Ithaca Energy Inc. provides an operational update and guidance on the outlook for the year ahead.

• Average pro-forma production in 2014 was approximately 12,300 barrels of oil equivalent per day (boepd), 95% oil • Base production in 2015, excluding any contribution associated with start-up of the Stella field during the year, is anticipated to be approximately 12,000 boepd, approximately 95% oil • First hydrocarbons anticipated from the Greater Stella Area (GSA) in the third quarter of 2015, delivering an approximately 16,000 boepd step change in production for the Company • 2015 capital expenditure is anticipated to total approximately $150 million, reflecting the advanced status of the GSA investment programme and reduced production enhancement expenditure • 6,300 barrels of oil per day (bopd) hedged at an average of $102/bbl from 1 January 2015 to 30 June 2016 • The executed hedges through to mid-2016 result in the Company having a Brent breakeven price from the existing producing asset base of under $20/bbl

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