Are they any good..?



currently 150p to buy.

Athena Development - Drilling Completed

Ithaca Energy Inc. (TSX VENTURE:IAE)(AIM:IAE) announces the final production well on the Athena field has been
drilled and fully cased. The well encountered a considerable section of oil saturated net reservoir, with good
porosities. Development drilling has now been successfully concluded and the project remains on schedule for
production start up in Q4 2011 at approximately 22,000 barrels of oil per day ("bopd") (gross), approx. 5,000
bopd (net to Ithaca), in-line with previous disclosure.

RNS is good news for LHD as well with their prospective share of 2000 bopd.

Establishment of Market Share Incentive Plan

This is a Shares and MoneyAMs new quarterly publication covering the world of Oil, Gas and Mining companies. The latest edition is out today and can be viewed as a page flip or a pdf download at www.mrqonline.co.uk

Features on:

Silver
Copper
Platinum

Companies Featured in this issue:

African Eagle
Ariana Resources
GGG Resources
Ithaca Energy
Ormonde Mining
San Leon Energy

RBS out today. Possible bid!

Is this another Cove or a Bowleven?

are they anxious to sell up before Athena is due to start production?

Ithaca Energy Inc.: Operatorship and Increased ...


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

Ithaca Energy Inc.

Operatorship and increased Interest in the Carna Discovery

London, UK - Calgary, Canada, March 26, 2012 - Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) announces that
the Company has agreed to take over operatorship and increase its working interest in the Carna discovery,
located in the Southern Gas Basin of the UK North Sea. The transaction with Centrica North Sea Gas Limited
("Centrica") (the "Acquisition") increases the Company's working interest in the Carna discovery to a
material level from 16% to 32%. The financial terms of the transaction remain confidential between the
parties.

The Carna discovery straddles blocks 43/21b and 43/22c and lies adjacent to the producing Garrow and Kilmar
gas fields, which constitute the Tors facilities. The discovery was made in early 2009 when a gas column
in excess of 1490 feet TVD (true vertical depth) and net pay of 127 feet TVD was encountered in well 43/21b-
5Z. The well tested gas at a gross stabilised rate of 8.8 million cubic feet per day (MMcfpd) on a 48/64th
choke from a vertical well penetrating the Carboniferous.

The Company has agreed to a work programme with all of the Joint Venture partners to accelerate development
studies of the Carna discovery and, if appropriate to submit a Field Development Plan for approval to the
Department of Energy and Climate Change before the end of 2012.

The effective date of the Acquisition is January 1, 2012. The transaction and transfer is conditional upon
government and partner consents, as is customary.

Joint Venture partners (and their respective interests) in the Carna discovery, post the transaction, are:
Ithaca Energy (UK) Limited, operator (32%), Dyas UK Limited (24%), Centrica (40%), EWE Energie AG (4%).

Kuwait National Oil Firm In Takeover Talks With Ithaca Energy - Sunday Times
03/25/2012 | 10:12pm


Kuwait's national oil company is in advanced takeover talks with Ithaca Energy Inc. (IAE.T), the Sunday Times reported Sunday on its website, without directly citing its sources.

Kuwait Foreign Petroleum Exploration, the international arm of the Middle Eastern state's oil operation, has been in discussions with Ithaca for several months, the report said.

If the Kuwait bid is successful, it would likely use Ithaca as a platform to buy other North Sea oil fields, the report quoted unnamed industry sources as saying.

Full Story: http://www.thesundaytimes.co.uk/sto/business/Industry/article1001742.ece

FoxDavies views from the trading floor - Ithaca Energy, DEO Petroleum and Xcite Energy
Tuesday, May 29, 2012
Ithaca Energy (LON:IAE) slipped 32% to 118p during afternoon trading after the company said it has ceased discussions with all potential buyers saying the process was unlikely to produce a transaction that properly reflects the value of the company, particularly in light of the volatility in global markets and the short-term softening in Brent crude prices. Despite the cessation of talks, the company said it is in a position to continue delivering long-term shareholder value through growing the company and maximizing the value of its U.K. North Sea oil and gas assets. It forecasted cash flow from its operations will increase to about $575 million in 2014 from roughly $150 million in 2012, based on Brent crude at $100 a barrel. Ithaca also said it has agreed a threefold increase in its debt facility with BNP Paribas SA (BNP.FR) to $400 million plus a $30 million cost overrun tranche. It has said it will use the facility to fund development activities and acquisitions. The company said it is now delivering value from its portfolio of assets that have been built up in recent years, in particular its Athena and Greater Stella Area developments. As a result, it forecasts that group oil production will rise to more than 20,000 barrels of oil equivalent a day in 2014 from between 7,000 and 8,000 barrels of oil equivalent a day in the second half of 2012.





Read more: http://www.oilvoice.com/n/FoxDavies_views_from_the_trading_floor_Ithaca_Energy_DEO_Petroleum_and_Xcite_Energy/ed0552360dcd.aspx#ixzz1wHGdesLT

Ithaca Energy has climbed 10.5% to 125p this week, after gaining two new licences for North Sea exploration blocks that offer the potential for significant expansion. One block is close to Ithaca's Athena field, which is already in production, while the second of the new blocks is close to Ithaca's Hurricane oil discovery -- the company believes that it offers similar prospects.

Ithaca Energy forecasts net production of 6,000 - 6,700 boepd for 2013
8:14 am by Jamie AshcroftIthaca’s net production totalled 610,070 barrels of oil in the period.



North Sea focussed Ithaca Energy (LON:IAE, TSE:IAE) expects net production of 6,000 to 6,700 barrels of oil per day in 2013.

The company this morning revealed its production figures for the fourth quarter of last year, inclusive of the additional interests being acquired from Noble Energy, with a rate of 6,631 barrels of oil a day over the three month period.

Ithaca’s net production totalled 610,070 barrels of oil in the period.

This comes from the company’s four operated fields (Athena, Beatrice, Jacky and Anglia) as well as its non-operated interests in these other fields (Cook, Broom and Topaz).

Though Ithaca highlights that the Anglia and Topaz operations were ‘shut in’ for a considerable part of the quarter because of issues with the ConocoPhilip’s export infrastructure which receives and transports gas from the fields.

Meanwhile it said that Athena - which is operating with a lower than designed capacity, due to a problem with one of its wells during ramp up – had a strong performance in the fourth quarter and it continues to produce ‘dry’ oil at a stable gross rate of 10,000 to 11,000 barrels a day (which is 2,250 to 2,275 net to Ithaca).

Ithaca also highlighted that its 2013 capital expenditure programme will focus on the development Greater Stella Area. In total this project will cost an anticipated US$360mln

Think I might dip my toe in the water with this one and buy in on Monday with my profits from DMGT (up 36% since Nov 2012!)
Could get at least 50%+ upside in the next 12months (imho)

I'm in as of this morning..onwards and upwards

It will be interesting to see if IAE make a bid approach for Antrim Energy, as they appear to be on the lookout again for new assets, and both businesses operate in the north sea.

There was also an newspaper article in the Daily Mail's financial pages on Friday 11th Oct 2013 about Ithaca Energy being on the lookout for new acquisition's and being fully funded to do so!

Market reacting badly to not a bad update considering that production will have doubled by the end of the year...but I suppose it expected the new oil production to come on line earlier....still ...it is a good company this ...

This is disappointing when you consider that oil production is about to treble by mid next year...crude is down...but still the same....company looks massively undervalued...

Didn't realise they had fallen so much.

That's some RNS.

Make no mistake these are in real trouble with that debt pile and I think the market knows! Sad for the North sea but these will be a casualty.