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Ithaca Energy Inc.: Further UK Exploration Portfolio Farm-Outs

UK found itself down 8-5 early in the opening set, but responded to tie it at eight a piece. It was back-and-forth until MSU took a 16-15 lead. Thats when the Wildcats took control and closed the frame on a 10-2 run to claim the 25-18 victory. In the set-clinching run, Bergren accounted for seven points, with three kills, three assists and one service ace. The sophomore setter paced the Cats with five kills on a blistering .883 hitting clip. She added 11 assists, while Billings contributed eight digs and three kills. Senior Alexandra Morgan had four kills in the frame. The Wildcats never trailed in the second frame, and there were just two ties, but the 25-21 win did not come easily. After the Blue and White broke a 1-1 tie, UK could not extend its lead past five points, and a 14-9 advantage soon turned into a 19-19 tie. Once again, Kentucky closed the set on a strong note with five consecutive points to make it 24-19. After two MSU points, a service error from the Eagles gave the Wildcats the win. Sophomore Lauren OConner posted five kills in the set, while Bergren netted 13 assists and senior Jessi Greenberg had five digs to lead UK. The third and final set was just as tight as the second, but it was Morehead State who held the lead throughout.

I had hope. Then on Sunday night there was a team that went in to bring out some bodies and they took photographs of other bodies. “We all had to look at these pictures – something I would never want anyone to have to do – and identify them. That was how I knew. My heart just stopped, that was the last news in the world I wanted to hear. It’s like nothing else, I can’t fathom it, even now.” He added that last week he had promised Jennah that he would buy her any “present in the world” if she did well in her exams. Mr Bawa said: “She said she wanted a pony, a particular coloured pony but she said she thought even though her exams were not until December, she better tell me now so I could start saving up because she was going to work very hard.” Architect Ross Langdon, who had British-Australian citizenship, has also been named as one of the UK victims although the Foreign Office is still not confirming identities. Ross Langdon is said to have been killed alongside his partner Elif Yavuz Mr Langdon’s company, Regional Associates, issued a tribute to him and said he had died alongside his pregnant partner, Elif Yavuz, a Dutch citizen. Another of those killed was a Peruvian public health consultant who had been set to take up a full-time post at Liverpool School of Tropical Medicine. Dr Juan Jesus Ortiz-Iruri, 63, was due to arrive at its Centre for Maternal and Newborn Health this week. After a meeting of the government’s emergency committee Cobra on Monday, Defence Secretary Philip Hammond said the UK had been in contact with the Kenyan authorities throughout and with its own diplomatic representation in Nairobi. Meanwhile, speaking at the United Nations in New York, Foreign Secretary William Hague said the attacks were “not going to deter us or the people of Kenya from our continuing work in Somalia”.

Nairobi attack: UK victim Jennah Bawa’s father speaks of loss

Kenya security personnel take cover outside the Westgate Mall

Handcross is a Palaeocene prospect located in the Judd Basin in the West of Shetland sector of the UK Continental Shelf (“UKCS”).An exploration well is to be drilled on the prospect using the Stena Carron drillship, with operations anticipated to commence in late 2013. Completion of the transactions is subject to normal regulatory and third party consents.Following completion, the Handcross partners will be Ithaca (31%, Operator), Edison (25%), RWE Dea (20%), Sussex Energy (15%) and Oyster Petroleum (9%). In addition, Ithaca has entered into a further agreement with Oyster Petroleum to transfer its full 33.33% non-operated interest in UK licence P2018 for a cash sum.The licence, covering West of Shetland blocks 214/24b, 214/29a and 214/30c, was awarded in the UK 27th Offshore Licensing Round.Completion of the licence transfer is subject to normal third party and regulatory consents. Oyster Petroleum isa new UK West of Shetland focused exploration company backed by the Norwegian international oil and gas investor HitecVision.Sussex Energy is a subsidiary of Azimuth Limited, a privately owned company with assets in the UKCS, Norway, Eire and Namibia. Isabella Exploration Well Farm-Out Ithaca has entered into an agreement with Euroil Exploration Limited, a wholly owned subsidiary of Edison, to farm-out a 10% interest in UK licence P1820 which contains the Isabella gas condensate prospect.This transaction reduces Ithaca’s non-operated working interest in the licence from 20% to 10%. The farm-out agreement provides for Edison to pay its 10% working interest share of future licence costs in addition to a cash payment to Ithaca.When combined with the earlier Isabella farm-out transaction executed with Maersk Oil North Sea UK Limited, Ithaca is now carried for its forecast share of the Isabella exploration commitment well cost and will also receive additional cash beyond the carry. The P1820 licence was awarded in the UK 26th Offshore Licensing Round and covers blocks 30/6b, 30/11a and 30/12d in the UK Central North Sea.The licence work programme requires an exploration well to be drilled on the Isabella prospect by early 2015. Completion of the transaction is subject to normal third party and regulatory consents.Following completion, the Isabella partners will be Apache North Sea Limited (50%, Operator), Maersk Oil North Sea UK Limited (30%), Ithaca (10%) and Edison (10%). Edison is a major European energy company, with operations spanning the full energy supply chain, including oil and gas activities in Europe and Africa. – ENDS – Enquiries: Ithaca Energy Iain McKendrick imckendrick@ithacaenergy.com +44 (0)1224 650 261 Graham Forbes gforbes@ithacaenergy.com +44 (0)1224 652 151 FTI Consulting Billy Clegg billy.clegg@fticonsulting.com +44 (0)207 269 7157 Edward Westropp edward.westropp@fticonsulting.com +44 (0)207 269 7230 Georgia Mann georgia.mann@fticonsulting.com +44 (0)207 269 7212 Cenkos Securities Jon Fitzpatrick jfitzpatrick@cenkos.com +44 (0)207 397 8900 Neil McDonald nmcdonald@cenkos.com +44 (0)131 220 6939 RBC Capital Markets Tim Chapman tim.chapman@rbccm.com +44 (0)207 653 4641 Matthew Coakes matthew.coakes@rbccm.com +44 (0)207 653 4871 About Ithaca Energy Ithaca Energy Inc. (TSX: IAE, LSE AIM: 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 centred on 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.