without artifical lift at gross rates of approximately 8,800 barrels of oil per day ( bopd) ( 5,920 bopd net to Ithaca). On May 20 2009 the downhole pumps were witched on an the Jacky field rates stabilised at approximately10,000 bopd (6,728 bopd net to Ithaca). Combined production (Jacky and Beatrice Alpha and Bravo facilities) was that time running at around 11,500 bopd (7,850 bopd net to Ithaca).

Now Ithaca has announced (July 22) that Jacky is exceeding expectations. Since Apriol when output started optimisation of pump has resulted in [progressive production rate improvement and daily rates are currently in excess of 11,000 bopd (7,400 bopd net to Ithaca).

Shortly after this (July 29) Ithaca made another announcement saying that on June 29 2009 the company issued a press release announcing early conversion of an existing loan in exchange for cash and interest in the company’s properties and there was a second deal with Dyas in train. This second deal would mean Ithaca’s interest in Jacky would drop from 67.7 per cent to 47.5 per cent and Beatrice from 74.75 per cent to 50 per cent respectively.

The July 29 release said that Ithaca and Dyas had completed the second transaction Finalising this deal leaves Ithaca debt free and in receipt a further cash payment of approximately US$ 40.6 million, of which US$32.2 million has been paid and a further US$8.4 million will be paid on final completion in August (Stella discovery). The cash payment has increased from the number previously announced due to further value adjustments.

So in the space of a year Ithaca has turned itself around, got into production and staved off the worst effects the credit crunch by becoming comfortably funded. A clearly delighted CEO Ian McKendrick said: “Rapid completion of this second transaction (with Dyas), which brings significant resources into the company, combined with excellent performances at Jacky, secures the financial strength of Ithaca. The company is now well positioned to develop its existing portfolio as well as embark upon new opportunities for growth.”

Now, Jacky looks likely to deplete fairly quickly. But there is Athena to look forward to. This could be around 20,000 bpd. Then there is Stella which could bring in around 15,000 boepd a day. We are talking about output ramping up to around at least 20,000 boepd and staying there until around 2014. Beyond that, there are exploration prospects like Carna and Hypnos to refill the tanks. And, unlike some North Sea explorers Ithaca now seems to have the financial wherewithal seize any new opportunities.

[RayNar]

Antwort auf Beitrag Nr.: 37.670.705 von RayNar am 29.07.09 16:31:14

Wie in der Pressemitteilung angekündigt hat Ithaca eine neue Webseite spendiert bekommen und auch eine neue Präsentation online gestellt (Daten vom 1.Juli!). Diese hebt nochmal den aktuellen Stand nach dem durchgeführten Dyas-Verkauf hervor.

- Produktion ca 5000 bopd, 10k 2012, 15k 2013
- ca. 55 Mio Cash (working capital)
- Cash/Planungen reichen bis 2012
- September 09, 2te Bohrung Jacky
usw.

[Bitech]

Antwort auf Beitrag Nr.: 37.702.955 von RayNar am 03.08.09 21:45:39

Moin,

irgendwie bekomme ich nur die alte Homepage unter www.ithacaenergy.com angezeigt.

Bitech

[RayNar]

Antwort auf Beitrag Nr.: 37.704.713 von Bitech am 04.08.09 09:53:17

Stimmt, gestern war die Neue noch da.
Kann zu Hause nochmal den Link für die Präsentation raussuchen, aber das Problem dürfte hoffentlich eh bald gelöst sein.

[Bitech]

Antwort auf Beitrag Nr.: 37.704.831 von RayNar am 04.08.09 10:05:02

Ithaca Energy Inc.: Another Outstanding Month of Production from the Jacky Field


9:23 AM ET, August 6, 2009


LONDON, UNITED KINGDOM and CALGARY, ALBERTA, Aug 6, 2009 (Marketwire via COMTEX) -- NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Ithaca Energy Inc. (IAE)(AIM:IAE) and its wholly owned subsidiary Ithaca Energy (UK) Limited ("Ithaca" or "the Company"), an independent oil & gas company with exploration, development and production assets in the UK sector of the North Sea, is pleased to announce that total production from the Jacky and Beatrice fields has now been optimized at daily rates exceeding 12,000 bopd.

Average production for the month of July from the two fields was approximately 11,770 bopd (5,652 bopd net to Ithaca).

The Jacky field continues to produce 'dry' oil which provides further encouragement that the likely ultimate total production volume could exceed current management expectations. Plans are on schedule to commence drilling a water injection well in September 2009 that will maintain reservoir pressure and support future production through 2010 and beyond. A further update on Jacky production performance will be announced after the injection well has been commissioned.

Partners in the Jacky field are Ithaca (47.5%), Dyas UK Ltd (42.5%) and North Sea Energy (UK) Ltd (10%).

Partners in the Beatrice Field are Ithaca (50%) and Dyas UK Ltd (50%).

In addition, the Company will be issuing its 2nd Quarter Financial Results shortly; these will reflect initial oil sales revenue from Jacky and Beatrice.

In accordance with AIM Guidelines, Lawrie Payne, MA Marine Geology (Alberta & Columbia) and Chairman of Ithaca Energy is the qualified person that has reviewed the technical information contained in this press release.

Not for Distribution to U.S. Newswire Services or for Dissemination in the United States

Forward-looking statements

Some of the statements in this announcement are forward-looking. Forward-looking statements include statements regarding the intent, belief and current expectations of Ithaca Energy Inc. or its officers with respect to various matters. When used in this announcement, the words "expects," "believes," "anticipates," "plans," "may," "will," "should" and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcome to differ materially from those suggested by any such statements. These forward-looking statements speak only as of the date of this announcement. Ithaca Energy Inc. expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based except as required by applicable securities laws.

The term "boe" may be misleading, particularly if used in isolation. A boe conversion of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

SOURCE: Ithaca Energy Inc.

Ithaca Energy Inc:Iain McKendrickCEO+44 (0) 1224 650 [e-mail] Energy Inc:John WoodsCDO+44 (0) 1224 650 [e-mail] Energy Inc:Steven TurnerCFO+44 (0) 1224 652 [e-mail] Public Relations:Charles Vivian+44 (0) 207 337 [e-mail] Public Relations:Philip Dennis+44 (0) 207 337 [e-mail] Partners Limited:Richard Swindells+44 (0) 20 7634 [e-mail]

[RayNar]

Antwort auf Beitrag Nr.: 37.725.509 von Bitech am 06.08.09 16:20:13

Super
Jacky von anfänglichen 8'800 bopd auf nun über 12'000!

[RayNar]

Ithaca Energy reports Q2 profit

Aug 18, 2009 04:18 PM
THE CANADIAN PRESS

CALGARY – Ithaca Energy Inc. (TSXV:IAE), a Calgary-based oil and gas company with exploration, development and production in the British sector of the North Sea, reports its second quarter net profit rose to US$3.8 million from a loss of US$1.5 million for the same year-earlier period.

The company said late Tuesday it benefited from a $5.6 million gain on financial instruments offset by high depletion charges of $17.6 million.

Per share profit was two cents, versus a loss of one cent a share last year, said Ithaca, which reports in U.S. dollars and trades on the TSX Venture Exchange.

Overall revenues rose to US$29.9 million from $126,137 last year, before the company's main North Sea oilfields began commercial production.

[RayNar]

Komplett und Original:

Ithaca Energy Inc.: Second Quarter 2009 Results

14:14 EDT Tuesday, August 18, 2009
LONDON, UNITED KINGDOM and CALGARY, CANADA--(Marketwire - Aug. 18, 2009) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Ithaca Energy Inc. ("Ithaca" or the "Corporation") (TSX VENTURE:IAE)(AIM:IAE), a Canadian independent oil and gas company with exploration, development and production assets in the UK North Sea, is pleased to announce its results for the second quarter ended June 30, 2009.

Net profit for the quarter was $3.8 million with positive cash flow from operations of $16.9 million.

SUMMARY OF KEY EVENTS

Operations

- Jacky production commenced on April 6, 2009 as planned.

- Beatrice Alpha, Beatrice Bravo and Jacky together produced 673,073 barrels (463,688 barrels net to Ithaca) of oil to the tank at Nigg Terminal for the period from April 1, 2009 to June 30, 2009.

- Total operational efficiency exceeded 95% for the period as production was stabilised. Work is ongoing to maximise and prolong production across the facilities, with a Jacky water injection well scheduled for the third quarter 2009. The Ensco 80 drilling rig was contracted on August 14, 2009 to complete this work.

- The Jacky field has continued to produce 'dry' oil (being zero or neglible water content) increasing management confidence in the likely ultimate production volume.

- Weighted average realised price for the quarter was $60.38/barrel (plus an additional price uplift of $0.96/barrel for 159,806 barrels net to Ithaca at the point of sale to a third party).

Financials

- Net profit for the quarter was $3.8 million (loss of $1.5 million for the 3 months ended June 30, 2008); due primarily to positive operating cash flows and a $5.6 million gain on financial instruments offset by high depletion charges of $17.6 million.

- The Corporation recorded its first quarter of positive cash flow from operations of $16.9 million as the benefit of the Jacky production took effect.

- Total cash at the quarter end stood at $14.3 million of which $11.9 million was restricted cash held as collateral for letters of credit issued by the Bank of Scotland. In addition, $2.3 million (net to Ithaca) is held on deposit with ENSCO Offshore (UK) Limited for a future rig commitment (Jacky water injector well) and is included in deposits, prepaid expenses and others.

- In the three months to June 30, 2009 total fixed assets decreased to $299.1 million ($308.5 million as at March 31, 2009) representing the lower capital spend in the period offset by high depletion as Jacky commenced production.

Events Subsequent to June 30th, 2009

- The Corporation announced on July 29, 2009 that it had completed a transaction with Dyas UK Limited ("Dyas"), whereby Dyas agreed to convert a loan of $61.2 million into an interest in certain assets of the Corporation. The transaction also provided for a $40.6 million cash payment to the Corporation. As a consequence of the transaction, the Corporation is now debt free and all security held by Dyas has been released.

- Gross oil sales in July totalled 364,842 barrels (net to Ithaca 175,124 barrels) at a realised price of $71.22 per barrel (before additional price uplift at the point of sale to a third party).

- The Corporation entered its first commodity hedge on July 24, 2009 whereby it fixed 50,000 barrels of July, August and September production at US$70/barrel.

Outlook

- The completion of the second Dyas transaction has given the Corporation additional cash to pursue current developments, enhance the efficiency of existing operations and to seek new opportunities to strengthen the portfolio:

-- The Jacky water injector is expected to be operational from October, 2009;

-- At least one well will also be worked over at Beatrice Bravo in November 2009 and water injection will also be restarted at Beatrice Bravo at that time;

-- Discussions are underway regarding contracting all services for an extensive work over programme at Beatrice Alpha;

-- The Stella appraisal well is planned for the second half of 2009;

-- The Carna development is scheduled to be sanctioned in the fourth quarter of 2009;

-- Development decision for the Athena field is expected in the fourth quarter given improved oil prices and greater commercial flexibility in the oil service sector; and

-- Development of the Polly discovery is under discussion with a major contractor.

[Bitech]

Antwort auf Beitrag Nr.: 37.806.211 von RayNar am 18.08.09 22:49:02

Ithaca Energy Announces Awarding of Share Options Under the Company's Stock Option Plan


10:31 AM ET, August 21, 2009


LONDON, UNITED KINGDOM and CALGARY, CANADA, Aug 21, 2009 (Marketwire via COMTEX) -- NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Ithaca Energy Inc. (IAE)(AIM:IAE) ("Ithaca" or "the Company"), an independent oil & gas company with exploration, development and production assets in the UK sector of the North Sea, announces that, in accordance with the Company's Stock Option Plan, the Board of Directors approved the granting of 3,976,875 share options to Directors, Officers and Employees at a price of CDN $0.87 which was the closing price on the TSX Venture Exchange on Thursday, August 20, 2009. The options shall be granted effective August 20, 2009 and are exercisable for a period of four years from that date. One third of the options will vest at the end of each of the first, second and third years from the effective date.

Of the recipients, a total of 2,342,500 share options were granted to Directors and Officers as follows:

Iain McKendrick CEO and Director 750,000Lawrence Payne Chairman and Director 332,500Steven Turner CFO 200,000Nicholas Muir Officer 230,000John Woods Officer 230,000John Summers Director 100,000Frank Wormsbecker Director 100,000Jay Zammit Director 100,000Brad Hurtubise Director 100,000Jack Lee Director 100,000
Upon granting the options, the Company will have a total of 13,706,376 shares under option representing approximately 8.45% of total shares outstanding.

Forward-looking statements

Some of the statements in this announcement are forward-looking. Forward-looking statements include statements regarding the intent, belief and current expectations of Ithaca Energy Inc. or its officers with respect to various matters. When used in this announcement, the words "expects," "believes," "anticipates," "plans," "may," "will," "should" and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcome to differ materially from those suggested by any such statements. These forward-looking statements speak only as of the date of this announcement. Ithaca Energy Inc. expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based except as required by applicable securities laws.

SOURCE: Ithaca Energy Inc.

Ithaca Energy Inc.Iain McKendrickCEO+44 (0) 1224 650 [e-mail] Energy Inc.Steven TurnerCFO+44 (0) 1224 652 [e-mail] Public RelationsCharles Vivian+44 (0) 207 743 [e-mail] Public RelationsPhilip Dennis+44 (0) 207 743 [e-mail] Partners LimitedRichard Swindells+44 (0) 20 7634 [e-mail]
Copyright (C) 2009 Marketwire. All rights reserved.

[Bitech]

Antwort auf Beitrag Nr.: 37.829.707 von Bitech am 21.08.09 20:38:31

Ithaca Energy Inc.: Rig Moves to Jacky to Drill Injection Well


6:05 AM ET, September 10, 2009


LONDON, UNITED KINGDOM and CALGARY, ALBERTA, Sep 10, 2009 (Marketwire via COMTEX) -- NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Ithaca Energy Inc. (IAE)(AIM:IAE) and its wholly owned subsidiary Ithaca Energy (UK) Limited ("Ithaca" or "the Company"), an independent oil & gas company with exploration, development and production assets in the UK sector of the North Sea, is pleased to announce that the Ensco 80 drilling rig has been mobilised to the Jacky Field to drill the injector well as planned.

The Ensco 80 drilling unit was mobilised to the Jacky Field on Wednesday the 9th September to drill a water injection well that will support continued production though 2010 and beyond. The drilling and completion of the well is scheduled to last approximately 55 days.

Ithaca can also confirm that Jacky Field production continues to perform well and that the combined average levels of production for the Beatrice Complex seen in July have been maintained throughout August at 11,578 barrels of oil per day. Despite continued high production levels of 'dry' oil from Jacky, reservoir pressure has continued to decline, as predicted, and it is now prudent and good production management to intervene and provide pressure support by water injection.

After the successful completion of the Jacky injection well, the Ensco 80 rig will be moved to the Beatrice Bravo facility where it will conduct up to two well interventions; this is expected to result in increased oil production levels. At the same time, the water injection system at Beatrice Bravo will be re-instated as part of a long term plan to support and increase the overall production from the Beatrice Complex.

On conclusion of the drilling and commissioning of the Jacky injection well, Ithaca shall seek an updated Independent Reserves Audit report on field reserves in order to reflect the performance of the field to date.

Partners in the Jacky field are Ithaca (47.5%), Dyas UK Ltd (42.5%) and North Sea Energy (UK) Ltd (10%)

Partners in the Beatrice Field, including Beatrice Bravo are Ithaca (50%) and Dyas UK Ltd (50%).

In accordance with AIM Guidelines, Lawrie Payne, MA Marine Geology (Alberta & Columbia) and Chairman of Ithaca Energy is the qualified person that has reviewed the technical information contained in this press release.

Not for Distribution to U.S. Newswire Services or for Dissemination in the United States

Forward-looking statements

Some of the statements in this announcement are forward-looking. Forward-looking statements include statements regarding the intent, belief and current expectations of Ithaca Energy Inc. or its officers with respect to various matters. When used in this announcement, the words "expects," "believes," "anticipates," "plans," "may," "will," "should" and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcome to differ materially from those suggested by any such statements. These forward-looking statements speak only as of the date of this announcement. Ithaca Energy Inc. expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based except as required by applicable securities laws.

The term "boe" may be misleading, particularly if used in isolation. A boe conversion of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

SOURCE: Ithaca Energy Inc.

Ithaca Energy IncIain McKendrickCEO+44 (0) 1224 650 [e-mail] Energy IncJohn WoodsCDO+44 (0) 1224 650 [e-mail] Energy IncSteven TurnerCFO+44 (0) 1224 652 [e-mail] Public RelationsCharles Vivian+44 (0) 207 337 [e-mail] Public RelationsPhilip Dennis+44 (0) 207 337 [e-mail] Securities plcJon Fitzpatrick+44 (0) 131 220 [e-mail] Securities plcKen Fleming+44 (0) 131 220 [e-mail]

[Bitech]

Antwort auf Beitrag Nr.: 37.954.785 von Bitech am 10.09.09 15:06:43

Ithaca Energy Inc.: Changes in Management


9:00 AM ET, September 17, 2009


LONDON, UNITED KINGDOM and CALGARY, ALBERTA, Sep 17, 2009 (Marketwire via COMTEX) -- NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Ithaca Energy Inc. (IAE)(AIM:IAE) and its wholly owned subsidiary Ithaca Energy (UK) Limited ("Ithaca" or "the Company"), an independent oil & gas company with exploration, development and production assets in the UK sector of the North Sea, announces today that Lawrie Payne shall assume a Non-Executive role as Non-Executive Chairman of the Board of Ithaca Energy Inc.

Effective from 1st October 2009, Lawrie Payne shall step down from management of the Company and take on the role of Non-Executive Chairman of the Company. As previously stated in former releases, Mr. Payne stepped down as Chief Executive Officer in December 2008, following an orderly transition of the office of Chief Executive Officer to Iain McKendrick. At that time, Mr. Payne took on the role of Executive Chairman. The Board wishes to express thanks to Lawrie for his tireless contribution to the management of the Company over the past five years.

Coinciding with this announcement, the Company's London office will close on 1st October 2009, however investor enquiries by telephone should continue to utilise the London number which has been changed to [phone].

In addition the Company advises that its Calgary address has been changed to:

Ithaca Energy Inc.7078 - 7th Avenue,SW Calgary,AlbertaT2P 3H6.General:Aberdeen Office [phone]
Not for Distribution to U.S. Newswire Services or for Dissemination in the United States

Forward-looking statements

Some of the statements in this announcement are forward-looking. Forward-looking statements include statements regarding the intent, belief and current expectations of Ithaca Energy Inc. or its officers with respect to various matters. When used in this announcement, the words "expects," "believes," "anticipates," "plans," "may," "will," "should" and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcome to differ materially from those suggested by any such statements. These forward-looking statements speak only as of the date of this announcement. Ithaca Energy Inc. expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based except as required by applicable securities laws.

SOURCE: Ithaca Energy Inc.

Ithaca Energy Inc:Iain McKendrickCEO+44 (0) 1224 650 [e-mail] Energy Inc:John WoodsCDO+44 (0) 1224 650 [e-mail] Energy Inc:Nick MuirCXO+44 (0) 1224 650 [e-mail] Energy Inc:Steven TurnerCFO+44 (0) 1224 652 [e-mail] Public Relations:Philip Dennis+44 (0) 207 [e-mail] Securities plc:Jon Fitzpatrick+44 (0) 131 220 [e-mail] Securities plc:Ken Fleming+44 (0) 131 220 [e-mail]

[Bitech]

Antwort auf Beitrag Nr.: 38.003.545 von Bitech am 17.09.09 19:14:06

Es gibt eine neue Präsentation auf der Homepage:

http://www.ithacaenergy.com/uploads/IthacaCorporatePresentat…

Bitech

[Bitech]

Antwort auf Beitrag Nr.: 38.003.622 von Bitech am 17.09.09 19:22:56

Ithaca Energy Inc.: Stella Development

1) Ithaca acquires Maersk Oil's interest and becomes Operator 2) Challenger Minerals Earns In 3) Ithaca HP/HT Farm-out Option granted to Maersk

9:06 AM ET, October 28, 2009

LONDON, UNITED KINGDOM and CALGARY, ALBERTA, Oct 28, 2009 (Marketwire via COMTEX) -- NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Ithaca Energy Inc. (IAE)(AIM:IAE) and its wholly owned subsidiary Ithaca Energy (UK) Limited ("Ithaca" or the "Company"), an independent oil & gas company with exploration, development and production assets in the UK sector of the North Sea, is pleased to announce today that it has agreed with Maersk Oil North Sea UK Limited and Maersk Oil Exploration UK Limited (collectively "Maersk Oil") to purchase the entire 33.33% working interest of Maersk Oil in the Stella discovery and undeveloped satellite discoveries Harrier and Hurricane. Ithaca will assume operatorship of all assets involved in the transaction. Ithaca has also signed an Earn In agreement with Challenger Minerals (North Sea) Limited ("CMI") and agreed terms with Applied Drilling Technology International ("ADTI") (a subsidiary of Transocean Inc.) to drill the Stella discovery. CMI will pay 27% of gross Stella appraisal well costs in exchange for an 18% equity interest in the Stella and Harrier discoveries, thereby carrying a part of Ithaca's share of drilling costs. Upon successful appraisal, CMI will also disproportionately fund a further Stella or Harrier development well.

Ithaca has also signed a Letter of Intent providing Maersk Oil with a stand-alone option to access the prolific High pressure/High Temperature ("HP/HT") play in the Company's Blocks 29/4b and 29/5e awarded in the 25th Licensing Round to Ithaca.

In summary the key benefits to Ithaca are:

- Operatorship and control of Stella and all surrounding Ithaca held acreage;- Final working interest of 50.33% in Stella and Harrier and 100% in Hurricane;- Substantially reduced exposure to Stella appraisal well costs (c.US$35 million gross);- 41.33% paying interest in Stella well, retaining a 50.33% working interest in the licence;- Additional proved plus probable 2.21 million barrels of oil equivalent ("MMboe") in Stella on a pro rata basis of gross reserves as assigned by Sproule International Limited in the Ithaca 2008 year end independent reserves report ("Sproule Report");- Agreement on attractive terms with major drilling contractor ADTI to appraise Stella; and- Full carry on HPHT exploration drilling in each of Blocks 29/4b and 29/5e, subject to option being exercised by Maersk Oil.
The transactions are summarized as follows:

- Ithaca shall pay Maersk Oil US$10 million on completion of the transaction, US$3 million at Field Development approval and US$5 million at first oil. There is no royalty agreement associated with this transaction;- CMI will earn in and pay 27% of all gross well costs including any sidetracking and/or testing to earn 18% equity interest in block 30/6 (Stella and Harrier);- Ithaca shall also be carried on the lesser of 9% of gross costs or US$3.2 million when a second well is drilled on the licence;- Ithaca's second and third payments to Maersk Oil will be shared with CMI in proportion to CMI's earned equity share;- Ithaca has agreed terms to secure an exclusive option with ADTI to use a Transocean rig to drill an appraisal well on Stella on a fixed price, "turnkey" basis;- Ithaca is carried on 5% of all costs up to the end of the first well at Maersk Oil's option to explore the HP/HT play in each of blocks 29/4b and 29/5e, in return and subject to drilling, Maersk Oil will be granted a 95% equity interest in the drilled block(s) in the deep horizons below the Base Chalk horizon; and- Ithaca retains 100% equity interest in the shallow section of blocks 29/4b and 29/5e down to the Base Chalk horizon.
By agreeing with these transactions, Ithaca gains a further working interest in the Stella discovery which contains independently audited gross proved plus probable reserves of 14.4 MMboe (gas plus condensate) as per the Sproule Report, as well as operatorship and control of the planned development. In addition, the nearby Harrier and Hurricane discoveries will be evaluated for linked development plans and represent significant upside to the development value of Stella. The option for Maersk Oil to fully carry Ithaca through appraisal of the HP/HT play gives the Company valuable exposure to a significant exploration upside at no cost (www.ithacaenergy.com/GSA-Explo.asp).

The increased costs reflected in the additional interest in the fields are largely offset in the short term by the CMI Earn In transaction. Gross drilling costs including sidetracking and testing are estimated to be $35 million of which 27% will be carried by CMI. The gross drilling costs are now some 35% lower than previously estimated.

The drilling of the Stella appraisal well will utilise a drilling solution provided by Transocean which helps to materially reduce the appraisal costs for the field. The drilling contract is for a 'turnkey' fixed price to reduce the risk of drilling cost escalation. The well is planned to determine the hydrocarbon/water contact and fluid composition within the field. This downflank appraisal could substantially increase the proven reserves. Drilling is anticipated in December 2009.

Once these transactions are completed Ithaca's final equity positions in the blocks will be:

Block 30/6 & 29/10NE(Stella, Harrier) Block 29/10b (Hurricane)-------------------- ------------------------Ithaca 50.33% Ithaca 100%
Iain McKendrick, Chief Executive Officer of Ithaca Energy, said: "Ithaca will assume operatorship of Stella and the upside in this area allowing the Company to accelerate the development of these assets. The successful appraisal of Stella and subsequent development sanction will secure a hub for further undeveloped discoveries to be exploited. Furthermore I am delighted with the possibility to work with Maersk Oil to explore the HP/HT play in our 25th Round acreage. These significant transactions are entirely consistent with Ithaca's strategy to pursue near term developments which can be fast-tracked to first production without creating funding shortfalls while providing upside potential. The Company will continue to very actively pursue further such acquisition opportunities".

In accordance with AIM Guidelines, Lawrie Payne, MA Marine Geology (Alberta & Columbia) and Chairman of Ithaca Energy is the qualified person that has reviewed the technical information contained in this press release.

Not for Distribution to U.S. Newswire Services or for Dissemination in the United States

Forward-looking statements

Some of the statements in this announcement are forward-looking. Forward-looking statements include statements regarding the intent, belief and current expectations of Ithaca Energy Inc. or its officers with respect to various matters. When used in this announcement, the words "expects," "believes," "anticipates," "plans," "may," "will," "should" and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcome to differ materially from those suggested by any such statements. These forward-looking statements speak only as of the date of this announcement. Ithaca Energy Inc. expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based except as required by applicable securities laws.

The term "boe" may be misleading, particularly if used in isolation. A boe conversion of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

SOURCE: Ithaca Energy Inc.

Ithaca Energy Inc:Iain McKendrickCEO+44 (0) 1224 650 [e-mail] Energy Inc:Nick MuirCXO+44 (0) 1224 650 [e-mail] Energy Inc:Steven TurnerCFO+44 (0) 1224 652 [e-mail] Public Relations:Philip Dennis+44 (0) 207 337 [e-mail] Public Relations:Elena Dobson+44 (0) 207 337 [e-mail] Securities plc:Jon Fitzpatrick+44 (0) 131 220 [e-mail] Securities plc:Ken Fleming+44 (0) 131 220 [e-mail]
Copyright (C) 2009 Marketwire. All rights reserved.

[Bitech]

Antwort auf Beitrag Nr.: 38.271.397 von Bitech am 28.10.09 15:52:22

Jacky Well Completed Under Budget


8:05 AM ET, November 2, 2009


LONDON, UNITED KINGDOM and CALGARY, ALBERTA, Nov 2, 2009 (Marketwire via COMTEX) -- NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Ithaca Energy Inc. (IAE)(AIM:IAE) and its wholly owned subsidiary Ithaca Energy (UK) Limited ("Ithaca" or "the Company"), an independent oil & gas company with exploration, development and production assets in the UK sector of the North Sea, is pleased to announce it has drilled and completed the Jacky water injection well ahead of schedule and under budget.

The well encountered good reservoir quality across the field oil/water contact and is in pressure communication with the Jacky production well, as expected. It is ideally located for providing pressure support to help maintain existing Jacky oil production. Water injection will start over the next week and the impact on Jacky production will be reported once injection rates have been optimized.

The Ensco 80 drilling unit was mobilised to the Jacky Field on Wednesday the 9th September and completed the well on Sunday 1st November, 2 days ahead of schedule. The rig will now mobilise to Beatrice Bravo for two workover operations, which is expected to boost production from the Beatrice reservoir. Details will be given once the rig is positioned and the operations are underway.

As previously announced, Ithaca will now seek an updated Independent Reserves Audit report for the Jacky field to reflect the significantly better than expected (dry oil) production performance to date.

Partners in the Jacky field are Ithaca (47.5%), Dyas UK Ltd (42.5%) and North Sea Energy (UK) Ltd (10%)

Partners in the Beatrice Field, including Beatrice Bravo are Ithaca (50%) and Dyas UK Ltd (50%).

Commenting, Iain McKendrick, CEO of Ithaca, said:

"Work on sustaining and boosting Jacky and Beatrice production will maintain significant cash flow throughout 2010 and beyond. This gives the Company the capability and flexibility to schedule Stella and its other opportunities and to enhance production from existing assets and resources whilst maintaining capital discipline. The Stella transaction announced last week, whereby Ithaca becomes operator, is a timely example of the Company moving to control the pace of investment and development".

In accordance with AIM Guidelines, Lawrie Payne, MA Marine Geology (Alberta & Columbia) and Chairman of Ithaca Energy is the qualified person that has reviewed the technical information contained in this press release.

Not for Distribution to U.S. Newswire Services or for Dissemination in the United States

Forward-looking statements

Some of the statements in this announcement are forward-looking. Forward-looking statements include statements regarding the intent, belief and current expectations of Ithaca Energy Inc. or its officers with respect to various matters. When used in this announcement, the words "expects," "believes," "anticipates," "plans," "may," "will," "should" and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcome to differ materially from those suggested by any such statements. These forward-looking statements speak only as of the date of this announcement. Ithaca Energy Inc. expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based except as required by applicable securities laws.

The term "boe" may be misleading, particularly if used in isolation. A boe conversion of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

SOURCE: Ithaca Energy Inc

Ithaca Energy Inc:Iain McKendrickCEO+44 (0) 1224 650 [e-mail] Energy Inc:John WoodsCDO+44 (0) 1224 650 [e-mail] Energy Inc:Steven TurnerCFO+44 (0) 1224 652 [e-mail] Public Relations:Philip Dennis+44 (0) 207 337 [e-mail] Public Relations:Elena Dobson+44 (0) 207 337 [e-mail] Securities plc:Jon Fitzpatrick+44 (0) 131 220 [e-mail] Securities plc:Ken Fleming+44 (0) 131 220 [e-mail]

[Bitech]

Antwort auf Beitrag Nr.: 38.302.684 von Bitech am 02.11.09 15:35:23

Ithaca Energy Inc. Production Guidance


9:30 AM ET, November 10, 2009


LONDON, UNITED KINGDOM and CALGARY, ALBERTA, Nov 10, 2009 (Marketwire via COMTEX) -- NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Ithaca Energy Inc. (IAE)(AIM:IAE) and its wholly owned subsidiary Ithaca Energy (UK) Limited ("Ithaca" or "the Company"), an independent oil & gas company with exploration, development and production assets in the UK sector of the North Sea, is pleased to offer additional guidance on production performance from the Jacky and Beatrice oilfields.

Cumulative production since start up on 6th April, 2009 from Jacky now exceeds 1.5 million barrels ("mmbbls") gross (0.713 mmbbls net to Ithaca). Proved reserves assessed by independent petroleum consultants, Sproule International Limited ("Sproule") at year end 2008 were 1.422 mmbbls gross. A revised reserves report is currently being prepared by Sproule.

Overall, Ithaca expects to achieve its target production rate of 5,000 barrels of oil per day ("bopd") net to Ithaca for the second half of 2009.

The recently completed Jacky water injection well is now operating with injection rates over 18,000 barrels of water per day. Revised Jacky oil production rates will be reported once injection rates have been stabilized.

During September, Jacky oil production was shut in, as planned, for 12 days to allow drilling rig operations. Nevertheless, oil production from Jacky and Beatrice averaged 6,296 bopd (3,044 bopd net) over the month. Daily peak rates were sustained at over 13,000 bopd gross.

During October the downhole pump in the Jacky production well was slowed down to prevent reservoir pressure falling below acceptable operating levels. This combined with a further 2 days of planned downtime due to drilling operations held Jacky production slightly below that seen in previous months and combined production from Jacky and Beatrice averaged 10,078 bopd gross (4,853 bopd net to Ithaca). The pump rate is expected to be increased during November as the reservoir responds to the pressure support provided by the new water injection well.

The drilling rig Ensco 80 has now moved to the Beatrice Bravo platform where it will conduct workover operations on two currently shut-in production wells. These interventions are being undertaken to boost production from the field and work will last approximately one month. In one well an existing standby downhole pump will be activated and in the other a failed pump will be replaced.

Partners in the Jacky field are Ithaca (47.5%), Dyas UK Ltd (42.5%) and North Sea Energy (UK) Ltd (10%)

Partners in the Beatrice Field, including Beatrice Bravo are Ithaca (50%) and Dyas UK Ltd (50%).

In accordance with AIM Guidelines, Lawrie Payne, MA Marine Geology (Alberta & Columbia) and Chairman of Ithaca Energy is the qualified person that has reviewed the technical information contained in this press release.

Not for Distribution to U.S. Newswire Services or for Dissemination in the United States

Forward-looking statements

Some of the statements in this announcement are forward-looking. Forward-looking statements include statements regarding the intent, belief and current expectations of Ithaca Energy Inc. or its officers with respect to various matters. When used in this announcement, the words "expects," "believes," "anticipates," "plans," "may," "will," "should" and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcome to differ materially from those suggested by any such statements. These forward-looking statements speak only as of the date of this announcement. Ithaca Energy Inc. expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based except as required by applicable securities laws.

The term "boe" may be misleading, particularly if used in isolation. A boe conversion of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

SOURCE: Ithaca Energy Inc.

Ithaca Energy Inc:Iain McKendrickCEO+44 (0) 1224 650 [e-mail] Energy Inc:John WoodsCDO+44 (0) 1224 650 [e-mail] Energy Inc:Steven TurnerCFO+44 (0) 1224 652 [e-mail] Public Relations:Philip Dennis+44 (0) 207 337 [e-mail] Public Relations:Elena Dobson+44 (0) 207 337 [e-mail] Securities plc:Jon Fitzpatrick+44 (0) 131 220 [e-mail] Securities plc:Ken Fleming+44 (0) 131 220 [e-mail]

[Bitech]

Antwort auf Beitrag Nr.: 38.358.886 von Bitech am 10.11.09 18:12:42

Moin,

es gibt eine neue Präsentation

http://www.ithacaenergy.com/uploads/IthacaCorporatePresentat…

Bitech

[Bitech]

Antwort auf Beitrag Nr.: 38.469.224 von Bitech am 27.11.09 15:13:37

Ithaca Closes Stella Transactions and Focuses on Near Term Appraisal Well


12:39 PM ET, November 27, 2009


LONDON, UNITED KINGDOM and CALGARY, ALBERTA, Nov 27, 2009 (Marketwire via COMTEX) -- NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Ithaca Energy Inc. (IAE)(AIM:IAE) and its wholly owned subsidiary Ithaca Energy (UK) Limited ("Ithaca" or the "Company"), an independent oil & gas company with exploration, development and production assets in the UK sector of the North Sea, is pleased to announce that it has closed on its previously announced transactions with Maersk Oil and Dyas on Stella and is now operator and therefore in control of the Stella development.

Ithaca paid Maersk Oil US$10 million at this final completion of its acquisition of the entire 33.33% working interest of Maersk Oil in Stella and the undeveloped satellite discovery Harrier and 50% working interest in Hurricane. Ithaca is now operator of all assets involved in the transaction. Ithaca shall pay Maersk Oil a further US$3 million at Field Development approval and US$5 million at first oil. Further details regarding this and related transactions may be found in the announcement dated October 28, 2009.

At the same time, Ithaca completed its sale to Dyas of 31.67% of Stella and in doing so received $8.7 million US dollars in final cash consideration (positively adjusted for working capital) from Dyas. This achieves full and final closing of the deals agreed with Dyas in October 2008 and April 2009.

Ithaca's equity positions in the blocks are:

Block 30/6 & 29/10NE (Stella, Harrier) Block 29/10b (Hurricane)-------------------- ------------Ithaca 50.33%(i) Ithaca 100%
(i) Assuming completion of the Challenger Minerals (North Sea) Limited transaction as announced on October 28, 2009.

Ithaca is currently finalising plans with its partners and contractors in order to commence the drilling of a well on the Stella discovery before the end of December, which will be the subject of a further announcement.

In accordance with AIM Guidelines, Lawrie Payne, MA Marine Geology (Alberta & Columbia) and Chairman of Ithaca Energy is the qualified person that has reviewed the technical information contained in this press release.

Not for Distribution to U.S. Newswire Services or for Dissemination in the United States

Forward-looking statements

Some of the statements in this announcement are forward-looking. Forward-looking statements include statements regarding the intent, belief and current expectations of Ithaca Energy Inc. or its officers with respect to various matters. When used in this announcement, the words "expects," "believes," "anticipates," "plans," "may," "will," "should" and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcome to differ materially from those suggested by any such statements. These forward-looking statements speak only as of the date of this announcement. Ithaca Energy Inc. expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based except as required by applicable securities laws.

The term "boe" may be misleading, particularly if used in isolation. A boe conversion of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

SOURCE: Ithaca Energy Inc.

Ithaca Energy Inc:Iain McKendrickCEO+44 (0) 1224 650 [e-mail] Energy Inc:Nick MuirCXO+44 (0) 1224 650 [e-mail] Public Relations:Philip Dennis+44 (0) 207 337 [e-mail] Public Relations:Elena Dobson+44 (0) 207 337 [e-mail] Securities plc:Jon Fitzpatrick+44 (0) 131 220 [e-mail] Securities plc:Ken Fleming+44 (0) 131 220 [e-mail]
Copyright (C) 2009 Marketwire. All rights reserved.

[Bitech]

Antwort auf Beitrag Nr.: 38.472.407 von Bitech am 27.11.09 21:40:27

Ithaca Energy Inc.: Change of Chief Financial Officer


11:16 AM ET, December 1, 2009


LONDON, UNITED KINGDOM and CALGARY, ALBERTA, Dec 1, 2009 (Marketwire via COMTEX) -- NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Ithaca Energy Inc. (IAE)(AIM:IAE) and its wholly owned subsidiary Ithaca Energy (UK) Limited, an independent oil & gas company with exploration , development and production assets in the UK sector of the North Sea, announces that Steven Turner has stepped down with immediate effect as Ithaca's Chief Financial Officer to pursue other career opportunities.

The Board thanks Steven for the significant contribution he has made to Ithaca, including assisting in the completion of the financing and farm-out transactions with Dyas.

Norman Wood, a Certified Accountant, has been appointed as Ithaca's interim Chief Financial Officer. He has spent a large part of his career in the oil and gas industry in a variety of worldwide locations, including the UK, South America and Norway. Norman has over 30 years experience in managing finance functions, mainly in his roles as Finance Manager in various countries for Total.

In addition to his usual duties, Norman will assist Ithaca in the recruitment of a permanent Chief Financial Officer. Ithaca has engaged Norman for a six month contract subject to extension. During that time, he will serve as a director of Ithaca's UK subsidiary.

SOURCE: Ithaca Energy Inc.

Ithaca EnergyIain McKendrickCEO+44 (0) 1224 650 [e-mail] EnergyNick MuirCXO+44 (0) 1224 650 [e-mail] Public RelationsPhilip Dennis+44 (0) 207 337 [e-mail] Public RelationsElena Dobson+44 (0) 207 337 [e-mail] Securities plcJon Fitzpatrick+44 (0) 131 220 [e-mail] Securities plcKen Fleming+44 (0) 131 220 [e-mail]

[DaenischeSuedsee]

Hallo zusammen,

das sieht ja gut aus hier, Kursziel erreicht und "outlook" weiterhin vielversprechend . . .

Merry Christmas

[DaenischeSuedsee]

Antwort auf Beitrag Nr.: 38.629.773 von DaenischeSuedsee am 24.12.09 12:26:12

korrigiere, . . . 12month target . $1.90, das war #22 (S.3) ist also noch Luft, unter Berücksichtigung der inzwischen eingetretenen positiven Ereignisse kann man sicher eine zukünftige Anhebung des Kurszieles annehmen, oder ?

[DaenischeSuedsee]

Antwort auf Beitrag Nr.: 38.629.803 von DaenischeSuedsee am 24.12.09 12:35:34

2010-01-21 - In the News - Globe says Ithaca has significant upside potential

http://www.stockwatch.com/oldsite/oldsite_quote.aspx?symbol=…

[hopelessly]

Ithaca's Beatrice Bravo production rises to 1,500 bopd

2010-02-04 08:47 ET - News Release

Mr. Iain McKendrick reports

ITHACA ENERGY INC.: BRAVO WORKOVER SUCCESS

Production potential from Ithaca Energy Inc.'s Beatrice Bravo facility has increased by approximately 1,500 barrels of oil per day (750 bopd net to Ithaca), as a result of the completion of well interventions. This is significantly above management's target of 500 bopd (250 bopd net to Ithaca) however it is too early to establish a reliable longer term production forecast and management retains the overall target of 5,100 bopd net average production for 2010.

The Beatrice Bravo well intervention program has been successfully completed and the Ensco 80 drilling rig has now been released from operations, after a period of waiting on weather. Successful well intervention operations to refurbish and restart production from three wells tied into the Beatrice Bravo platform have resulted in a significant boost to production from the northern part of the Beatrice field. Approximately 1,000 bopd gross (500 bopd net to Ithaca) of the incremental production potential is attributed to the highly effective B11 well intervention which involved perforating across a previously untapped section of the Beatrice reservoir to access an undrained area of the field. Management expects that production rates from this part of the field will continue to stabilize in coming months. Current combined production performance of Bravo platform wells did at one point exceed 2,000 bopd gross (1,000 bopd net to Ithaca). It is anticipated that Beatrice Bravo metered ex-platform production levels will stabilize around 1,500 bopd (750 bopd net to Ithaca).

[DaenischeSuedsee]

Hi, ist ja sehr still geworden hier . .


IAE-TSX V: $1.44 — BUY
TARGET PRICE: $2.25; PROJECTED RETURN: 56%


http://supplytracking.com/positiveimpactithacaresults.pdf

[hopelessly]

Für mich einer der Hoffnungsträger 2010 im kanadischen Ölsektor. Genauso empfehlsenswert: Coastal Energy (CEN). Kursziel Ende 2010 zwischen 8-10 $CAD.

Beide Aktien können in einem Jahr leicht das doppelte Wert sein.

~hopelessly

[DaenischeSuedsee]

Antwort auf Beitrag Nr.: 38.896.743 von hopelessly am 06.02.10 16:40:08

Hi, Coastal habe ich auch auf dem Radar

CA: DEE Delphi Energy Corp. (TSX) könnte man noch erwähnen . . der chart spricht für sich . .

[hopelessly]

Ithaca Energy Inc.: Athena Project Moves Ahead

LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - Feb. 8, 2010) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Ithaca Energy Inc. (TSX VENTURE:IAE)(AIM:IAE) and its wholly owned subsidiary Ithaca Energy (UK) Limited ("Ithaca" or the "Company"), an independent oil & gas company with exploration, development and production assets in the UK sector of the North Sea, is pleased to announce that the Athena Joint Venture Partners have committed to the purchase of long lead equipment. A full project team has been commissioned to plan the development and finalize submission of the Environmental Statement and Field Development Plan ("FDP") for approval.

The Athena Joint Venture Partners have approved the immediate purchase of long lead equipment up to the value of US$14.85 million to initiate the development of the Athena field. Orders will be placed for the supply of Electrical Submersible Pumps ("ESPs"), subsea trees and engineering support.

The project team will initially focus on the finalisation of the Environmental Statement and FDP for submission in March 2010; FDP approval by the authorities is anticipated in July 2010. The team will also undertake the final stage negotiation of contracts for a Floating Production Storage and Offtake ("FPSO") vessel, construction and provision of sub-sea facilities and drilling services.

The initial development consists of four production wells supported by one water injection well. To date the Company has drilled three successful wells on Athena, 14/18b-15A, 14/18b-16 and 14/18b-18 which are currently suspended, and will be re-entered and completed for production. These interventions and the drilling of a water injection well and one further production well will take place in Q4 2010/Q1 2011. Additional wells will be drilled from seabed locations close to existing wells to allow for ease of tie-back to a new subsea manifold.

Production will be routed via the subsea manifold and a two kilometre, 8 inch flowline to a stand-alone FPSO. Oil production will be exported via shuttle tankers. Produced gas will be used to generate power on the FPSO. Other services will include additional electrical power generation, chemical injection, water treatment and injection, and system monitoring and controls.

It is anticipated that all offshore installation works, including FPSO on location, will be complete by the end of Q2 2011.

First production is being targeted for Q2 2011 with estimated initial gross production rates of 22,000 barrels of oil per day ("bopd") (4,950 bopd net to Ithaca).

The latest reserves report issued by Sproule International Limited for year ended December 31 2009, ascribed Proved and Probable reserves in Athena of 24.40 million barrels ("mmbbls") of oil gross (5.49 mmbbls net to Ithaca).

The Company's petroleum and natural gas reserves (the "reserves") were independently evaluated by Sproule (www.sproule.com) in accordance with the Canadian Oil and Gas Evaluation Handbook ("COGEH") reserves definitions and evaluation practices and procedures which abide by the standards set by the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM"), as specified by National Instrument 51-101 ("NI 51-101"). The evaluation uses Sproule's forecast prices and costs at December 31, 2009.

The Athena Joint Venture Partners are Ithaca (operator, 22.5%), Dyas UK Ltd (47.5%), EWE Aktiengesellschaft (20%) and Zeus Petroleum (10%).

John Woods, Chief Developments Officer, said "The Athena Joint Venture Partners have seized a window of opportunity to develop Athena, which has been enabled by the recovery in oil price since Q3 2008. Ithaca as operator of the Athena Development has been working closely with the engineering services sector to negotiate competitive rates that now secure a robust project which is expected to come into production within the next two years."

In accordance with AIM Guidelines, Lawrie Payne, MA Marine Geology (Alberta & Columbia) and Chairman of Ithaca Energy is the qualified person that has reviewed the technical information contained in this press release.

Not for Distribution to U.S. Newswire Services or for Dissemination in the United States

Forward-looking statements

Some of the statements in this announcement are forward-looking. Forward-looking statements include statements regarding the intent, belief and current expectations of Ithaca Energy Inc. or its officers with respect to various matters. When used in this announcement, the words "expects," "believes," "anticipate," "plans," "may," "will," "should", "scheduled", "targeted", "estimated" and similar expressions, and the negatives thereof, whether used in connection with development and future production rates or otherwise, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcome to differ materially from those suggested by any such statements. These forward-looking statements speak only as of the date of this announcement. Ithaca Energy Inc. expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based except as required by applicable securities laws.

The term "boe" may be misleading, particularly if used in isolation. A boe conversion of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Neither TSX Venture nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

[hopelessly]

Antwort auf Beitrag Nr.: 38.902.407 von hopelessly am 08.02.10 13:18:42

Gute News + bullish signs beim Dow am Freitag im Rücken sollte heute ordentlich Schub geben!

[hopelessly]

BTW.. Ithaca und Coastal haben es beide in die TSX Venture 50 geschafft. Das spricht für die Entwicklung und die Bedeutung beider Unternehmen, die dadurch in Zukunft noch mehr im Fokus stehen werden!

[hopelessly]

Ithaca Energy Inc.: Ithaca HP/HT Farm Out to Maersk Oil in Greater Stella Area

LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - Feb. 16, 2010) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Ithaca Energy Inc. (TSX VENTURE:IAE)(AIM:IAE) and its wholly owned subsidiary Ithaca Energy (UK) Limited ("Ithaca" or the "Company"), an independent oil & gas company with exploration, development and production assets in the UK sector of the North Sea, announces that Maersk Oil North Sea UK Limited ("Maersk Oil") has notified Ithaca on February 12 that it exercises its option to Farm In to the High Pressure/High Temperature ("HP/HT") play in both the Company's blocks 29/4b and 29/5e which lie in the Greater Stella Area ("GSA"). This transaction offers the potential to drill two deep exploration wells (one on each block) in which Ithaca shall be carried for all costs up to the end of the first well on each block.

The Farmout Agreement ("FOA") that is to be finalised for both blocks shall be subject to normal due diligence and approvals. The FOA will be executed within 60 days from date of notification of the option being exercised. The outline terms of the FOA are agreed as follows:

* Maersk Oil shall be granted a 95% equity interest in the deep horizons below the Base Chalk horizon in each of the exploration blocks drilled. In return and subject to drilling, Ithaca shall be carried for 100% of all costs in respect of it's 5% residual interest up to the end of the first well drilled on each block to explore the HP/HT play in each of the blocks 29/4b and 29/5e (at Maersk Oil's option).

* The Farmout transaction strictly applies to the deep section, below the Base Chalk horizon. Ithaca retains 100% equity interest in the shallow section, above the Base Chalk horizon in blocks 29/4b and 29/5e.

Maersk Oil, as operator, has previous experience in HP/HT drilling in this area of the Central North Sea. This Farmout transaction will enable Maersk Oil to fully employ its HP/HT technical capability in blocks 29/4b and 29/5e.

Ithaca will continue to be responsible for the obligations of the license, which includes the obtaining and reprocessing of 3D seismic data, up to the point of Maersk Oil committing to drilling and earning an interest in either block.

Nick Muir, Chief Exploration Officer, said: "I am delighted with this opportunity for Ithaca to work alongside Maersk Oil to unlock the HP/HT potential in this area. We believe that Maersk Oil's extensive knowledge and technical expertise in exploration of the HP/HT play will enable Ithaca to further consolidate its position in the GSA".

Notes

The HP/HT play in neighbouring blocks immediately to the north is renowned for the discovery of rich gas-condensate producing fields such as Elgin/Franklin and Shearwater, operated by Total and Shell respectively. The valuable commodity combination of light oil (45° API and above) and wet gas could be abundant at greater depth within the GSA. The HP/HT play is targeted to lie stratigraphically below the current discoveries that Ithaca is preparing for development, namely Stella, Hurricane and Harrier. The deep horizons potentially provide significant upside in the GSA and several leads have already been identified in this new core area for the Company.

In accordance with AIM Guidelines, Lawrie Payne, MA Marine Geology (Alberta & Columbia) and Chairman of Ithaca Energy is the qualified person that has reviewed the technical information contained in this press release.

[DaenischeSuedsee]

Antwort auf Beitrag Nr.: 38.950.629 von hopelessly am 16.02.10 13:50:38

Hallo Gemeinde, soweit noch vorhanden . . .

mit Bezug auf # 64, das kommt mir da nicht gut genug raus, deshalb hier noch mal etwas plakativer . .
für jene die sich für IAE interessieren

Mackie Research on Ithaca Energy
eine vier seitige Studie zu Ithaca . .

Substantial Increase in Reserves

IAE-TSX V: $1.44 — BUY
TARGET PRICE: $2.25; PROJECTED RETURN: 56%

http://supplytracking.com/positiveimpactithacaresults.pdf

[hopelessly]

Hi DaenischeSuedsee,

sieht gut aus, kurzfristig bin ich mit dem Price Target einverstanden, langfristig sehe ich hier aber noch deutlich höhere Kurse.

Weiterhin kann ich immer noch unbedingt Coastal empfehlen. Nach den letzten misslungenen Bohrungen im Slongka Feld ist der Preis abgerutscht und die Aktie völlig unterbewertet. Bei dem kurzfristig aufwartenden Drilling Programm in Buan Buan und Benjarong sind schon bei Teilerfolgen riesige Produktionsmengen zu erwarten. Namhafte Analysten haben ein Price Target von $7.50, ich denke $9 - $10 Ende des Sommers sind nicht unrealistisch (100%).

Weiterer Tipp: Sterling Ressources (SLG)
$2 und 52w high durchbrochen. Seit Ende letztes Jahr auf einem konstanten Aufwärtstrend. Jetzt geht es zurück zu alten Höhen. Technisch absolute Buy Empfehlung. Zudem viele gute NR in den letzten Monaten. Ende des Sommers ist die Aktie $3 wert. Markiert euch den Post und wir werden sehen!!

[DaenischeSuedsee]

Antwort auf Beitrag Nr.: 39.111.892 von hopelessly am 11.03.10 11:12:59

Hi hopelessly,

Danke, für die Tips, Coastal muß ich mir noch mal genauer anschauen

IAE ist eine Freude

DS

[DaenischeSuedsee]

Antwort auf Beitrag Nr.: 39.111.892 von hopelessly am 11.03.10 11:12:59

. . moin, na, ist ja nicht gerade all zuviel los hier . . hat wohl keiner wirklich auf dem Schirm, Ithaca . .

paar Neuigkeiten . .


DAVID PESCOD'S STOCK TALK

The Big Plays!

Oil looks like its trading at higher levels these days and as we pointed out on page 1 there are those suggesting we are about to see another step up in the price of oil. Either way its time to update our list of what we think are the big plays of the day.

Ithaca

First of all we have to say thank you very much to Kevin Shaw for picking the Ithaca story and forcing us to mention it. Ithaca has had a significant discovery and the stock continues to hit new highs everyday. We will have to take Shaw’s target of $4.60 realistically now

Month Day Company Play

May 1 Vast Exploration (VST)

Drilling in Kurdistan, a scary area in the world with all the problems there...but on the other hand they have the perfect partner in Talisman and they have targets the size of which veteran oil men can only dream. This play however, is going to take forever...200 days to drill and then all of that testing.

15 Sterling Resources (SLG)

Cladhan

Cladhan has already been drilled before but never tested, the question is how big? Schachter as we have mentioned before thinks it could add $2-$3 in value and this is an oil play in the North Sea. It is one of our favorite plays and we hope that Kevin Shaw is correct again. He has a target of $3.90 but hey folks, with Sterling’s long list of plays this year we would figure by year end, Sterling could be anywhere between $3 and $10.

June 15 Xcite Energy (XEL)

Bentley Field

The Bentley field still seems to be relatively unknown, and while it is heavy oil the suggestion is that they could have between 400-700 million barrels and anywhere between 70 and 200 million recoverable. These numbers are enormous and some people worry that management hasn’t been getting their story out. Looks like the boys are now on the road and getting that little problem taken care of. Probably the biggest unknown asset in the North Sea.

25 Canacol Energy (CNE)

Karanambo

Has a fair chunk of shares outstanding and just raised even more money but then one of their targets in Guyana, the Karanambo project had already been drilled 30 some years ago and delivered 400 barrels a day. Back then the economics didn’t work, you’re way back in the middle of nowhere a long way from infrastructure.
Fred Kozak points out that the target is somewhere between 40 and 240 million barrels. If it is in the mid range or higher you would expect this stock even with all that paper outstanding would have an awful lot of travelling to do.

November 1 Sterling Resources (SLG)

Pelican Their Pelican play offshore Romania; again absolutely enormous numbers are being used for this play in relatively virgin territory. Use the analogy of how the Mississippi river brought all those riches down to the Gulf of Mexico and the same goes here only the river is called the Danube and it’s not the Gulf it is the Black Sea.

1 Tag Oil (TAO)

Waipawa and Whangai

The stock has been hammered because the company has announced that they have delayed the spud date for their Taranaki oil play in New Zealand from August until November. Now the company has done a financing. On the other hand you should be looking at some of the numbers associated with how big this play could be if…If the technology works. All of a sudden Clive Stockdale’s target of $50
might look conservative. The ultimate high-risk/high-reward play.

December 1 CGX Energy (OYL)

A dozen or so targets offshore Guyana, some hope that two of them could be as big as a billion barrels…another ultimate lottery ticket.

[DaenischeSuedsee]

Ithaca die Gipfelstürmerin . . . von einem Hoch zum nächsten . .

[RayNar]

Oct 07, 2010 02:00 ET
Ithaca Energy Inc.: Third Quarter 2010 Production and A04 Workover Update


LONDON, UNITED KINGDOM and CALGARY, CANADA--(Marketwire - Oct. 7, 2010) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Ithaca Energy Inc. (TSX VENTURE:IAE)(AIM:IAE) and its wholly owned subsidiary Ithaca Energy (UK) Limited ("Ithaca" or "the Company"), an independent oil & gas company with exploration, development and production assets in the UK sector of the North Sea, announces third quarter production and the completion of the first workover in a five well workover campaign on Beatrice Alpha.

Production in the third quarter averaged 10,125 barrels of oil per day ("bopd") gross (4,862 bopd net to Ithaca) with the first of a five well workover programme now complete ("the A04 well"). The production figure represents a slight reduction over second quarter production of 10,217 bopd gross (4,914 bopd net to Ithaca). Further to strong production from the Beatrice Complex in July, production during the months of August and September was marginally tempered by A04 being non-productive during the intervention. Further production time was lost (1.5 days) due to a power supply outage from the mainland to the Beatrice Alpha platform. In addition, during September, production from Jacky was halted for 2 days to allow a chemical 'squeeze' operation which has successfully protected the reservoir productivity from potential scale damage.

The Beatrice Complex average daily sales volumes for the period as measured at the Nigg storage facility are summarised as follows: Gross (bopd) Net to Ithaca (bopd)

Average Q3 2010 10,125 4,862
July 10,852 5,211
August 10,033 4,816
September 9,489 4,560


The average realised price for production in July was $75.648/bbl and in August was $76.294/bbl (before any additional price uplift at the point of sale to a third party). Deliveries for September are currently being priced.

The first of a five well workover campaign on the Beatrice Alpha platform (consisting of the replacement of tubulars and downhole pumps) has now been completed. The A04 well has been brought back on line and is now being flowed as part of 'clean-up' operations following the workover 'shut-in' period. A further production update will be provided as flow rates stabilise.

The Jacky field continues to perform above expectation. Detailed technical work is ongoing using the production history to date to determine where additional potential lies within the field.

Partners in the Jacky field are Ithaca (47.5%), Dyas UK Ltd (42.5%) and North Sea Energy (UK) Ltd (10%).

Joint Venture Partners in the Beatrice Field, including Beatrice Bravo are Ithaca (50%) and Dyas UK Ltd (50%).

In accordance with AIM Guidelines, Lawrie Payne, MA Marine Geology (Alberta & Columbia) and Chairman of Ithaca Energy is the qualified person that has reviewed the technical information contained in this press release.

[RayNar]

Ithaca Energy Announces Third Quarter 2010 Results

Monday, November 15, 2010


Ithaca Energy has reported an adjusted net profit $13.5 million and record cash flow from operations of $26.4 million for the third quarter ended September 30, 2010.

Financial
• Record Cashflow from Operations $26.4 million ($23.9 million inflow in quarter ended September, 2009)
• Adjusted net profit of $13.5 million (loss of $1.1 million for quarter ended September 30, 2009). Reported Net Profit of $10.4 Million after adjusting for non-cash foreign exchange entry associated with equity raise
• $150 million cash raised through the issue of 92.7 million common shares
• Signed and completed $140 million senior debt facility with Bank of Scotland plc - no debt drawn at September 30, 2010
• Cash balance as at September 30, 2010 of $193.3 million ($29.9 million as at 31 December 2009)
• Netback $56.21 / barrel ($53.73 / barrel in quarter ended September, 2009)

Operational
• Combined production during the third quarter averaged 10,125 barrels of oil per day (“bopd”) gross (4,862 bopd net to Ithaca). The first of a five well workover programme on Beatrice was completed boosting production in the well 100% to 680 bopd gross (340 bopd net to Ithaca), in line with expectation.
• On September 9, 2010, the contract for provision of a floating production facility and the letter of award for provision of a semi-submersible drilling rig were awarded for the Athena development.
• On September 21, 2010, Field Development Plan approval was received from the UK Department for Energy and Climate Change for the Athena oil field.

Corporate
• On July 28, 2010, the Company completed a "bought deal" equity issue of 47.6 million Common Shares in Ithaca at a price of C$1.70 per Common Share for aggregate gross proceeds of C$81 million and a “private placement” of 45.1 million Common Shares at a price of £1.07 per Common Share (approximately equivalent to C$1.70 per common share) for aggregate proceeds of approximately C$77 million. Together, the equity issues generated gross proceeds of C$158 million.
• On August 4, 2010, an agreement was entered into to acquire certain UK North Sea gas interests from GDF SUEZ E&P UK Ltd for a cash consideration of £11.25 million (approximately $16.9 million). The Acquisition includes operated interests in the producing Anglia Field, the Garnet and Opal discoveries, and a non operated interest in the producing Topaz Field. The effective date of the Acquisition is January 1, 2010 with an expected closing date in Q4 2010.
• On November 1, the Company announced that it had been offered one new licence, namely Block 29/10d, in the 26th United Kingdom Offshore Licensing Round. The block lies in the Greater Stella Area and neighbours Block 29/10b (Hurricane discovery) and Block 30/6a (Stella and Harrier discoveries). The block contains the Helios discovery which was drilled in the late 1960s by a well which encountered gas and condensate. This is consistent with the Company’s strategy of selective licensing applications for blocks with early exploitation and commercialisation opportunity.

Iain McKendrick, CEO, commented:
“Our operations are now generating record cash levels, which is partly due to the sustained performance levels of our producing assets. FDP approval for the Athena project is another milestone for the Company and now most of the major development contracts have been placed. We anticipate completing the GDF SUEZ transaction before year end to integrate the operatorship of the producing Anglia field and currently undeveloped discoveries, Garnet and Opal. The continued strong financial performance has placed the Company in a secure position to execute its investment plans in the coming months and delay the requirement to access a Senior Debt facility (HBOS) secured earlier in the year. ”

[RayNar]

Ithaca Energy Inc.
Second Production Well to be Drilled on Jacky F...


NEWS RELEASE TRANSMITTED BY MARKETWIRE

FOR: ITHACA ENERGY INC.

TSX VENTURE, AIM SYMBOL: IAE

December 13, 2010

Ithaca Energy Inc.: Second Production Well to be Drilled on Jacky Field

LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - Dec. 13, 2010) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Ithaca Energy Inc. (TSX VENTURE:IAE)(AIM:IAE) and its wholly owned subsidiary Ithaca Energy (UK) Limited
("Ithaca" or "the Company"), an independent oil

[RayNar]

Ithaca Energy will im 1. Quartal 2011 eine 2. Pumpe in ihrem Ölfeld "Jacky" bohren. Die erste war bereits weit über den Erwartungen und liefert fleißig. Sehr schöner Ölwert mit viel Cash, der ohne weitere KE noch weit wachsen kann.

Ithaca Energy to Drill Second Production Well on Jacky Field

Monday, December 13, 2010


Ithaca Energy Inc. and its wholly owned subsidiary Ithaca Energy (UK) Limited, an independent oil & gas company with exploration, development and production assets in the UK sector of the North Sea, announces that it plans to drill a second production well on the Jacky field in Q1 2011 to access additional reserves. Daily production from the well is expected to initially exceed 5,000 barrels of oil per day ('bopd') (2,375 bopd net to Ithaca) when the well comes on stream in Q2 2011.

Production history and detailed subsurface work has identified a currently unswept area within the field to the north of the existing production well. Management believes that this area could contain substantial incremental oil reserves.

The Jacky field has produced strongly from one production well since April 2009 and has significantly exceeded production forecasts.

Ithaca, as operator, has contracted the Energy Enhancer jackup rig owned by Northern Offshore Limited to drill a deviated well from the Jacky platform out to the target area. The well will be completed with electrical submersible pumps and will be tied in to the existing Jacky production manifold for export via the Beatrice Alpha processing facility.

Drilling is scheduled to commence in late February 2011 and the programme will last for approximately 72 days at an estimated cost of US$38 million (US$18 million net to Ithaca). The conclusion of operations and tie-in of the well is anticipated to coincide with a planned maintenance shutdown of the Beatrice facility.

John Woods, Chief Development Officer, commented:
'The exceptional performance of the Jacky field implies that initial estimates of recoverable reserves have been exceeded. The northern area of the field was recognised from the outset to be poorly drained by the current production well. This new well is expected to target a substantial increment to reserves and, upon success, is anticipated to provide continued excellent performance from the field.'

Partners in the Jacky field are Ithaca (47.5%), Dyas UK Ltd (42.5%) and North Sea Energy (UK) Ltd (10%).

[allida]

Feb 01, 2011 09:41 ET
Ithaca Energy Inc.: Clarification of Joint Operation at Jacky

LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - Feb. 1, 2011) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Ithaca Energy Inc. (TSX VENTURE:IAE)(AIM:IAE) and its wholly owned subsidiary Ithaca Energy (UK) Limited ("Ithaca" or "the Company"), an independent oil & gas company with exploration, development and production assets in the UK sector of the North Sea, announced on December 13th 2010 that it plans to drill a second production well in the Jacky field in Q1 2011 to access additional production and reserves ('Jacky J03').

Co-venturers in the Jacky field are Ithaca (47.5%), Dyas UK Limited (42.5%) and NSE (10%).

On December 20th 2010, North Sea Energy (UK) Limited ('NSE') published an announcement on its website that NSE is 'seeking to withdraw from investing in the Jacky J03 well'.

In order to have the participating interests of the Jacky co-venturers in this well clarified, on January 31st 2011 Ithaca commenced proceedings in the High Court of Justice in London for a declaration that the Jacky J03 well is a joint operation.

Planning of the well is now in advanced stages and these Court proceedings are not anticipated to delay or postpone operations to drill the Jacky J03 well.

Not for Distribution to U.S. Newswire Services or for Dissemination in the United States

[RayNar]

http://www.proactiveinvestors.co.uk/companies/news/27604/ith…


Ithaca ups oil and gas reserve estimates as 2010 earnings jump
9:42 am by Sergei Balashov
The pre-tax net present value of 2P reserves has risen from US$768.35 million to US$912.37 million

Ithaca Energy (LON:IAE, CVE:IAE) reported that its net earnings jumped nearly seven fold in 2010 and announced an increase in its oil and gas reserves.

In the year to 31 December, Ithaca’s net earnings soared from US$7.9 million in 2009 to US$54 million, while earnings before tax reached US$38 million. Cashflow from operations reached a record level at US$94.6 million, compared to US$53.9 million in the previous year.

Following a share issue that raised the company US$150 million, cash balance reached US$201.9 million at the end of the year, up from US$35.5 million at the end of 2009. In addition to that, Ithaca completed a US$140 million senior debt facility with no debt drawn as at the end of the year.

"The company has transformed its financial position over the past year,” said chief executive of Ithaca Iain McKendrick.

"These resources, together with the company's undrawn debt facility underpin the execution of the company's ongoing development projects, Athena and Stella, and provide a platform from which to continue with the delivery of its successful asset acquisition strategy.”

The reserve estimate was raised from 15.99 million barrels of oil equivalent (mmboe) in the 1P (proven reserves) category at the end of 2009 to 22.30 mmboe and from 37.19 mmboe in the proven and probable category to 46.05mmboe.

The pre-tax net present value of 2P reserves has risen from US$768.35 million to US$912.37 million.

During the year, combined production from the Jacky and Beatrice fields averaged 9,336 barrels of oil per day (bopd) gross and 4,485 bopd net to Ithaca. The addition of Anglia and Topaz production from mid December 2010 increased overall production to 4,529 bopd net to Ithaca.

Investors welcomed the update, sending shares in Ithaca up 2.5 percent to 159 pence in early deals.

[RayNar]

UK: Ithaca Energy receives confidential, non-binding proposal to acquire all of the outstanding shares of the Company

23 Jan 2012


Location of Ithaca's UK assets

Ithaca Energy notes the recent movement in the Company's share price on the Toronto Stock Exchange and confirms that it has received a confidential, non-binding proposal to acquire all of the outstanding shares of the Company. The proposal is conditional upon, among other things, due diligence, negotiation of all definitive documentation, receipt of all necessary approvals by the interested party and approval of the Board of the Company. The Board of the Company, which is being advised by CIBC World Markets Inc., wishes to stress that discussions are at a preliminary stage and there can be no certainty that the approach will lead to an offer being made for the Company.

Shareholders of the Company are not presently required or advised to take any action. The Company does not intend commenting further on the approach unless a definitive agreement is reached or unless otherwise required by law or applicable regulation.

UK Takeover Code

The Company's registered office is in Canada. The UK Panel on Takeovers and Mergers has confirmed that the Company is not subject to the UK City Code on Takeovers and Mergers and accordingly the Company's shareholders will not be afforded any protection under the Takeover Code.

A copy of this announcement will be available at www.ithacaenergy.com. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.

Cenkos Securities, which is authorised and regulated in the United Kingdom by the Financial Services Authority under FSA number 416932, is acting exclusively as Nominated Adviser and Joint Broker to the Company and is not acting for or advising any other person and accordingly will not be responsible to any person other than the Company for providing advice in relation to the contents of this announcement.

Original article link
http://www.investegate.co.uk/Article.aspx?id=20120123070012M…

Source: Ithaca Energy

[kodijak]

Ithaca Energy Inc. Athena Project Update


TIDMIAE

Athena Project Update
FOR: ITHACA ENERGY INC.

AIM, TSX SYMBOL: IAE

February 29, 2012

Ithaca Energy Inc.: Athena Project Update

LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - Feb. 29, 2012) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Ithaca Energy Inc. (TSX:IAE)(AIM:IAE) announces that the 'BW Athena' Floating Production, Storage and
Offloading Vessel ("FPSO") has departed Dubai Dry Docks World to be met by a dedicated guard vessel. As
previously stated, routes, sailing times and location updates for the vessel will not be issued.

All FPSO production critical equipment was run and fully tested prior to vessel departure thus minimizing the
period between arrival in the field and first production of oil.

Upon arrival in the field the BW Athena will be hooked up to the pre-installed production system. Hook-up will
mark completion of the development phase and the Company anticipates that the production phase will commence in
early Q2 2012. Production is anticipated to reach approximately 22,000 (1) barrels of oil per day ("bopd"),
approx. 5,000 bopd (net to Ithaca).

Joint Venture partners in the Athena field are: Ithaca, operator (22.5%), Dyas UK Limited (47.5%), EWE
Aktiengesellschaft (20%) and Zeus Petroleum Limited (10%)

[RayNar]

Noch ein Artikel auf Bloomberg über Ithaca. Es wird u.a. geschätzt, daß Korea National einer der Bieter sei.

http://www.bloomberg.com/news/2012-03-07/ithaca-energy-turni…

Ithaca Energy Seen Turning Korean With 70% Deal Profit: Real M&A
By Tara Lachapelle - Mar 7, 2012 4:37 PM GMT+0100


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Ithaca Energy Inc. (IAE)’s shareholders are poised to secure a 70 percent windfall by enticing companies from Korea National Oil Corp. to EnQuest Plc (ENQ) with the promise of the cheapest oil in the North Sea.

Shares of Ithaca, which received a non-binding takeover proposal in January, surged to a four-year high last week after saying it had been approached by more potential buyers. The Calgary-based company still traded yesterday at 5.45 times estimates for earnings next year, less than 97 percent of comparable explorers, according to data compiled by Bloomberg.
Enlarge image

Korea National Oil and EnQuest are among the most probable buyers. Photographer: SeongJoon Cho/Bloomberg


Ithaca is attracting interest as an embargo of Iranian oil and stronger global growth pushed Brent crude to its highest price in three years. Casimir Capital projects that Ithaca will boost North Sea output fivefold by 2013 and is worth C$3.75 a share as an independent company, which traded at C$2.20 before the January announcement. In a takeover, Korea National Oil, which expanded in the North Sea after acquiring Dana Petroleum Plc in 2010, and EnQuest, owner of a well with Ithaca, are among the most probable buyers, RBC Capital Markets said.

Potential acquirers can “buy a company that has done all the heavy lifting,” Irwin Michael, a Toronto-based money manager at ABC Funds, which oversees about $1 billion and owns Ithaca shares, said in a telephone interview. “It’s not easy operating in the North Sea. It doesn’t take very much to get a few aggressive acquirers coming in and saying, ‘We like that,’ and suddenly getting a bidding war.”

Today, Ithaca rose 2 percent to C$3.14 as of 10:28 a.m. in Toronto, more than twice as much as Bloomberg Industries’ EU Mid Petroleum & Natural Gas Extraction Principal Business index.
Takeover Speculation

Philip Dennis, a spokesman for Ithaca, declined to comment beyond the company’s statement on March 1.

Ithaca’s board of directors said in the statement that it is in shareholders’ interest to enter discussions with all “bona fide interested parties.”

Incorporated in 2004, Ithaca explores for oil and gas at its 12 developments in the North Sea, which lies between the U.K., Norway and Denmark. Ithaca’s advance started on Jan. 20, when takeover speculation began to emerge. Ithaca said on Jan. 23 that it received a confidential, non-binding offer, helping it post the biggest two-day gain in three years.

The stock rose further last week, reaching its highest price since January 2008, after Ithaca said other potential bidders expressed interest in the exploration company.

At yesterday’s price of C$3.08 a share, Ithaca was valued at about 5.45 times analysts’ per-share earnings estimates for 2013, data compiled by Bloomberg show. That’s a discount of 55 percent to the median multiple for 169 oil and gas exploration companies with more than $500 million in market capitalization.
Strait of Hormuz

The valuation is underpinned by projections that Ithaca will earn about C$162 million ($162 million) in net income next year, three times the amount analysts had anticipated for 2011.

Kevin Shaw, a Calgary-based analyst at Casimir Capital, says Ithaca will produce 15,969 barrels of oil equivalent a day by the end of 2013, versus 3,102 barrels last year, according to a report dated Feb. 29.

Based on his estimates for the net asset value of the company’s proven and probable reserves and its debt-adjusted cash flow this year and next, Ithaca is worth C$3.75 a share, or C$972 million. That’s a 70 percent premium to its value before the takeover speculation and 22 percent higher than its price yesterday, data compiled by Bloomberg show.

Ithaca has become more attractive as a takeover candidate, according to ABC Funds’ Michael, as Iran threatened to block oil shipments through the Strait of Hormuz if its own exports are blocked. The strait is the transit route for about 20 percent of the world’s globally traded crude.
Iran Premium

Brent oil for April delivery, the European benchmark contract, on the London-based ICE Futures Europe exchange rose as high as $128.40 a barrel last week. On an intraday basis, it was the most expensive since July 2008.

Amrita Sen, a London-based analyst at Barclays Plc, said March 1 that the fuel may rise to a record $150 a barrel this year if political tensions stemming from Iran’s nuclear program increase. Oil demand growth in Asia is also rising faster than current prices indicate, leaving worldwide spare capacity “extremely thin,” according to Barclays.

“Quarterly averages of $140 per barrel or $150 per barrel are distinctly possible” in the second half, Sen wrote. “This is not our current base case, though it does seem to be moving closer to becoming reality.”
Potential Acquirers

Global economic growth will accelerate to 4.5 percent in 2013 and then expand at faster rates in each of the next three years, according to forecasts from the Washington-based International Monetary Fund.

Korea National Oil, South Korea’s state-run oil company, can acquire Ithaca to help achieve its overseas production target and expand further in the North Sea, according to James Hosie, an Edinburgh-based analyst at RBC.

South Korea, which imports almost all its oil and natural gas, plans to increase production at overseas fields to 35 percent of imported volumes by 2020, more than double the proportion last year. The energy developer, known as KNOC, plans to spend as much as $4 billion this year on buying overseas oil assets, Im Hong Geun, an executive vice president at the company, said in an interview in December.

EnQuest, which aims to boost production to more than 40,000 barrels of oil equivalent a day by 2014, and Abu Dhabi National Energy Co. (TAQA) could also acquire Ithaca, Hosie said.
Relative Value

Ithaca and EnQuest already work together in the North Sea, jointly owning an interest in the Crathes exploration well. Abu Dhabi National Energy, the state-run utility known as Taqa, last month bought 50 percent stakes in three oil and gas licenses in the area from Fairfield Energy Ltd.

“An acquirer like KNOC and Taqa and EnQuest is basically buying a self-funding add-on to their current business that gives them additional production growth in the near term,” Hosie said in a telephone interview. “An industry player at this point is going to place a higher value on the business than a player in the stock market would.”

Lee Za Kang, a spokesman for Anyang, South Korea-based Korea National Oil, declined to comment on whether it is interested in acquiring Ithaca. Conor McClafferty, a spokesman for London-based EnQuest, and Allan Virtanen of Taqa in Abu Dhabi said the companies don’t comment on market speculation.

Stephane Foucaud, a London-based analyst at FirstEnergy Capital Corp., said he doesn’t anticipate an offer higher than 209 pence, or C$3.29 a share, for the company’s London-traded stock. He used cash flow estimates for each of Ithaca’s assets, the cost of capital and tax losses.
Bidding Contest

The estimate is less than a 7 percent premium to Ithaca’s current price, which has already more than doubled from a low of C$1.49 a share in October, data compiled by Bloomberg show.

“We don’t see that much potential for the buyer to pay a big premium,” Foucaud said in a telephone interview. “The acquisition premium is already worked in the share price.”

Having multiple parties interested in acquiring Ithaca increases the chance that shareholders will get a higher price, according to ABC Funds’ Michael.

“In many cases, the stock market is not giving full value to a lot of the work” that oil companies such as Ithaca are doing, he said. “Hopefully you get a bit of a bidding war.”

To contact the reporter on this story: Tara Lachapelle in New York at [e-mail].

To contact the editors responsible for this story: Daniel Hauck at [e-mail]; Katherine Snyder at [e-mail].

[RayNar]

Ithaca Energy to buy Valiant Petroleum for 203 mln stg


Fri Mar 1, 2013 3:11am EST


(Reuters) - Ithaca Energy Inc said it would acquire Valiant Petroleum Plc for 203 million pounds ($308.15 million) in cash and stock, in a deal that would allow the North Sea-focused company to double its production forecast for the year.

Valiant shareholders will get 307 pence in cash and 1.33 Ithaca share for each Valiant share.

The offer represents a premium of 37 percent to Valiant's Thursday close on the London Stock Exchange. Valiant shares rose 35 percent to 469.25 pence on Friday morning.

The acquisition of Valiant Petroleum, which has assets in the United Kingdom and Norway, will more than double Ithaca's 2013 production forecast to 14,000 to 16,000 barrels of oil equivalent per day.

Valiant Petroleum put itself on the block in September.

Ithaca, which itself received a number of offers, said in May it had ended talks with all parties, citing softening Brent crude prices.

Ithaca's shares were down 4 percent at 122.7 pence in early trading on the London Stock Exchange.

[kodijak]

Antwort auf Beitrag Nr.: 44.201.965 von RayNar am 01.03.13 10:55:36

interessant.. aber mal abwarten was daraus wird.

Aus den letzten Übernahmegerüchten von Ithaca ist ja bekanntlich auch nichts geworden und der Kurs hat darauf fast 50% nachgegeben. Da habe ich schon ein bisschen Geld verbrannt.

Ithaca behalte ich aber auf meiner Watchliste (die für Risikoaktien :laugh

[RayNar]

Mal wieder News zu Ithaca in Kürze:

- Durch einige geplante Wartungsunterbrechungen befindet man sich wieder mal am unteren Rand der Prognose (siehe letztes Operations-Update). Aktuell Quartal 3: 12k bopd
- Die lang ersehnte erste Bohrung des großen Stella-Projektes wurde abgeschlossen und übertraf mit 10,8k boepd die Erwartungen. Bohrung 2 von 4 läuft nun.

-------------------------------------------------------
Am 13.August gabs Halbjahreszahlen, nun voll mit der übernommenen Valiant:

Ithaca Energy Inc.
Second Quarter and Half Yearly 2013 Financial Results
13 August 2013
Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) ("Ithaca" or the "Company") announces its quarterly results for the three months ended June 30, 2013 (“Q2 2013”) and half yearly results for the six months ended June 30, 2013 (“H1 2013”). The acquisition of Valiant Petroleum plc (“Valiant”) was completed on April 19, 2013, with the financial results reflecting the takeover of the company from that time.

Financial Highlights
- Q2 2013 cashflow from operations increased approximately 300% to $65.0 million (Q2 2012: $16.3 million), resulting in half yearly cashflow from operations of $100.5 million
(H1 2012: $44.7 million) – H1 2013 cashflow per share $0.36 (H1 2012: $0.17)
- Q2 2013 net earnings of $52.2 million (Q2 2012: $30.2 million), resulting in half yearly net earnings of $55.7 million (H1 2012: $43.2 million) – H1 2013 earnings per share $0.20 (H1 2012: $0.20)
- Q2 2013 profit before tax of $69.1 million (Q2 2012: $21.7 million), resulting in half yearly profit before tax of $71.4 million (H1 2012: $35.5 million)
- Q2 2013 average realised oil price of $111 / bbl (Q2 2012: $116 / bbl), including a realised hedging gain of $8 / bbl
- Net drawn debt of $346 million from bank facilities of $780 million at June 30, 2013 (zero net drawn debt at December 31, 2012)
- UK tax allowances pool of $923 million and Norwegian tax receivable of $70 million at June 30, 2013
- Approximately 4.3 million barrels of future 2013-14 oil production hedged at a weighted average price of around $103 / bbl (approximately 30% puts / 70% swaps)

[Popeye82]

Ithaca Energy Inc. 1st Quarter `14 Financial Results - May 13, 2014
www.ithacaenergy.com/media/news/q1-2014-financial-results

"CALGARY, AB--(Marketwired - May 13, 2014) - Ithaca Energy Inc. (TSX: IAE) (LSE: IAE) ("Ithaca" or the "Company") announces its financial results for the three months ended March 31 2014.


Financial Results

- Cashflow from operations of $43.7 million (Q1 2013: $34.8 million), resulting in cashflow per share of $0.13 (Q1 2013: $0.13)

- Profit after tax increased by approximately 370% in Q1 2014 to $16.4 million (Q1 2013: $3.5 million), equating to earnings per share of $0.05 (Q1 2013: $0.01)

- Q1-2014 average realised oil price of $108/bbl (Q1 2013: $106/bbl)

- Net drawn debt of $478.2 million at 31 March 2014 (December 31, 2013: $348.5 million), excluding the Company's Norwegian tax rebate facility. Additionally, $45 million was advanced under the $70 million Shell oil sales agreement

- UK tax allowances pool of $1,174 million at 31 March 2014. Norwegian tax receivable of $77.8 million

- Approximately 3.0 million barrels of oil production hedged over the next 2 years at a weighted average price of around $100/bbl (approximately 70% swaps / 30% puts)

- Secured floor price of £0.58/therm (~$10/MMbtu) for approximately 200 million therms (20 billion cubic feet) of gas sales over gas years 2015 and 2016


Production & Operations

Average production in Q1-2014 was 9,222 barrels of oil equivalent per day ("boepd"), 95% oil, in line with forecast performance given shutdowns on the Cook and Beatrice fields during the quarter. Average production in April 2014 was approximately 11,200 boepd stepping up to more than 14,000 boepd to date in May.

The increasing production trend is being driven by execution of the 2014 production enhancement programme, which is progressing well. The Fionn sidetrack has recently been completed and production from the field has recommenced. The host platform works required to enable the start-up of electrical submersible pumps ("ESPs") on the Causeway and Fionn fields are substantially complete. Drilling of the planned infill well on the Don Southwest field commenced in late April 2014, with the well expected to be brought online in the third quarter of the year.

Total 2014 production guidance remains unchanged in the range of 11,000 to 13,000 boepd, approximately 95% oil. The anticipated schedule of 2014 production enhancement projects means that volumes are forecast to be weighted towards the second half of the year.

The Company was awarded the "Don NE" licence (40%, non-operated) that lies adjacent to its existing Dons field position by the Department of Energy and Climate Change during the quarter. Submission of a "Phase I" Field Development Plan is planned for later this year to enable an early production well to be drilled on the licence from the existing Don Southwest facilities potentially as early as the end of 2014.


Greater Stella Area Development Update

As previously announced on 9 May 2014, Petrofac is forecasting that the FPF-1 floating production facility will be ready for sail-away from the Remontowa yard in Poland to the Stella field in spring 2015. This schedule is anticipated to result in first hydrocarbons from the GSA hub in mid-2015. Ithaca is working with Petrofac to expedite the remaining construction and commissioning works on the FPF-1.

Graham Forbes, Chief Financial Officer, commented:
"Earnings of $16 million represent satisfactory financial results for the first quarter, with the Company on-track to deliver the anticipated step-up in operating cashflows over the coming months as the various 2014 production enhancement projects are completed."


Notes

In accordance with AIM Guidelines, John Horsburgh, BSc (Hons) Geophysics (Edinburgh), MSc Petroleum Geology (Aberdeen) and Subsurface Manager at Ithaca is the qualified person that has reviewed the technical information contained in this press release. Mr Horsburgh has over 15 years operating experience in the upstream oil and gas industry.

References herein to barrels of oil equivalent ("boe") are derived by converting gas to oil in the ratio of six thousand cubic feet ("Mcf") of gas to one barrel ("bbl") of oil. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 bbl is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6 Mcf: 1 bbl, utilising a conversion ratio at 6 Mcf: 1 bbl may be misleading as an indication of value.


About Ithaca Energy

Ithaca Energy Inc. (TSX: IAE) (LSE: IAE) is a North Sea oil and gas operator focused on the delivery of lower risk growth through the appraisal and development of UK undeveloped discoveries, the exploitation of its existing UK producing asset portfolio and a Norwegian exploration and appraisal business targeting the generation of discoveries capable of monetisation prior to development. Ithaca's strategy is centred on generating sustainable long term shareholder value by building a highly profitable 25kboe/d North Sea oil and gas company. For further information please consult the Company's website www.ithacaenergy.com. ..."

[Popeye82]

Ithaca Energy Inc. Successful Flow Test, on 4th Stella Development Well - Sep 16, 2014
www.ithacaenergy.com/media/news/stella-b2-well-flow-test

"ABERDEEN, SCOTLAND--(Marketwired - Sep 16, 2014) - Ithaca Energy Inc. (TSX: IAE) (LSE: IAE) ("Ithaca" or the "Company") announces the successful completion of flow test operations on the fourth development well on the Stella field, with the well achieving a flow rate of 12,005 barrels of oil equivalent per day ("boepd").

Well 30/6a-B2Z ("B2") is the fourth development well drilled on the Stella field. The well was drilled to a total measured depth subsea of 14,461 feet, with a 2,396 foot gross horizontal reservoir section completed in the Palaeocene Andrew sandstone reservoir. The well intersected high quality sands across a net reservoir interval of 1,658 feet, equating to 69% net pay.

As with the previous three Stella development wells, a clean-up flow test was performed on the B2 well in order to effectively remove the drilling fluids used to complete the well. As part of the testing programme the well was flowed at various rates over approximately a 38-hour flowing period in order to obtain additional data and fluid samples from its location on the crest of the structure to assist with reservoir management planning for the field. A maximum flow test was completed during the period, with the well flowing at a rate of 12,005 boepd on a 48/64-inch choke. This rate comprised 5,901 barrels of oil per day and 36.6 million standard cubic feet per day of gas. Fluid samples show that the oil is approximately 47° API.

The B2 well is currently in the process of being suspended, with operations scheduled to be completed by the end of the month. The suspension configuration is such that the well can be brought on to production without the requirement for any further well intervention activity once the "FPF-1" floating production facility is on location and hooked up.

Upon completion of operations on the B2 well the ENSCO 100 will be moved approximately three kilometres to the Main Drill Centre to drill a fifth well on the field, in the Stella Ekofisk reservoir that underlies the main Stella Andrew reservoir. The Ekofisk well is targeting light oil production in a chalk formation. The characteristics of the formation mean that initial production rates are likely to be lower than those displayed by the wells in the Andrew sandstone reservoir. Completion of the fifth well, which is expected to be in early 2015, will mark the end of the planned Stella development drilling campaign.

Following completion of the B2 well suspension operations, four Stella Andrew reservoir development wells will have been completed, with the combined maximum clean-up flow test results achieved by the wells being in excess of 45,000 boepd. This well production capacity significantly de-risks the initial annualised production forecast for the Greater Stella Area hub of approximately 30,000 boepd (100%), 16,000 boepd net to Ithaca.

Les Thomas, Chief Executive Officer, commented:
"We are very pleased to have delivered another successful flow test on this the fourth Stella field development well. The combined results of the four completed wells represent a major step forward in underpinning and realising the full value of the Stella field development."


Notes

In accordance with AIM Guidelines, John Horsburgh, BSc (Hons) Geophysics (Edinburgh), MSc Petroleum Geology (Aberdeen) and Subsurface Manager at Ithaca is the qualified person that has reviewed the technical information contained in this press release. Mr Horsburgh has over 15 years operating experience in the upstream oil and gas industry.

References herein to barrels of oil equivalent ("boe") are derived by converting gas to oil in the ratio of six thousand cubic feet ("Mcf") of gas to one barrel ("bbl") of oil. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 bbl is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6 Mcf: 1 bbl, utilising a conversion ratio at 6 Mcf: 1 bbl may be misleading as an indication of value.

The well test results disclosed in this press release represent short-term results, which may not necessarily be indicative of long-term well performance or ultimate hydrocarbon recovery therefrom. Full pressure transient and well test interpretation analyses have not been completed and as such the flow test results contained in this press release should be considered preliminary until such analyses have been completed.


About Ithaca Energy

Ithaca Energy Inc. (TSX: IAE) (LSE: IAE) is a North Sea oil and gas operator focused on the delivery of lower risk growth through the appraisal and development of UK undeveloped discoveries, the exploitation of its existing UK producing asset portfolio and a Norwegian exploration and appraisal business targeting the generation of discoveries capable of monetisation prior to development. Ithaca's strategy is centred on generating sustainable long term shareholder value by building a highly profitable 25kboe/d North Sea oil and gas company. For further information please consult the Company's website www.ithacaenergy.com. "

[mge]

Antwort auf Beitrag Nr.: 47.789.166 von Popeye82 am 16.09.14 08:11:58

Warum ist der Kurs in den letzten Wochen nochmal so unter Druck geraten?
War das (nur) die Reaktion auf die Verzögerungen und Mehrkosten für Stella?
Könnte das jetzt ein guter Einstiegszeitpunkt sein?

[mge]

http://uk.advfn.com/newspaper/Chrisoil/33617/ithaca-energy-r…

Finally the seller has cleared from (LSE:IAE) Ithaca Energy as i mentioned on my Chris Oil Blog Friday afternoon after 31% of the companies shares have changed hands since the February RNS. Clearly both fundermentally and charting wise point back to 65p in a V shape recovery. With a strong oil price at the end of 2015 and into 2016 with Stella Online 2Q the charts point back to £1.95

If we take a look at short term news within the next two weeks, positive low risk Stella Ekofish results are due at any time which will have a good baring on reserves.

With the main 31st March results highlighting possible reserve upgrades based on M&A Sumitomo Corporation in 2014 not updated yet into the official numbers due with the results and the giant cost savings ontop of the 60% expenditure cut mentioned in January 2015 RNS.

With forcasts of £407m revenue and £158m profit coming online in Q2 2016 combined the existing production on low all in cost average of $36 a barrel now and post Stella $35 all in costs based on todays pre results data. Ithaca is the low risk bargain of the century at these levels. Combine this with positive news regarding finance comments particulary after recent (LSE:TLW) Tullow Oil RNS over bank reserve based lending. Note Ithaca lending refinance due mid 2017 not now.

(LSE:ENQ) Enquest RNS also confirmed this week Ythan will be online mid year 2015 bringing increased production to Ithaca and positive news from Don production 1Q 2015.

Rumours are already circulating that Ithaca Energy is a takeover target due to the sharp fall in share price at anytime let alone 2H. Premier Oil (LSE:PMO) has already mentioned it is seeking to buy North Sea Oil production assets in the second half . I recall Nautical was taken over for a 100% premium to its share price and that company was not even in production, with Stella forcast to more than double its production net in 2016 skys the limit.

One must also add the new Budget change to the North Sea adding £1.3 billion tax relief which will encourage M&A and better bank lending reviewing production companies based in the North Sea. Westhouse Securities comment risked valuation of Ithaca production and development rose by 15% based on the tax cuts together with benefit from government investment in seismic.

I would add most now believe oil is in the bottoming process and by the second half of the year will be higher. However by that time you will buy Ithaca back at the old levels, remember when you thought getting shares at £1.06 was a bargain ? I am indeed fortunate that there was a seller for me to personally average buy in the bottom ranges. These shares will not be so easy to get in volume at a cheap price anymore.

Expect the last of the shorters will panic out Monday morning however i really think they might have taken EK Cawkwell or Paul Mumford of Cavendish Asset Management comments seriously. Which i mentioned in my previous articles click Chrisoil author. Private investors do seem to like buying at the top and selling at the bottom. As a city investor i buy at the bottom and sell at the top.

People also ask me about the Falklands i am still bullish on Zebedee well, however my question is why the heck bet on a gamble for 100% return when you can make at least 500% or more low risk by 2016 ? In other words Ithaca is a low risk high return hedge. You know FOGL needs money ie issue for the fifth well do not say i did not warn you !

Anyway its not to late to get on board (LSE:IAE) Ithaca Energy but would act fast the very cheap tickets have already gone ! You can listen to me calling the the bottom live on ADVFN Justin Waite Show Thursday 19th March 2015.

[mge]

Heute gab's ein Übernahmeangebot der Delek Group für CAD 1,95/share = 1,39€ = 1,20GBP.
Ein Aufschlag von gut 10% auf den letzten Kurs.
Ich nehme das Angebot dankend an und verabschiede mich mit einem Gewinn von 224% von Ithaca.
Eigentlich schade - wenn Stella erst mal richtig läuft und der Ölpreis nicht kollabiert hätten wir hier in einem Jahr sicher Kurse von 1,50GBP oder mehr gesehen.

[Plotin]

Antwort auf Beitrag Nr.: 54.246.866 von mge am 06.02.17 10:11:02

** Ithaca investor Cavendish Asset Management said it "strongly urges" shareholders in the North Sea oil producer to reject a $524 million offer from Delek Group to buy 80 percent of Ithaca's equity it does not already own.

Das Angebot ist zu niedrig.

[Bitech]

Moin,

die SCOTT SPIRIT ist auf den Weg zum Stella-Feld:

http://www.marinetraffic.com/en/ais/details/ships/shipid:373…

Sieht nach dem Beginn der Förderung aus.....

Bitech

[Bitech]

Antwort auf Beitrag Nr.: 54.293.894 von Bitech am 10.02.17 19:30:23

Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) (“Ithaca” or the “Company”) is pleased to announce the successful start-up of production from the Stella field.

Production has been started from the field and oil export to the adjacent shuttle tanker has commenced. The production ramp-up phase will commence when the on-going commissioning of the gas processing and compression facilities is complete.

Further information on the status of Stella field operations will be provided when the Company issues its 2016 Financial Results in late March 2017.

- ENDS -

Enquiries:

Ithaca Energy
Les Thomas
[e-mail]
[phone]

Graham Forbes
[e-mail]
[phone]

Richard Smith
[e-mail]
[phone]

FTI Consulting
Edward Westropp
[e-mail]
[phone]