Ithaca Announces Well Did Not Encounter Hydrocarbons

Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) (“Ithaca” or the “Company”) announces that the Tullow Oil Norge AS (“Tullow”) operated exploration well 31/10-1 on the “Lupus” prospect in licence PL507 in the Norwegian North Sea did not encounter hydrocarbons.

Tullow is currently finishing drilling of exploration well 31/10-1.  The well is located approximately 35 kilometres southeast of the Oseberg Sør Field in the North Sea.

The primary objective of the well was to prove up hydrocarbons in the Paleocene Hermod Formation in a stratigraphic trap.  A secondary target was to test for reservoir quality sandstones in the Paleocene Ty Formation of the Rogaland Group.

The well identified good quality reservoir sandstone in the Hermod Formation, but no sandstone was observed in the Ty Formation.  No hydrocarbons were encountered by the well and it is now being plugged and abandoned. 

The well was drilled to a total depth of 2,357 metres by the semi-submersible Borgland Dolphin rig in a water depth of 121 metres.

The partners in licence PL507 are Tullow (60%, Operator), Explora Petroleum (20%), Ithaca Energy (10%) and North Energy (10%).