Ithaca Energy Inc. Announces Crathes Well Encounters Light Oil

Author: Spencer Ogden
Date posted29/Nov/2011
Author: Spencer Ogden
Ithaca Energy Inc. (TSX:IAE)(AIM:IAE) announces today that the Crathes exploration well, 21/13a-5, encountered a 52ft light oil column in excellent quality reservoir sands. The well is currently undergoing wireline logging, before drilling ahead to intersect the Moon prospect.

The recent corporate acquisition of Challenger Minerals (North Sea) Limited by Ithaca included a dual target exploration opportunity in Block 21/13a alongside the Scolty and Torphins undeveloped discoveries. The primary exploration target is the Crathes prospect which lies within the Palaeocene section. The secondary target is the Moon prospect within the deeper Upper Jurassic section.

The operator, EnQuest, will evaluate the potential commerciality of the joint development of Scolty, Torphins and Crathes/Moon.

The Joint Venture Partners are: Enquest, operator (40%), Wintershall (E&P) (50%), Ithaca (10%).