ABERDEEN, SCOTLAND--(Marketwired - Jul 22, 2016) - Ithaca Energy Inc (TSX: IAE) (LSE: IAE)
TSX: IAE; LSE: IAE
Not for Distribution to U.S. Newswire Services or for Dissemination in the United States
This Announcement Contains Inside Information
Ithaca Energy Inc.
FPF-1 Update
22 July 2016
Ithaca Energy Inc. (TSX: IAE; LSE: IAE) reports that the "FPF-1" floating production facility has completed the required
inclination test as planned and departed the Remontowa shipyard in Gdansk, Poland. The vessel has been moved to a deep water
location offshore Gdansk to undertake final marine system trials over the course of next week. Upon completion of these
trials, the FPF-1 will commence the tow to the Stella field. A further update will be provided once towing operations have
commenced.
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About Ithaca Energy
Ithaca Energy Inc. (TSX: IAE; LSE: IAE) is a North Sea oil and gas operator focused on the delivery of lower risk
growth through the appraisal and development of UK undeveloped discoveries and the exploitation of its existing UK producing
asset portfolio. Ithaca's strategy is centred on generating sustainable long term shareholder value by building a highly
profitable 25kboe/d North Sea oil and gas company. For further information please consult the Company's website www.ithacaenergy.com.
Forward-looking Statements
Some of the statements and information in this press release are forward-looking. Forward-looking statements and
forward-looking information (collectively, "forward-looking statements") are based on the Company's internal expectations,
estimates, projections, assumptions and beliefs as at the date of such statements or information, including, among other things,
assumptions with respect to production, drilling, construction and maintenance times, well completion times, risks associated
with operations, future capital expenditures, continued availability of financing for future capital expenditures, future
acquisitions and dispositions and cash flow. The reader is cautioned that assumptions used in the preparation of such information
may prove to be incorrect. When used in this press release, the words and phrases like "anticipate", "continue", "estimate",
"expect", "may", "will", "project", "plan", "should", "believe", "could", "target", "in the process of", "on track","set to" and
similar expressions, and the negatives thereof, whether used in connection with operational activities, remaining work activities
prior to the FPF-1 being towed to the Stella field and the timing thereof, timing of commencement of towing the FPF-1 to the
Stella field, timing of future FPF-1 updates, or otherwise, are intended to identify forward-looking statements. Such statements
are not promises or guarantees, and are subject to known and unknown risks, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in such forward-looking statements. The Company believes that the
expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations,
or the assumptions underlying these expectations, will prove to be correct and such forward-looking statements included in this
press release should not be unduly relied upon. These forward-looking statements speak only as of the date of this press
release. Ithaca Energy Inc. expressly disclaims any obligation or undertaking to release publicly any updates or revisions
to any forward-looking statement contained herein to reflect any change in its expectations with regard thereto or any change in
events, conditions or circumstances on which any forward-looking statement is based except as required by applicable securities
laws.
Additional information on these and other factors that could affect Ithaca's operations and financial results are included in
the Company's Management Discussion and Analysis for the quarter ended 31 March 2016 and the Company's Annual Information Form
for the year ended 31 December 2015 and in reports which are on file with the Canadian securities regulatory authorities and may
be accessed through the SEDAR website (www.sedar.com).
This information is provided by RNS
The company news service from the London Stock Exchange