Ithaca Energy Inc. is engaged in the exploration, development and production of oil and gas in the North Sea. The Company has a diverse portfolio of development and production assets through acquisition and participation in approximately five licensing rounds. The properties lie in a range of geographic areas throughout the North Sea, and include both oil and gas plays, in close proximity to producing fields in proven petroleum systems. The Polly discovery lies 2.5 kilometers to the east of the Beatrice field and is an elongate structure which straddles blocks 11/30a and 12/26c. The Athena field is situated in block 14/18b in the Outer Moray Firth area of the UKCS and lies approximately 18 kilometers west of the Claymore and Scapa fields and the associated production facilities. The Cook field is located in Block 21/20a of the Central North Sea approximately 175 kilometers east of Aberdeen and 20 kilometers north of the Gannet Cluster development.