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Ithaca Energy Inc. announces FDP approved for stella and Harrier fields

Thursday, Apr 12, 2012

Ithaca Energy Inc. (TSX:IAE)(AIM:IAE) announces that the Company has received Field Development Plan ("FDP") approval for the Stella and Harrier Fields from the UK government.

The Stella and Harrier fields will benefit fully from the Supplementary Charge shelter provided by the amendments to Small Field Allowances recently announced by the UK Government.

Energy Minister Charles Hendry said:

"This investment from Ithaca Energy is excellent news and an example of plans coming forward to develop new oil and gas fields in the UK Continental Shelf.

"Last month's Budget announced changes to the field allowance for small fields to encourage exploration activity and enhance the case for development of technically challenging fields. It is vitally important we encourage a vibrant industry for these smaller fields to maximise the benefit to the UK of our offshore oil and gas reserves."

The Partners in Stella and Harrier are Ithaca Energy (UK) Ltd (operator), Ithaca Minerals (North Sea) Ltd, Dyas UK Ltd and ultimately, under an Earn-In type arrangement, Petrofac GSA Limited.

Source: Marketwire

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