This reflects primarily an upward adjustment of reserves at Beatrice and Jacky due to a re-evaluation based on actual production results as well as new reserves at Stella (Ekofisk) and Harrier that Sproule had not previously evaluated.

Net proved and probable (2P) reserves of increased 115%, from 17.20mmboe to 37.19mmboe as at December 31, 2009. The overall rise in net 2P reserves is attributed to discoveries and reservoirs namely, Stella (Ekofisk), Hurricane, Harrier and Carna.

In addition, block 29/10b that was awarded to Ithaca in the 25th UKCS Licensing Round, contains the Hurricane discovery, which has been attributed probable reserves.

Iain McKendrick, CEO of Ithaca Energy, said: “Ithaca’s technical team has identified significant upside in the Greater Stella Area; in addition to the discoveries (Stella (Andrew and Ekofisk), Harrier and Hurricane), Ithaca now holds a 100% equity interest in neighbouring exploration acreage with rich gas-condensate potential.

“The combination of Stella, Harrier and Hurricane could become part of one much larger phased development. 2010 is going to be an exciting year for the Company which, in the near term, will see the launch of Athena and the appraisal of the Stella field.”