Takeover Tender Completed

04 May

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS IN THAT JURISDICTION.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU NO. 596/2014).

Ithaca Energy Inc. (TSX: IAE; LSE: IAE) ("Ithaca" or the "Company") announces that the share tendering process has now been completed for the cash takeover offer made by Delek Group Ltd. (“Delek”) for all the common shares of the Company not owned by Delek or any of its affiliates for C$1.95 per share (the “Offer”). Following payment for the common shares tendered during the mandatory extension period for the Offer that expired on 3 May 2017, Delek will own 94.2% of the issued and outstanding common shares of the Company via its affiliate DKL Investments Limited.

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Enquiries:

Ithaca Energy
Les Thomas
lthomas@ithacaenergy.com
+44 (0)1224 650 261

Graham Forbes
gforbes@ithacaenergy.com
+44 (0)1224 652 151

Richard Smith
rsmith@ithacaenergy.com
+44 (0)1224 652 172

FTI Consulting
Edward Westropp
edward.westropp@fticonsulting.com
+44 (0)203 727 1521

Cenkos Securities
Neil McDonald
nmcdonald@cenkos.com
+44 (0)207 397 8900

Beth McKiernan
bmckiernan@cenkos.com
+44 (0)131 220 9778

RBC Capital Markets
Matthew Coakes
matthew.coakes@rbccm.com
+44 (0)207 653 4000

Martin Copeland
martin.copeland@rbccm.com
+44 (0)207 653 4000

Advisors

RBC was the financial advisor to the Company on the takeover and delivered a fairness opinion addressed to the Special Committee (as defined and described in the Director's Circular). GMP FirstEnergy acted as the formal valuator under the terms of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions. Pinsent Masons LLP and Burstall Winger Zammit LLP were legal advisors for the Company. The Company also received strategic advice from Geopoint Advisory Limited.

About Ithaca Energy

Ithaca Energy Inc. (TSX: IAE; LSE: IAE) is a North Sea oil and gas operator focused on the delivery of lower risk growth through the appraisal and development of UK undeveloped discoveries and the exploitation of its existing UK producing asset portfolio. Ithaca's strategy is centred on generating sustainable long term shareholder value by building a highly profitable 25kboe/d North Sea oil and gas company. For further information please consult the Company's website at www.ithacaenergy.com.

Takeover Tender Completed