Mr. Graham Forbes reports

ITHACA ENERGY INC: ADDITIONAL SHARES LISTING

Ithaca Energy Inc. has issued an additional 233,333 common shares in the company resulting from the exercise of share options and has applied for these to be admitted to trading on the Alternative Investment Market. Admission of the newly issued common shares is expected to occur on April 12, 2017. Each new common share will rank pari passu with the existing common shares.

Following the issue and allotment of the new common shares, the company will have a total of 415,885,700 common shares in issue with one voting right per common share. There are no common shares held in treasury. The total number of voting shares in the company is therefore 415,885,700. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the company under the United Kingdom Financial Conduct Authority's disclosure and transparency rules.

The company also notes that it has applied for 2,265,205 previously issued and allotted common shares to be admitted to trading on the AIM. These common shares relate to an earlier announcement and do not affect the total of 415,885,700 common shares in issue. Admission of these common shares is also expected to occur on April 12, 2017.

The total number of common shares under option is now 21,536,481, representing approximately 4.9 per cent of the total shares outstanding and under option.

About Ithaca Energy Inc.

Ithaca Energy is a North Sea oil and gas operator focused on the delivery of lower-risk growth through the appraisal and development of U.K. undeveloped discoveries and the exploitation of its existing U.K. producing asset portfolio. Ithaca's strategy is centred on generating sustainable long-term shareholder value by building a highly profitable 25,000-barrel-of-oil-equivalent-per-day North Sea oil and gas company.