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Ithaca Energy INC. announces Q4-2012 production & 2013 outlook
Thursday, Jan 10, 2013

Ithaca Energy INC. (TSX: IAE, LSE AIM: IAE) reports fourth quarter 2012 ("Q4-2012" or the "quarter") production results and provides steering on the Company's planned 2013 production and cost programme.

Q4-2012 Production

Total internet export production within the quarter, together with internet production from the Noble Assets, was 610,070 barrels of oil equivalent ("boe"), leading to a median rate of half-dozen,631 boepd, with just about ninetieth being drilling. This represents a thirty first increase in production within the third quarter of 2012 (Q3-2012: five,061 bed) and is at intervals the Q4-2012 steering vary issued by the corporate of half-dozen,300 to 6,900 board.

Production within the quarter came from the operated Pallas Athene, Beatrice, Jacky and England fields, the non-operated Cook, Broom and Topaz fields thus the|and additionally the} Noble Assets. The effective date of the Noble Assets acquisition is one Gregorian calendar month 2012, with completion anticipated to occur in Q1-2013.

Production in Q4-2012 benefited from a robust performance by the Pallas Athene field, that continues to supply "dry" oil at a stable gross daily rate of between ten,000 and 11,000 barrels of oil per day ("bold"), 2,250 to 2,475 bond internet to Ithaca. Forecast production was achieved from the Beatrice, Jacky, Cook, Broom and MacCulloch Fields.

Both the England and Topaz fields were shut-in for a substantial amount throughout the quarter because of problems on the ConocoPhillips-operated county Offshore Gas Gathering System ("LOGS"), the gas export infrastructure that receives and transports gas from these fields to shore. each fields came back on-line at the tip of December 2012.

2013 Production and cost Programme steering

The Company's 2013 internet average export production is anticipated to be within the vary of half-dozen,000 to 6,700 board, together with just about one,000 board from the Noble Assets; just about ninetieth is forecast to be drilling. just about eightieth of total internet production is anticipated to be derived from the Cook, Pallas Athene and Beatrice / Jacky fields.

The production steering vary reflects anticipated water breakthrough on the Pallas Athene field throughout 2013 and therefore the impact of planned maintenance shutdowns, most notably together with just about twenty five days on the Shell operated Anasuria FPSO, the host facility for the Cook field, and twenty days for the Beatrice complicated. The MacCulloch field is presently shut-in because of suspected injury ensuing from the recent amount of maximum weather within the North Sea. the sphere operator, ConocoPhillips, is presently work the precise nature of the injury and therefore the schedule related to reinstating production. The 2013 production steering vary permits for a possible extended ending amount related to the start of traditional operations on the MacCulloch field.

The Company anticipates 2013 internet cost to total just about US$360 million. This expenditure is sort of entirely targeted on execution of the General Services Administration development, involving commencement of the event drilling campaign, scheduled  for late Q1-2013, performance of the key offshore subsea infrastructure installation works by Technip and therefore the FPF-1 modifications programme by Petrofac at the Remontowa workplace in Polska.

Source: Ithaca Energy INC.

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