Ithaca Energy

Big Hitter Appointed at Ithaca to Drive Stella Development Forward

Press Release   •   Oct 12, 2010 09:00 BST

Ithaca Energy, an independent oil & gas company with exploration,
development and production assets in the UK sector of the North Sea, has
appointed Fergus McGhie as Project Delivery Manager for the development
of the Stella, Harrier and Hurricane discoveries, located in the UK
sector of the Central North Sea. This follows a $290 million finance
raising exercise and the success of a drilling well appraisal which
reported a significant increase in reserves.



Mr McGhie joins the Aberdeen-based company from Shell UK Limited where
he was Central and Northern North Sea Project Portfolio Manager with
overall responsibility for delivery of the group's major integrated
capital expenditure projects through to first production.



Formerly, Mr McGhie was Head of Subsea and Pipeline Projects for Shell
in Europe and was responsible for the delivery of projects worth almost
US$1.5 billion including gas fields Caravel/Shamrock, the Starling,
Scoter and Merganser developments via Shearwater infrastructure in the
Central North Sea ("CNS"), major reconstructions on the Anasuria,
Curlew, Pierce FPSOs, FLAGS Hot-tap, various Brownfield tiebacks over
the Penguins, Nelson and  Gannet (CNS) infrastructure and several other
seabed asset integrity upgrades in the North Sea.



Mr McGhie is a marine engineer and Fellow of the Society of Underwater
Technology, with  over 35 years experience having worked for the British
Merchant Navy, Vetco Offshore, Conoco and Elf before joining Shell in
1997.



Iain McKendrick, Chief Executive Officer commented: "The appointment of
someone with Fergus' calibre and experience underlines our strategy of
using the best technical, project delivery, operational and commercial
expertise to find and develop hydrocarbons in the UK sector of the North
Sea. The highly successful appraisal of Stella, particularly the
confirmation of a significant oil column and the additional proved and
probable reserves, has provided the Company with a challenging and
exciting combined development of Stella and Harrier for which Fergus'
skills are ideally matched. Our ability to recruit top people, the
successes of our discoveries and development projects to date coupled
with recent acquisitions of producing assets at attractive terms
continues to strengthen Ithaca's footing in the North Sea."



Mr McGhie added: "I am delighted to be joining a small, independent
company which, along with its peers, forms the future life blood for the
UKCS.



"Ithaca is an entrepreneurial company with pace, agility and willingness
to make field development opportunities happen.



"The Greater Stella Area development team is assessing a number of
development options and pursuing a range of host options. With the
results of our highly successful appraisal well unfolding and with some
available near field potential, Greater Stella is a new core area for
Ithaca.



"I have a passion for and track record in delivering safely executed
projects, minimising where possible environmental impact, meeting
budgetary and schedule expectations and also delivering flawless
start-up and stable and reliable production."



Ends (11.10.10)





Issued on behalf of Ithaca Energy by The BIG Partnership. For more
information contact Zoe Corsi on 01224 615014 or 07973983243





Forward-looking statements

Some of the statements in this announcement are forward-looking.
Forward-looking statements include statements regarding the intent,
belief and current expectations of Ithaca Energy Inc. or its officers
with respect to various matters. When used in this announcement, the
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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.



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