RE:Communication to Ithaca Re AIM IndexI received the following reply from Richard Smith of Ithaca: Your email raises an interesting question. The Board has and will continue in the future to consider the question of whether the Company should be moving to a main market listing in the UK, taking into account the costs, complexities and implications for all shareholders of such a move. Regards, Richard Other than the first sentence, this is the 'stock' answer to this question. In terms of complexities, I think that Ithaca will want to post a full year of accounts which include the former Valiant assets and most of a full year of former Valiant production, which will happen at the end of March this year. Once Ithaca's market cap exceeds £1B (probably by later this year or early in 2015) then Ithaca would be one of the very largest AIM companies and would almost certainly transfer to the main UK index at that point. Therefore Ithaca's board will probably transfer the company to the main UK index either sometime after March this year or during 2015 at the latest. Clearly the company has plenty on its plate right now with GSA but it is imperative that the transfer to the main UK index takes place at the first opportunity. This will free up many currently constrained UK based investment funds to buy Ithaca shares, thereby increasing the share price and reducing the risk of Ithaca being bought out. Forget GSA first oil or buy out objectives, look a little further down the track, eventually, not too far away, Ithaca will be an overpriced stock when the investing hordes start to wake up to what is happening - think of what 50,000 bpd at a PE of 20 would mean for the share price. It would be most unfortunate if Ithaca was bought out and ceased to exist before this was able to happen. Doug