Drilling at Jacky Prospect Resumes (UK)

Ithaca Energy Inc. announces that drilling of the J03 well on the Jacky field has now recommenced, as previously stated.

The Energy Enhancer drilling unit is now fully operational following successful repair to the drilling mud handling system onboard the rig. Production from J01 was briefly suspended to complete the ‘top hole section’ of the J03 well and then immediately reinstated. The J03 well has now been drilled to approximately 2,400 feet measured depth and drilling operations are scheduled to last approximately a further 60 days.

About Ithaca Energy:

Ithaca Energy Inc. and its wholly owned subsidiary Ithaca Energy (UK) Limited (“Ithaca” or “the Company”), is an oil and gas exploration, development and production company active in the United Kingdom’s Continental Shelf (“UKCS”). The goal of Ithaca, in the near term, is to maximize production and achieve early production from the development of existing discoveries on properties held by Ithaca, to originate and participate in exploration and appraisal on properties held by Ithaca when capital permits, and to consider other opportunities for growth as they are identified from time to time by Ithaca.

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Source: Ithaca, March 29, 2011