Ithaca in position to move Stella forward

Ithaca Energy has secured financing from Bank of Scotland to fund development of its recently appraised Stella HP/HT field in the UK central North Sea and the satellite discoveries Harrier and Hurricane.

Offshore staff

ABERDEEN -- Ithaca Energy has secured financing from Bank of Scotland to fund development of its recently appraised Stella HP/HT field in the UK central North Sea and the satellite discoveries Harrier and Hurricane.

Some of the $140 million committed could also be used to fund future acquisitions of production assets in the North Sea.

A Term Sheet has been agreed with the bank, structured so that $30 million is immediately available on execution of the Facility documents.

Ithaca has started engineering scoping work on development of Stella and the two satellites, based on the outcome of the current Stella appraisal well. It will define a full development plan during the course of 2010.

The facility will provide a further S$110 million to Ithaca for the Greater Stella Area development based on an engineering assessment of the field(s), approval of the field development plan, and final credit approval.

4/22/2010

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