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 that it has met major
scheduled milestones for the Athena project and on site subsea installation work
and rig based operations are on schedule.


The Company will present the Athena project today at 9.30 a.m. in London; the
presentation is available on the Company's website (www.ithacaenergy.com).


Key milestones achieved:



--  The drilling rig, Sedco 704, has now successfully completed four of the
    five development wells for production. The fifth and final well will
    finish in mid October after which the rig will be demobilised. 
--  Installation of the FPSO mooring system, riser base and subsea manifold
    have been completed utilising the Boa Deep C construction support vessel
    all of which are fundamental for the hook up between the BW Athena
    Floating Production Storage and Offtake ("FPSO")and the subsea
    facilitiesvessel. 
--  All topsides equipment on the BW Athena FPSO has been installed.
    Mechanical completion will occur in October and commissioning will
    commence.



Forward plan:



--  Installation of the subsea flowlines and umbilicals is underway and will
    be completed during October by the Boa Deep C and the subsea facilities
    will then be hooked up utilising the Bibby Topaz DSV (Dive Support
    Vessel). 
--  The vessel will leave Dubai around mid November to arrive in the field
    in December. The transit will take approximately 20 days and involves
    passage through the Suez Canal. 
--  The start up procedure in the field will take approximately 14 days to
    complete. This involves securing the vessel over the STP buoy, final
    hook up and commissioning of all surface and subsea systems. 
--  The Company continues to exercise tight control over remaining aspects
    of overall work programme. Potential risks remain to the schedule of
    adverse weather conditions or unexpected start-up procedure and
    commissioning delays



The project remains within budget and first oil is anticipated in Q4 2011.

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"). 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 e whether used in connection with the estimated
production levels of the Athena field, anticipated time of first oil from the
Athena field 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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