Wednesday 1 April 2020

Ithaca Energy Limited (IAECN: ISINs US46567TAA25 / USG49774AA35) (“Ithaca” or the “Company”) is pleased to announce the “Isabella” exploration well in Block 30/12d in the UK Central North Sea has discovered hydrocarbons in the Upper Jurassic and Triassic sandstone reservoirs. This is an encouraging high-pressure high-temperature discovery in a location close to existing infrastructure. Further analysis of the well results will now be performed by the licence Operator, TOTAL E&P North Sea UK Limited, to determine future appraisal activity and recoverable resource estimates. The well is in the process of being plugged and abandoned.

Ithaca has a 10% working interest in licence P.1820, alongside partners TOTAL (30%), Neptune E&P UK Limited (50%) and Euroil Exploration Limited (10%). The Company has a cost carried interest in the well as a result of prior farm-out agreements with TOTAL and Euroil.