Apr. 2013 - Ithaca Energy contracted Applied Drilling Technology International (ADTI), a subsidiary of Transocean, to manage development drilling and completion operations in the Greater Stella Area under turnkey contract arrangements. ADTI was heavily involved in the well planning and design work that has been carried out over the last year. The 4-well drilling campaign is expected to begin in 2Q 2013 with each well taking between 80 and 90 days from spud to test. Ithaca will utilize the Ensco 100 (350' ILC) to carry out the drilling program.

Nov. 2012 - Ithaca Energy plans to start its Greater Stella Area (GSA) development drilling program by drilling four production wells at the Stella field starting 1Q 2013 using the Ensco 100 (350' ILC). Each of the Stella wells is expected to take 90 days to complete. These wells will be tied into the FPF-1 floating production unit which is currently being upgraded at the Remontowa yard in Gdansk. Commissioning of the vessel and hook-up to the GSA production hub is scheduled for 1H 2014. Engineering and construction of the GSA subsea facilities is on schedule with installation to take place throughout 2013. More wells are planned for the Stella, Harrier and Hurricane fields once the four initial Stella wells are brought on line.

Sep. 2012 - Ithaca Energy has completed a successful drill stem test (DST) on the Andrew sandstone interval in the Hurricane appraisal well, achieving a maximum flow rate of approximately 24 MMscf/d with associated condensate of 1,200 bopd. The well is being suspended as a future producer from the Andrew reservoir along with the capability to produce from the Rogaland reservoir. During the 24-hour test period, the Andrew interval achieved an average gross flow rate of approximately 17 MMscf/d with associated condensate of 870 bopd from a half-inch choke. Plans are already underway to assess development options.

Aug. 2012 - Ithaca Energy has completed the drilling of the Hurricane appraisal well in the Greater Stella area of the Central North Sea and is now proceeding to conduct a drill stem test. The Hurricane well (29/10b-8) was drilled to a total measured depth of 10,779 feet (3,285 meters) to appraise hydrocarbon bearing sands in the eastern lobe of the Hurricane structure closure. Logs indicate that the well has encountered hydrocarbons, which Ithaca said could be liquid-rich gas, in both the Rogaland and Andrew sands. Pressure and fluid sampling has been undertaken across both reservoir and sand intervals, and an initial DST will be conducted over the Andrew sand interval. Ithaca stated that the overall development work program for its Stella and Harrier fields were progressing as planned, with all major operational contracts in place following the Technip contract.

Jul. 2012 - Ithaca Energy is moving forward with development on the Stella and Harrier fields by awarding Technip a contract to carry out all subsea engineering work in the Greater Stella Area. The EPIC (engineering, procurement, installation and construction) contract includes the detailed design and pipelay of a 20-mile (32-kilometer), 10-inch oil export pipeline and a 38-mile (61-kilometer), 10-inch gas export pipeline to the fields' production platform, along with various other subsea work. The contract is scheduled to be completed in the second half of 2013. The Greater Stella Area development is located on the UK Continental Shelf around 175 miles (282 kilometers) east-southeast of Aberdeen, Scotland, in a depth of approximately 300 feet (91 meters).

Jul. 2012 - Ithaca Energy has commenced exploratory drilling on the Hurricane appraisal well in Block 29/10b, which lies within the Greater Stella area in the UK sector of the North Sea. The well is being drilled by the WilHunter (mid-water semisub). Drilling should take between 75 to 85 days to complete, including the performance of a drill stem test. The Hurricane discovery well, 29/10-4z, was drilled by Shell in 1995. The well encountered 41 degrees API light oil in Eocene Rogaland sands in the western lobe of the structure. The appraisal well will be drilled to the base of the Tertiary section in the eastern lobe of the mapped structure and is designed to satisfy three primary objectives: to confirm the nature and volume of recoverable hydrocarbons; calibrate the hydrocarbon contact with seismic amplitude; and verify the distribution, quality and connectivity of the reservoir. Upon successful completion of the appraisal well objectives, the wellbore will be suspended for future re-entry and completion as a production well.

Apr. 2012 - Penspen Group has been contracted to provide Detailed Design services to EPC Offshore Limited in support of Ithaca Energy's Greater Stella Area development. The contract follows on from Penspen's recent work for EPC Offshore on the FEED for the GSA Development. Under the terms of agreement, Penspen will provide Detailed Design services for the Phase 1 subsea structures and associated tie-in infrastructure, consisting of the Stella Main Drill Center manifold, northern drill center manifold, export riser base, oil and gas export tee assembles. Ithaca Energy has contracted EPC Offshore to provide project management of the subsea and pipelines elements of the development last year, which the company then contracted Penspen. The project is slated to commence production in 2014.

Apr. 2012 - Ithaca Energy reported it will commence drilling the Hurricane appraisal well later this year. The spud date is later than originally anticipated due to delays in the drilling program being performed for other operators, prior to the contracted rig being moved to the Hurricane well location. It is estimated Hurricane holds gross 3P reserves volume of 13 MMboe.

Nov. 2011 - Ithaca Energy and Ensco Offshore UK Limited have signed an agreement for the provision of a jackup drilling unit for development drilling on the Stella and Harrier fields. Ithaca has signed a Letter of Award for the ENSCO 100 jackup for development drilling on the Stella and Harrier fields. The campaign entails the drilling of five firm wells and up to three options for additional wells using the ENSCO 100 jackup. Drilling will begin on Stella in the second half of 2012. The Stella gas field is situated on UKCS Block 30/6 in waters measuring 280 feet (85 meters) in the North Sea. Ithaca serves as the operator and holds a 50.33 percent interest.

Oct. 2011 - EPC Offshore Limited has contracted Andrew Palmer & Associates, the offshore business stream of the Penspen Group, to conduct the Front-End Engineering Design (FEED) for Ithaca Energy's Greater Stella area development. Penspen will provide subsea FEED services for pipelines and infrastructure to maximize the oil and gas production of the Stella, Harrier and Hurricane fields in the North Sea. In May 2011, Ithaca Energy contracted EPC Offshore to provide project management of the subsea and pipeline elements of the GSA development. Ithaca plans to develop Stella with four oil producing wells and one gas producing well, and two gas producing wells for the Harrier discovery. The Stella gas field is situated on UKCS Block 30/6 in waters measuring 280 feet (85 meters) in the North Sea. Ithaca serves as the operator and holds a 50.33 percent interest.

Oct. 2011 - Ithaca Energy has acquired Challenger Minerals Limited, thus increasing its interests in the Stella/Harrier fields, obtaining a non-operated interest in the producing Broom field and three undeveloped discoveries, Scolty, Torphins and Crathes. Ithaca has acquired the entire share capital of CMNSL from Transocean Drilling UK Limited for a cash consideration of US $35 million; $25 million payable immediately and $10 million upon approval of the Stella/Harrier field development plan by the Department of Energy and Climate Change. Ithaca will receive an additional 10 percent interest in the Stella/Harrier fields; and 8 percent non-operated interest in the Broom producing field; a 10 percent interest in Scolty and Torphins; and a 10 percent interest in the Crathes prospect.

Oct. 2011 - Ithaca Energy will divest a 25.34 percent stake in the Hurricane field to Dyas UK Limited. The company has also signed a contract letter of intent with Awilco Drilling to secure a semisub to drill the Hurricane appraisal well in early 2012. The field is located in Block 29/10b, which Ithaca currently owns and operates.

Sep. 2011 - Ithaca Energy selected GE Oil & Gas to provide subsea systems and services for the Stella oil and gas field development project in the Central North Sea. GE will supply an integrated package of "S" series shallow water vertical tree systems, controls and SG1 wellheads. Phase 1 for the Stella project includes four subsea trees for the development wells with a possible tree for an additional well in the area. The Stella gas field is situated on UKCS Block 30/6 in waters measuring 280 feet (85 meters) in the North Sea. Ithaca serves as the operator and holds a 50.33% interest.

May. 2011 - EPC Offshore has won a US $1.6 million (1 million GBP) contract with Ithaca Energy to help support key areas of the Greater Stella Area development project. The initial phase calls for EPC to assist in developing the concept selection process across floating production, subsea and pipeline disciplines for the development of the Stella, Harrier and potentially Hurricane reservoirs, including provision of execution strategies for each element. The Stella gas field is situated on UKCS Block 30/6 in waters measuring 280 feet (85 meters) in the North Sea. Ithaca serves as the operator and holds a 50.33% interest.

Apr. 2011 - Ithaca Energy has agreed to farm-out a 31% stake in its Hurricane oil field to Challenger Minerals Ltd (CMI). Under the agreement, CMI will pay 40% of initial appraisal well costs in exchange for a 31% equity interest in Block 29/10b. If the well is successfully appraised, CMI will pay 40% of gross costs of a drill stem test of any sidetrack. The transaction is subject to approval. Once approved and a rig is chosen, Ithaca anticipates that appraisal drilling will commence in 4Q11. Ithaca currently holds 100% interest in the Hurricane discovery and Block 29/10b.

Nov. 2010 - Ithaca Energy has won a new license in the UKCS 26th Production License Round, specifically Block 29/10d, which lies in the Greater Stella Area, neighboring Block 29/10b (Hurricane discovery) and Block 30/6a (Stella and Harrier discoveries). Ithaca, serving as operator, has identified a large structure within the block known as Helios. A well in the block, first drilled in the late 60s, recovered gas and condensate from the Andrew sand formation, the equivalent and principal reservoir of the Stella discovery. Further work is required to delineate and define an appraisal well on Helios, potentially providing information to the development of the Greater Stella Area. New 3D seismic data has been acquired over the block, but the licensees have committed to purchase additional 22,239 acres (90 square kilometers) of 3D seismic data. The partners have to decide whether to drill or drop the block within two years from the start of the initial term of the license. Partners on the license include Ithaca (68.33%) and Dyas UK Ltd. (31.67%).

Jul. 2010 - Ithaca Energy has collected C $158 million from its previously announced Canadian bought deal and UK private share placement. The combination of the proceeds together with debt made available from the recently announced Bank of Scotland facility and a portion of anticipated cash flows are to be used to fund the Greater Stella Area development project in the UK central North Sea. The Greater Stella Area includes the Stella, Harrier and Hurricane discoveries. Detailed planning for the project has already started, and Ithaca has engaged in a formal dialogue with the DECC authorities and host infrastructure owners to accelerate and optimize the planned development. Ithaca plans to develop Stella with four oil producing wells and one gas producing well, and two gas producing wells for the Harrier discovery. The Stella gas field is situated on UKCS Block 30/6 in waters measuring 280 feet (85 meters) in the North Sea. Ithaca serves as the operator and holds a 50.33% interest.

Jun. 2010 - Ithaca Energy has increased the reserve amount of the Stella field, following a successful appraisal well that was drilled in the first quarter of 2010. After reviewing the well's data, the field's proven reserves (1P) increased to 20.88 MMboe, a 30.6% increase; and the proven plus probable reserves (2P) increased to 41.96 MMboe, a 12.8% increase. The boost in Stella's reserves is attributed to the additional hydrocarbon column height, the nature of the fluids found within the structure, and the larger area defined by the appraisal well. Ithaca will now move forward with development plans of both the Stella field and the satellite fields, Harrier and Hurricane, with first oil and gas planned for late 2012. The Stella gas field is situated on UKCS Block 30/6 in waters measuring 280 feet (85 meters) in the North Sea. Ithaca serves as the operator and holds a 50.33% interest.

Apr. 2010 - Ithaca Energy has secured funds from the Bank of Scotland for the development of the Stella field and two satellite discoveries, Harrier and Hurricane. Under a term sheet arranged between Ithaca and BOS, US $30 million will be immediately available to Ithaca on execution of the facility documents. Another $110 million will be allocated for the Greater Stella Area development based on an engineering assessment of the field(s), FDP approval and final credit approval. Currently, engineering work has commenced on the Stella development and the two discoveries based on the positive outcome of the Stella appraisal well, and a full development plan should be defined during 2010. The involved parties shall negotiate and finalize the facility documents on or before June 30, 2010. The Stella gas field is situated on UKCS Block 30/6 in waters measuring 280 feet (85 meters) in the North Sea. Ithaca serves as the operator and holds a 50.33% interest.

Apr. 2010 - The recently drilled Stella appraisal well, 30/6a-8, proved the presence of additional volumes of hydrocarbon, and an excellent quality reservoir. The 30/6a-8 well appraised a large down flank extension of the Stella field, showing the total measured hydrocarbon column height is now in excess of 820 feet (250 meters). This new information has significantly increased reserves beyond those previously assessed. The well confirmed hydrocarbons are more than 500 feet (152 meters) lower than in previous wells, demonstrating that connected hydrocarbons are present in the field down to the geological spill. Furthermore, a Drill Stem Test was performed to provide information for development options. During the test, the well flowed in excess of 5,000 barrels of liquid per day (oil plus water) consisting of 2,850 barrels of light 39 degree API light oil per day and 2,150 barrels of water per day. The well will now be geologically sidetracked to test the reservoir up-flank between this vertical bore and existing wells to further investigate the quality of the reservoir. The Stella gas field is situated on UKCS Block 30/6 in waters measuring 280 feet (85 meters) in the North Sea. Ithaca serves as the operator and holds a 50.33% interest.

Mar. 2010 - Ithaca Energy is preparing to conduct a drill stem test at its Stella appraisal well, 30/6a-8, in the UK sector of the North Sea. Drilled by the GSF Galaxy II jackup, the well was drilled to a total measured depth of 10,863 feet (3,311 meter) to appraise the downdip extension of the gas condensate rich Palaeocene Andrew sands (Stella's primary reservoir). Electric wireline logs and coring were performed, confirming a 22-foot (7-meter) gross Andrew sand interval. Additionally, pressure and fluid sampling was undertaken across the sand reservoir interval and based on the analysis, a DST will now be conducted. The Stella field is located on Block 30/6 in a water depth of 280 feet (85 meters). Ithaca Energy serves as the operator of the field.

Feb. 2010 - Ithaca Energy commenced appraisal drilling at the Stella discovery to define the field's hydrocarbon composition and content using Transocean's GSF Galaxy II jackup. Located on Block 30/6 in waters measuring 280 feet (85 meters) in the UK sector of the North Sea is the Stella field. Ithaca Energy, operator, holds a 50.33% interest in the field; Dyas holds 31.67%; and CMI holds 18%.

Feb. 2010 - Maersk Oil opted to farm-in to a HP/HT play in two blocks, 29/4b and 29/5e, in the UK sector of the North Sea. Under the deal, one deep exploration well will be drilled on each block, with Ithaca covering 100% of all costs up to the end of the first well on each block. The farm-in agreement applies to the deep section, below the Base Chalk horizon of the blocks; Ithaca will retain 100% interest in the shallow section above the Base Chalk horizon in both blocks. Maersk Oil will have a 95% equity interest in the deep horizons below the Base Chalk horizon in each of the exploration blocks drilled. Ithaca will be responsible for the obligations of the license, including obtaining and reprocessing 3D seismic data, up to the point of Maersk Oil committing to drilling and earning an interest in either block. The Greater Stella Area includes the Stella field and the neighboring discoveries Harrier and Hurricane, located in the UK sector of the North Sea. Ithaca Energy serves as the operator of the project.

Nov. 2009 - Ithaca Energy will use ADTI to drill an appraisal well on its Stella discovery in Block 30/6 in the UK North Sea to define the field's hydrocarbon composition and contact. The planned start up date of the appraisal drilling is scheduled in late 2009 or early 2010. Industry sources indicate that a jackup, possibly the idle GSF Galaxy II, a 400' IC jackup, may be used to drill the well. The operator is expecting a field development approval from governmental authorities by the fourth quarter of 2010 and first production is planned in 2012.

Oct. 2009 - Ithaca Energy announced it acquired Maersk Oil's 33.33% working interest in the Stella field and the undeveloped satellite discovery Harrier and a 50% working interest in Hurricane. Ithaca now serves as the operator of Stella, which is situated on UKCS Block 30/6 in waters measuring 280 feet (85 meters) in the North Sea, as well as all assests involved in the transaction. Ithaca now holds a 50.33% interest; Dyas holds 31.67%; and CMI holds the remaining 18% interest. CMI is farming in and paying 27% of the well costs to acquire an 18% interest; they will not be on the license until the well has been completed on Stella and their share of costs are paid. The operator plans to spud an appraisal well on Stella in December.

Mar. 2009 - Ithaca acquired interest in the Stella field, located on UKCS Block 30/6 in the North Sea, in August 2008. Ithaca and license partner, Maersk, are planning to drill an appraisal well on the Stella discovery in the first half 2009. If this well proves successful, the Company intends to fast track the project towards field development plan.