Ithaca Energy Inc. says that the Storbarden exploration well on PL 506S in Norway has not encountered hydrocarbons and the well is to be plugged and abandoned. The costs of this and the other committed exploration and appraisal wells transferred to Ithaca as a result of the acquisition of Valiant Petroleum plc ("Valiant") were accounted for in the price paid for the company, with no success assumed.

The Company notes the following announcement made by Rocksource ASA, the operator of the Storbarden well:

Rocksource ASA announces that the drilling rig "Borgland Dolphin" has completed drilling of the main reservoir and the secondary target at the high risk Storbarden prospect in PL 506S in the North Sea. The well has not encountered hydrocarbons. Final data acquisition and analysis is currently on-going after which the well will be plugged and abandoned.

Tags: Ithaca Energy Inc.