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.