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Athena NEWS

[JDEVR]

Company News Alert
Ithaca Energy Inc.: Athena Project Update (ccnm)
LONDON, UNITED KINGDOM and CALGARY,ALBERTA--(Marketwire - Oct. 11, 2011) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES ORFOR DISSEMINATION IN THE UNITED STATES
Ithaca Energy Inc. (TSXVENTURE:IAE)(AIM:IAE) announces that it hasmet major scheduled milestones for the Athena project and on site subseainstallation work and rig based operations are on schedule.
The Company will present the Athena project today at9.30 a.m. in London; the presentation is available on the Company's website (www.ithacaenergy.com).
Key milestones achieved:
The drilling rig, Sedco 704, has now successfully completed four of the fivedevelopment wells for production. The fifth and final well will finish in midOctober after which the rig will be demobilised.
Installation of the FPSO mooring system, riser base and subsea manifold havebeen completed utilising the Boa Deep C construction support vessel all of whichare fundamental for the hook up between the BW Athena Floating ProductionStorage and Offtake ("FPSO")and the subsea facilitiesvessel.
All topsides equipment on the BW Athena FPSO has been installed. Mechanicalcompletion will occur in October and commissioning will commence.
Forward plan:
Installation of the subsea flowlines and umbilicals is underway and will becompleted during October by the Boa Deep C and the subsea facilities will thenbe hooked up utilising the Bibby Topaz DSV (Dive Support Vessel).
The vessel will leave Dubai around mid November to arrive in the field inDecember. The transit will take approximately 20 days and involves passagethrough the Suez Canal.
The start up procedure in the field will take approximately 14 days tocomplete. This involves securing the vessel over the STP buoy, final hook up andcommissioning of all surface and subsea systems.
The Company continues to exercise tight control over remaining aspects ofoverall work programme. Potential risks remain to the schedule of adverseweather conditions or unexpected start-up procedure and commissioning delays
The project remains within budget and first oil isanticipated in Q4 2011.
About Ithaca Energy:
Ithaca Energy Inc. and its wholly owned subsidiaryIthaca Energy (UK) Limited ("Ithaca" or "theCompany"), is an oil and gas exploration, development and productioncompany active in the United Kingdom's Continental Shelf ("UKCS"). to maximizeproduction and achieve early production from the development of existingdiscoveries on properties held by Ithaca, to originate and participate inexploration and appraisal on properties held by Ithaca when capital permits, andto consider other opportunities for growth as they are identified from time totime by Ithaca.
Not for Distribution to U.S. Newswire Services orfor Dissemination in the United States.
Forward-looking statements
Some of the statements in this announcement areforward-looking. Forward-looking statements include statements regarding theintent, belief and current expectations of Ithaca Energy Inc. or its officerswith respect to various matters. When used in this announcement, the words"anticipate", "continue", "estimate", "expect", "may", "will", "project","plan", "should", "believe", "could", "target" and similar e whether used inconnection with the estimated production levels of the Athena field, anticipatedtime of first oil from the Athena field or reserves associated with the Athenafield are intended to identify forward-looking statements. The reserves forindividual properties may not reflect the same confidence level as estimates ofreserves of all properties, due to the effects of aggregation. Such statementsare not promises or guarantees, and are subject to known and unknown risks anduncertainties and other factors that may cause actual results or events todiffer materially from those anticipated in such forward -looking statements orinformation. These forward-looking statements speak only as of the date of thisannouncement. Ithaca Energy Inc. expressly disclaims any obligation orundertaking to release publicly any updates or revisions to any forward-lookingstatement contained herein to reflect any change in its expectations with regardthereto or any change in events, conditions or circumstances on which anyforward-looking statement is based except as required by applicable securitieslaws.
The term "boe" may be misleading, particularly ifused in isolation. A boe conversion of 6 Mcf: 1 bbl is based on an energyequivalency conversion method primarily applicable at the burner tip and doesnot represent a value equivalency at the wellhead.
FOR FURTHER INFORMATION PLEASE CONTACT:
Iain McKendrickIthaca Energy Inc.CEO+44 (0) 1224 650 [e-mail]
OR
Nick MuirIthaca Energy Inc.CTO+44 (0) 1224 650 [e-mail]
OR
Philip DennisPelham Bell Pottinger Public Relations+44 (0) 207 861 [e-mail]
OR
Rollo Crichton-StuartPelham Bell Pottinger Public Relations+44 (0) 207 861 [e-mail]
OR
Jon FitzpatrickCenkos Securities plc+44 (0) 207 397 [e-mail]
OR
Beth McKiernanCenkos Securities plc+44 (0) 131 220 [e-mail]
OR
Tim ChapmanRBC Capital Markets+44 (0) 207 653 [e-mail]
OR
Matthew CoakesRBC Capital Markets+44 (0) 207 653 [e-mail]
Neither TSX Venture Exchange nor its Regulation Services Provider (as thatterm is defined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this release.

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