IAE Ithaca Energy Inc.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES


Ithaca Energy Inc. (TSX VENTURE:IAE)(AIM:IAE) announces progress on Athena and
Stella Development projects.


Athena Project - Completions Update

Operations to prepare the Athena field development well 14/18b-A2Z ("the well"
or "A2") for production have been successfully concluded. A 7" production liner
and a dual electrical submersible pump system have been successfully installed
above the horizontal section of the well and the subsea xmas tree and flowbase
are ready for hook-up of flowlines by the subsea installation contractor. The
Sedco 704 drilling unit, will stay on location to undertake further completion
work for the project and is currently preparing to complete 14/18b-16 (to be
renamed 14/18b-A3 or "A3"). This is the second of a five well programme of
completions (four production and one water injection) to be carried out before
hook-up to the Floating Production Storage and Offloading vessel, 'BW Athena'.


Athena Joint Venture Partners are Ithaca (operator, 22.5%), Dyas UK Ltd (47.5%),
EWE Aktiengesellschaft (20%) and Zeus Petroleum Limited (10%).


Stella Project - Subsea Trees and Control Systems Contract Awarded

The development of the Stella field has moved a step forward through the
placement of a contract with GE Oil & Gas to manufacture and supply subsea trees
and controls systems. The initial phase of detailed engineering work has
commenced and will focus on the procurement of forgings and materials for the
systems. The systems will be delivered as an integrated package and are designed
for installation using a heavy duty jackup drilling unit. The supply of the
trees and control systems will be managed and delivered from GE Oil & Gas's
Aberdeen facility.


The Company also confirms that a geotechnical programme is currently ongoing to
determine the suitability of certain jackup drilling units at four potential
development drilling locations on the Stella and Harrier fields and
incorporating test boreholes in advance of the planned Hurricane appraisal well.
Two drill centres will be selected.


Stella Joint Venture Partners are Ithaca (operator, 50.33%), Dyas UK Limited
(31.67%), Challenger Minerals (North Sea) Limited (18%).


About Ithaca Energy:

Ithaca Energy Inc. and its wholly owned subsidiary Ithaca Energy (UK) Limited
("Ithaca" or "the Company"), is an oil and gas exploration, development and
production company active in the United Kingdom's Continental Shelf ("UKCS").
The goal of Ithaca, in the near term, is to maximize production and achieve
early production from the development of existing discoveries on properties held
by Ithaca, to originate and participate in exploration and appraisal on
properties held by Ithaca when capital permits, and to consider other
opportunities for growth as they are identified from time to time by Ithaca


Not for Distribution to U.S. Newswire Services or for Dissemination in the
United States


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 words "anticipate", "continue",
"estimate", "expect", "may", "will", "project", "plan", "should", "believe",
"could", "target" and similar expressions, and the negatives thereof, whether
used in connection with the estimated production levels of the Athena or Stella
fields, anticipated time of first oil from the Athena or Stella fields or
reserves associated with the Athena field are intended to identify
forward-looking statements. The reserves for individual properties may not
reflect the same confidence level as estimates of reserves of all properties,
due to the effects of aggregation. Such statements are not promises or
guarantees, and are subject to known and unknown risks and uncertainties and
other factors that may cause actual results or events to differ materially from
those anticipated in such forward-looking statements or information. These
forward-looking statements speak only as of the date of this announcement.
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.


The term "boe" may be misleading, particularly if used in isolation. A boe
conversion of 6 Mcf: 1 bbl is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead.

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