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News Article | May 4, 2017
Site: www.marketwired.com

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. 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. About Delek The Delek Group, Israel's leading integrated energy company, is the pioneering leader of the natural gas exploration and production activities that are transforming the Eastern Mediterranean's Levant Basin into one of the energy industry's most promising emerging regions. Having discovered Tamar and Leviathan, two of the world's largest natural gas finds since 2000, Delek and its partners are now developing a balanced, world-class portfolio of exploration, development and production assets. Delek's head office is located at 19 Abba Eban Blvd., P.O.B. 2054, Herzliya 4612001, Israel. Cautionary Statement This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. Such an offer may only be made pursuant to an offer and takeover bid circular filed with the securities regulatory authorities in Canada and pursuant to registration or qualification under the securities laws of any other applicable jurisdiction. The distribution of this press release in or into certain jurisdictions may be restricted by law and therefore persons into whose possession this press release comes should inform themselves about, and observe, such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.


News Article | May 4, 2017
Site: www.theengineer.co.uk

A team from Surrey University has been shortlisted for the finals of Airbus’ Fly Your Ideas challenge, a biennial global student competition with a top prize of €30,000. Surrey’s Team SkyVision propose turning a commercial airliner into an ‘Earth Observation Device’ by installing equipment into the belly of the aircraft to monitor ground activity during flight, thereby providing an alternative to satellite imagery. Other concepts to make the finals include a method to improve aircraft taxiing, new ways of boarding via an app, new areas for luggage storage, and a new business model using existing Airbus aircraft. The finalists represent nine different nationalities and eight universities across Africa, Europe and Asia-Pacific, and are drawn from disciplines that include engineering, natural sciences and business. Their ideas were selected from over 350 entries in Airbus’ competition, run in partnership with UNESCO. Students’ ideas had to answer one of five challenges identified by Airbus to provide sustainable future solutions. The five finalist teams – from Australia, France, Hong Kong, Nigeria and the UK – will soon travel to Toulouse, France, where they will spend a week at the Airbus ProtoSpace facility to prototype, test and visualise their ideas using advanced equipment with personal guidance from Airbus. At the end of their week at Airbus, the students will present their projects and the newly developed prototype in front of Airbus experts and personalities from the aerospace and academic world. The final will take place on 17th May in Toulouse. The ideas competing for the final prize are: Airborne Earth Observation – Team SkyVision, University of Surrey, UK A concept that turns a commercial airliner into an ‘Earth Observation Device’ by installing equipment into the underside of an aircraft to monitor ground activity during flight. An alternative to satellite imagery, it opens up new opportunities such as ecology analysis and urban planning. Improving Airport Taxi Flow and Efficiency – Team Nevada, Obafemi Awolowo University, Nigeria An airport taxiing system that uses sensors and algorithms for automated Ground Traffic Control, both in the tower and on the aircraft, to improve aircraft traffic at airports and thus reduce emissions. Compact Luggage Strategy Mobile App – Team PassEx, Institut d’Administration des Entreprises – IAE Toulouse, France A boarding system that uses a real-time mobile app to assign boarding status to passengers according to their luggage size. The Compact Luggage Strategy (CLS) addresses current storage issues in over-head compartments by distributing passengers across the aircraft according to the size of their baggage. Private Stowage Compartment – Team DAELead, The University of Hong Kong, Hong Kong An aircraft cabin design that locates a Private Stowage Compartment (PSC) underneath passengers’ feet, utilizing the space between the cabin floor and the cargo ceiling. A400M Aerial Firefighting Platform – Team Aquarius, Royal Melbourne Institute of Technology, Australia A fire-fighting solution that incorporates modular systems using pressurised fire retardant containers fixed to fast-loadable pallets for a network of Airbus A400M aircraft, to create a system of aerial firefighting platforms that can be used for rapid wildfire suppression.


News Article | April 21, 2017
Site: www.marketwired.com

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") is pleased to announce that the conditions of the cash takeover offer for all the common shares of the Company not owned by Delek Group Ltd. ("Delek") or any of its affiliates for C$1.95 per share (the "Offer") have been satisfied and the Offer has been accepted by holders of approximately 70.3% of the issued and outstanding common shares, not including the common shares already owned by Delek or any of its affiliates prior to announcement of the Offer. Payment for those shares tendered to the Offer by the initial deposit period deadline of 20 April 2017 will be made to Computershare Trust Company of Canada ("Computershare"), as the depositary for the Offer, by no later than 25 April 2017, following which the funds will be transferred to shareholders by Computershare. For those shareholders who tendered via brokers or financial intermediaries, payment for their tendered shares will be made via such institutions. Following the take up and payment for the tendered shares, DKL Investments Limited (the "Offeror"), a wholly owned affiliate of Delek, will own and control 323,158,890 common shares, representing approximately 76% of the issued and outstanding shares of the Company. Mandatory Extension Period As required by securities laws, the Offer is being extended for a mandatory extension period until 17.00 (Toronto time) on 3 May 2017 (the "Expiry Time") to provide shareholders who have not yet tendered their common shares to the Offer an opportunity to do so. Accordingly, the Offeror has today mailed to Ithaca shareholders the notice of extension, a copy of which is available on the Company's website (www.ithacaenergy.com). Shareholders who have already validly deposited their common shares do not need to take any further action to accept the Offer. Click on, or paste the following link into your web browser, to view the associated PDF document.


LONDON, UK / ACCESSWIRE / May 22, 2017 / Active Wall St. announces the list of stocks for today's research reports. Pre-market the Active Wall St. team provides the technical coverage impacting selected stocks trading on the Toronto Exchange and belonging under the Oil & Gas - E&P industry. Companies recently under review include Crew Energy, Niko Resources, Peyto Exploration & Development, and Ithaca Energy. Get all of our free research reports by signing up at: On Friday, May 19, 2017, at the end of trading session, the Toronto Exchange Composite index ended the day at 15,458.46, 1.19% higher, with a total volume of 358,806,657 shares. Additionally, the Energy index was up by 2.52%, ending the session at 197.85. Active Wall St. has initiated research reports on the following equities: Crew Energy Inc. (TSX: CR), Niko Resources Ltd (TSX: NKO), Peyto Exploration & Development Corporation (TSX: PEY), and Ithaca Energy Inc. (TSX: IAE). Register with us now for your free membership and research reports at: On Friday, shares in Calgary, Canada-based Crew Energy Inc. recorded a trading volume of 445,132 shares, lower than their three months average volume of 1.33 million shares. The stock ended the day 8.22% higher at $4.74. Crew Energy's stock has gained 7.97% in the previous one month. Shares of the Company, which engages in the acquisition, exploration, development, and production of crude oil and natural gas in Canada, are trading above its 50-day moving average. The stock's 200-day moving average of $5.86 is above its 50-day moving average of $4.58. See our research report on CR.TO at: On Friday, shares in Calgary, Canada headquartered Niko Resources Ltd ended the session 6.67% lower at $0.07 with a total volume of 794,087 shares traded. Niko Resources' shares are trading below its 50-day and 200-day moving averages. Furthermore, the stock's 200-day moving average of $0.10 is greater than its 50-day moving average of $0.09. Shares of the Company, which engages in the exploration for, development, and production of oil and natural gas, are trading at a PE ratio of 0.02. The complimentary research report on NKO.TO at: Calgary, Canada headquartered Peyto Exploration & Development Corp.'s stock closed the day 4.56% higher at $26.35. The stock recorded a trading volume of 377,977 shares. Peyto Exploration & Development's shares have advanced 3.21% in the previous one month. The Company's shares are trading above their 50-day moving average. Moreover, the stock's 200-day moving average of $29.50 is greater than its 50-day moving average of $26.08. Shares of Peyto Exploration & Development, which engages in the exploration, development, and production of oil and natural gas, and natural gas liquids in Canada, are trading at a PE ratio of 39.15. Register for free and access the latest research report on PEY.TO at: Aberdeen, the UK headquartered Ithaca Energy Inc.'s stock finished Friday's session flat at $1.95 with a total volume of 123,125 shares traded. Over the last one month and the previous three months, Ithaca Energy's shares have advanced 0.52% and 1.56%, respectively. Furthermore, the stock has rallied 109.68% in the past one year. Shares of the Company, which together with its subsidiaries, engages in the exploration, development, and production of oil and gas in the North Sea, are trading above its 50-day and 200-day moving averages. Athabasca Oil's 50-day moving average of $1.87 is above its 200-day moving average of $1.73. Get free access to your research report on IAE.TO at: Active Wall Street (AWS) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and micro-cap stocks. AWS has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below. AWS has not been compensated; directly or indirectly; for producing or publishing this document. The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst, for further information on analyst credentials, please email [email protected]. 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AWS, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. AWS, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, AWS, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice. This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. 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News Article | May 12, 2017
Site: www.marketwired.com

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) ( : IAE) ("Ithaca" or the "Company") announces that Delek Group Ltd. ("Delek"), through its affiliate DKL Investments Limited (the "Offeror"), has notified Ithaca that it intends to carry out a compulsory acquisition of all the remaining issued and outstanding common shares of the Company that are not currently owned by the Offeror following completion of the takeover offer (the "Compulsory Acquisition") for a cash consideration of C$1.95 per share (the "Offer") under the Business Corporations Act (Alberta). Under the terms of the Compulsory Acquisition, and subject to the terms of the Business Corporations Act (Alberta), the holders of all the remaining common shares not currently owned by the Offeror will be entitled to receive the same consideration per share as paid under the Offer, being C$1.95 in cash per share. The Company further announces that it intends to seek the cancellation of its admission to trading on the AIM market of the London Stock Exchange and to voluntarily delist from the TSX following completion of the Compulsory Acquisition (the "Proposed Delisting"). Further details on this will be announced in due course. A notice of compulsory acquisition will be sent by the Offeror to all shareholders concerning, amongst other things, the process and schedule for completion of the Compulsory Acquisition and the associated actions that remaining shareholders are required to take. Following completion of the Compulsory Acquisition and Proposed Delisting, the Company intends to continue to report its annual and quarterly financial statements as required by the terms of the indenture for the $300 million senior notes due July 2019. About Ithaca Energy Ithaca Energy Inc. (TSX: IAE) ( : 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. About Delek The Delek Group, Israel's leading integrated energy company, is the pioneering leader of the natural gas exploration and production activities that are transforming the Eastern Mediterranean's Levant Basin into one of the energy industry's most promising emerging regions. Having discovered Tamar and Leviathan, two of the world's largest natural gas finds since 2000, Delek and its partners are now developing a balanced, world-class portfolio of exploration, development and production assets. Delek's head office is located at 19 Abba Eban Blvd., P.O.B. 2054, Herzliya 4612001, Israel. Cautionary Statement This announcement may contain, in addition to historical information, certain forward-looking statements related to the Company, including anticipated future events and circumstances, including in particular, but not limited to, statements relating to the compulsory acquisition of Ithaca shares by the Offeror, certain financial benefits expected to result from completion of the compulsory acquisition by the Offeror, the proposed cancellation of admission to trading on the AIM market of the London Stock Exchange, the proposed voluntary delisting from the TSX and the intentions, plans and future actions of the Company, the Offeror and Delek. Forward-looking information is provided to assist the reader with understanding the Company's expectations, plans and priorities for future periods or with respect to applicable events. Readers are cautioned that such information may not be appropriate for other purposes. This information is based on the estimates, beliefs and assumptions of the directors and management of the Company regarding the markets in which the Company operates. In some cases, forward-looking information may be identified by words such as "anticipate", "believe", "could", "expect", "plan", "seek", "may", "intend", "will", "forecast" and similar expressions. Such forward looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements of Ithaca to differ materially from any future results, performance or achievements expressed or implied by such forward looking statements. Many of these risks and uncertainties relate to factors that are beyond Ithaca's ability to control or estimate precisely, such as future market conditions, changes in regulatory environment and the behaviour of other market participants. Some of these risk factors are largely beyond the control of the Company. These are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of the Company's forward-looking statements. Other unknown and unpredictable factors could also impact its results. Ithaca cannot give any assurance that such forward-looking statements will prove to have been correct. The reader is cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this announcement. Ithaca disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. For additional information on assumptions used to develop forward-looking information and risk factors that could cause actual results to differ materially from forward-looking information, please refer to the "Risks and Uncertainties" section of the Company's Management Discussion & Analysis for the period ended 31 December 2016 and the "Forward-Looking Statements" and "Risk Factors" sections of the Company's Annual Information Form for the year ended 31 December 2016, which are available under the Company's SEDAR profile at www.sedar.com. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. Such an offer may only be made pursuant to an offer and takeover bid circular filed with the securities regulatory authorities in Canada and pursuant to registration or qualification under the securities laws of any other applicable jurisdiction. The distribution of this press release in or into certain jurisdictions may be restricted by law and therefore persons into whose possession this press release comes should inform themselves about, and observe, such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction. This information is provided by RNS The company news service from the London Stock Exchange


News Article | May 15, 2017
Site: www.marketwired.com

Not for Distribution to U.S. Newswire Services or for Dissemination in the United States Ithaca Energy Inc. (TSX: IAE; LSE: IAE) ("Ithaca" or the "Company") announces its financial results for the three months ended 31 March 2017 ("Q1-2017" or the "Quarter"). Greater Stella Area Development Stella Following first hydrocarbons from the Stella field in mid-February 2017, operational activities on the FPF-1 have been centred on completion of the dynamic commissioning programme required on the gas processing systems on the vessel. During this programme, oil production continues to be maintained at constrained rates in order to minimise gas flaring. The oil processing facilities on the FPF-1 have been performing well and an initial cargo of approximately 235,000 barrels of oil was exported via shuttle tanker from the field in April 2017. Oil production to date from the field has been limited to approximately 1,900 boepd net to Ithaca. Dynamic commissioning activities on the gas processing facilities are now well advanced. The first of the two gas export compressors has been fully commissioned, with initial gas exports into the CATS pipeline system achieved in late April 2017, and commissioning of the second export compressor has also been materially completed. Gas exports have temporarily been suspended until replacement of the drive motors on the FPF-1 sea water lift pumps that provide cooling for the gas processing systems has been completed. As a consequence, it is forecast that gas exports from the first compressor will recommence later this month, stepping up to full production rates in early June 2017 once commissioning of the second export compressor is completed. Once both gas export compressors are fully operational, Stella remains forecast to add approximately 16,000 boepd net initial annualised production to the Company's asset portfolio. GSA Oil Export Pipeline Good progress continues to be made on the FPF-1 modifications required to enable the switch from oil tanker loading to pipeline exports via the Norpipe system during 2017. All the main items of equipment required to be installed on the FPF-1 have now been transferred on to the vessel and work is progressing to plan on installation of the pipeline export pumps. Upon completion of the necessary tie-ins to the existing facilities on the vessel, the final subsea connections that need to be undertaken immediately prior to the switchover from shuttle tanker to pipeline export will be completed by Technip. Harrier Development Development drilling on the Harrier field commenced as planned in April 2017. The ENSCO 122 heavy duty jack-up rig is being used to drill a multilateral well into the two reservoir formations on the field, with the well scheduled for completion in the second half of 2017. The Harrier well is to be tied back via a 7.5 kilometre pipeline to an existing slot on the Stella main drill centre manifold for onward export and processing of production on the FPF-1. The subsea infrastructure installation activities are scheduled for summer 2018, resulting in the anticipated start-up of Harrier production in the second half of 2018. Austen Discovery The Company entered into a sales and purchase agreement with Premier Oil E&P UK Limited in May 2017 to acquire its 25% interest in licence P1823 (Block 30/13b) for a nominal consideration. The licence contains the Ithaca-operated Austen discovery. The transaction, which is effective as of 1 January 2017 and expected to complete in the second half of 2017, will result in the Company being the sole owner of the licence. The Austen discovery is located approximately 30 kilometres south-east of the Greater Stella Area hub. Production & Operations Production in the first quarter of 2017 averaged 9,337 boepd (Q1 2016: 8,997 boepd). This represented a 4% increase on production in Q1 2016 predominantly due to higher volumes from the Pierce field, along with a modest contribution from the Stella field, offsetting natural decline on the Dons area fields. Average production in 2017 is forecast to be in the range of 18,000 to 19,000 boepd (80% oil), reflecting the schedule for the step-up in Stella production rates and the other previously noted planned maintenance shutdowns scheduled for the asset portfolio during the year. Financials Hedging The Company's commodity hedging position remains unchanged since the start of 2017. As of 1 April 2017 the Company has 6,800 boepd (90% oil) hedged at an average floor price of $49/boe for the 15 months to 30 June 2018. Full commodity price upside exposure has been retained on 65% of the volumes hedged and upside exposure to $60/boe has been retained on a further 25% of the hedged volumes. Operating Expenditure Net unit operating costs in Q1-2017 were $21/boe, down from an average of $23/boe in 2016. This reduction was achieved through continued downward pressure on operating costs across the portfolio and the benefit of a modest contribution during the quarter from lower cost Stella field production. Forecast 2017 net unit operating expenditure is anticipated to be approximately $18/boe, reflecting the anticipated positive impact on unit costs of Stella field production. Capital Expenditure The planned capital expenditure programme for 2017 is forecast to total approximately $70 million. Of this, approximately $8 million was incurred in Q1-2017. The majority of the 2017 expenditure relates to the GSA, primarily being Harrier development activities plus completion of the GSA oil export pipeline investment programme and Vorlich field development planning activities. Tax The Company had a UK tax allowances pool of over $1,700 million at 31 March 2017. At current commodity prices, the pool is forecast to shelter the Company from the payment of corporation tax over the medium term. Net Debt & Credit Facilities Net debt at 31 March 2017 was $614 million, up slightly on the year-end total of $598 million due to working capital movements and the timing of initial sales receipts from Stella field production. Net debt is forecast to reduce significantly over the course of 2017 as the operating cashflows of the business step up materially as a consequence of Stella production. Ithaca's existing bank debt facilities and senior notes have maturities in late 2018 and mid-2019, respectively. During 2017 the Company will assess the options to refinance these credit facilities and the associated debt maturity profiles. Delek Takeover Offer On 6 February 2017 the Company announced that it had entered into a definitive support agreement with Delek Group Ltd ("Delek") on the terms of a cash takeover bid for all of the issued and to be issued common shares of Ithaca not currently owned by Delek for C$1.95 per share (the "Offer"). The Offer was made by DKL Investments Limited (the "Offeror"), an affiliate of Delek and Ithaca's largest shareholder at the time the Offer was announced. On 20 April 2017 the conditions of the Offer were satisfied, with the Offer being accepted by holders of 241,293,465 of the issued and outstanding common shares of the Company. As required by securities laws, the Offer was subsequently extended until 3 May 2017, following which a further 77,540,444 common shares were tendered. Consequently, upon completion of the Offer, the Offeror became the owner of 400,699,334 common shares, including the shares already owned by the Offeror prior to announcement of the takeover, representing 94.2% of the issued and outstanding shares of the Company Following completion of the Offer, Delek has subsequently notified the Company of its intention to carry out a compulsory acquisition by the Offeror of all the remaining issued and outstanding common shares of Ithaca not currently owned by the Offeror for the same cash consideration as the Offer under and subject to the Business Corporations Act (Alberta). As a consequence, the Company will be seeking to cancel its admission to trading on the AIM market of the London Stock Exchange and to voluntarily delist from the TSX following completion of the compulsory acquisition. Further details on this will be announced in due course. Following completion of the compulsory acquisition and proposed delisting, the Company will continue to report its annual and quarterly financial statements as required by the terms of the indenture for the $300 million senior notes due July 2019. Q1-2017 Financial Results Conference Call A conference call and webcast for investors and analysts will be held today at 12.00 BST (07.00 EDT), with a playback facility being made available on the Company's website later that day. Listen to the call live via the Company's website (www.ithacaenergy.com) or alternatively dial-in on one of the following telephone numbers and request access to the Ithaca Energy conference call: UK +44 (0)203 059 8125; Canada +1 855 287 9927; US +1 724 928 9460. A short presentation to accompany the results will be available on the Company's website prior to the call. The unaudited consolidated financial statements of the Company for the three months ended 31 March 2017 and the related Management Discussion and Analysis are available on the Company's website (www.ithacaenergy.com) and on SEDAR (www.sedar.com). All values in this release and the Company's financial disclosures are in US dollars, unless otherwise stated. Glossary boe Barrels of oil equivalent boepd Barrels of oil equivalent per day Notes In accordance with AIM Guidelines, John Horsburgh, BSc (Hons) Geophysics (Edinburgh), MSc Petroleum Geology (Aberdeen) and Subsurface Manager at Ithaca is the qualified person that has reviewed the technical information contained in this press release. Mr Horsburgh has over 15 years operating experience in the upstream oil and gas industry. References herein to barrels of oil equivalent ("boe") are derived by converting gas to oil in the ratio of six thousand cubic feet ("Mcf") of gas to one barrel ("bbl") of oil. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 bbl is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6 Mcf: 1 bbl, utilising a conversion ratio at 6 Mcf: 1 bbl may be misleading as an indication of value. All references to dollars ($) in this press release refer to the United States dollar (USD), unless otherwise stated. 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 www.ithacaenergy.com. Forward-looking Statements Some of the statements and information in this press release are forward-looking. Forward-looking statements and forward-looking information (collectively, "forward-looking statements") are based on the Company's internal expectations, estimates, projections, assumptions and beliefs as at the date of such statements or information, including, among other things, assumptions with respect to production, drilling, construction and maintenance times, well completion times, risks associated with operations, future capital expenditures, continued availability of financing for future capital expenditures, future acquisitions and dispositions and cash flow. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. When used in this press release, the words and phrases like "anticipate", "continue", "estimate", "expect", "may", "will", "project", "plan", "should", "believe", "could", "target", "in the process of", "on track" and similar expressions, and the negatives thereof, whether used in connection with the Offer, the compulsory acquisition by the Offeror under the Business Corporations Act (Alberta), the proposed cancellation of admission to trading on the AIM market of the London Stock Exchange, the proposed voluntary delisting from the TSX, operational activities, drilling plans, future GSA field development programmes, Stella production ramp-up timing, production forecasts, budgetary figures, future operating costs, anticipated net debt, anticipated funding requirements, planned maintenance shutdowns, potential developments including the timing and anticipated benefits of acquisitions and dispositions or otherwise, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Company believes that the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations, or the assumptions underlying these expectations, will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These forward-looking statements speak only as of the date of this press release. Ithaca Energy Inc. expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based except as required by applicable securities laws. Additional information on these and other factors that could affect Ithaca's operations and financial results are included in the Company's Management Discussion and Analysis and Annual Information Form for the year ended 31 December 2016 and in reports which are on file with the Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). This information is provided by RNS The company news service from the London Stock Exchange


News Article | February 16, 2017
Site: www.greencarcongress.com

« Ballard signs $25M deal with Broad-Ocean for manufacture & sales of 30 and 85 kW fuel cell systems in China | Main | Hyundai begins rollout of Ioniq Hybrid, PHEV and EV; most efficient non-plug vehicle, most efficient EV in US; powertrain discussion » The German Aerospace Center (Deutsches Zentrum für Luft- und Raumfahrt; DLR) and the Brazilian aerospace agency Agência Espacial Brasileira (AEB) have successfully completed the first burn tests for two newly designed injection heads enabling the development of a new rocket that is fueled with oxygen and alcohol. The final injection head will eventually be the core of the new L75 liquid propellant rocket engine (LPRE), intended to propel a Brazilian small launch vehicle in the future. The engine delivers 75 kN thrust, fueled with liquid oxygen and ethanol, with a burn time of up to 400 seconds. (For comparison, Space X’s Falcon 9’s second stage—used to place large payloads into orbit—is powered by a single Merlin engine with 934 kN thrust. Falcon 9’s first stage delivers 7,607 kN at sea level.) The burn test series for the upper stage engine was completed within the framework of a German-Brazilian partnership established in 2011. In order to find the optimum technology for the propulsion of a future German-Brazilian rocket, two injection heads based on different concepts were developed in parallel. In this first series, we have achieved all our major test objectives. A total of 42 ignitions were successfully carried out over a period of 20 days. During these tests, we were able to closely analyze, among other things, the ignition behavior and stability of the system during ignition and start-up of the thrust chamber. From this we have gained important insights for further engine development. The tests took place at the P8 test facility of the DLR Institute of Space Propulsion at the Lampoldshausen site between July and December 2016. The two injection heads differ in how the fuel is sprayed into the combustion chamber and mixed. One system was developed by the Instituto de Aeronáutica e Espaço (IAE) in Brazil; the other developed and built in Germany by Airbus Safran Launchers as part of the SALSA project (system design of an alcohol LOX propulsion as a substitute for storable fuels). The new technology makes it possible to use ethanol as fuel. Ethanol, like methane, is being considered as a greener alternative that is more environmentally friendly and has less adverse health effects than the hydrazine compounds generally used for space travel. In addition to these positive effects, these new fuels can also significantly reduce the cost of space travel, since the cost for safe storage and handling of these substances is significantly lower than that for hydrazine. In Europe, how long hydrazine will continue to be approved as a fuel under the REACH regulation (Registration, Evaluation, Authorization and Restriction of Chemicals) is questionable. This European Union regulation has been controlling the authorization and use of chemical substances since it came into force in 2007. In Europe, there is only one facility for testing engine components for orbital rockets—i.e. rockets that can transport a payload into orbit—with ethanol fuel: the P8 test facility at the DLR site in Lampoldshausen. The burn test series is part of a German-Brazilian partnership that was initiated in 2011 between the German Aerospace Center and the Brazilian space agency Agência Espacial Brasileira (AEB). It focuses on cooperation in the areas of engine development, high-altitude research rockets and research into weightlessness. The L75 engine and one of the two injection heads were developed, built and financed by the Instituto de Aeronáutica e Espaço in Brazil. The planning, execution and evaluation of the test series, as well as the production of the second injection head, were coordinated by Airbus Safran Launchers GmbH on behalf of the DLR Space Administration and carried out with funding from the German Federal Ministry for Economic Affairs and Energy (BMWi).


News Article | December 12, 2016
Site: www.marketwired.com

TSX: IAE; LSE: IAE --- Not for Distribution to U.S. Newswire Services or for Dissemination in the United States Ithaca Energy Inc. (TSX: IAE; LSE: IAE) ("Ithaca" or the "Company") announces that it has issued an additional 440,000 Common Shares in the Company resulting from the exercise of share options and has applied for these to be admitted to trading on AIM. Admission of the newly issued Common Shares is expected to occur on 15 December 2016. 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 412,582,376 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 412,582,376. 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 UK Financial Conduct Authority's Disclosure and Transparency Rules. The total number of Common Shares under option is now 24,929,805, representing approximately 5.7% of the total shares outstanding and under option. 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 www.ithacaenergy.com. Not for Distribution to U.S. Newswire Services or for Dissemination in the United States This information is provided by RNS The company news service from the London Stock Exchange


News Article | February 17, 2017
Site: www.marketwired.com

Not for Distribution to U.S. Newswire Services or for Dissemination in the United States ABERDEEN, SCOTLAND--(Marketwired - Feb 17, 2017) - Ithaca Energy Inc. (TSX: IAE) ( : IAE) ("Ithaca" or the "Company") is pleased to announce the successful start-up of production from the Stella field. Production has been started from the field and oil export to the adjacent shuttle tanker has commenced. The production ramp-up phase will commence when the on-going commissioning of the gas processing and compression facilities is complete. Further information on the status of Stella field operations will be provided when the Company issues its 2016 Financial Results in late March 2017. About Ithaca Energy Ithaca Energy Inc. (TSX: IAE, LSE AIM: 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 www.ithacaenergy.com. Forward-looking Statements Some of the statements and information in this press release are forward-looking. Forward-looking statements and forward-looking information (collectively, "forward-looking statements") are based on the Company's internal expectations, estimates, projections, assumptions and beliefs as at the date of such statements or information, including, among other things, assumptions with respect to production, drilling, construction and maintenance times, inspection and remediation times, well completion times, development schedules, risks associated with operations, future capital expenditures, continued availability of financing for future capital expenditures and future cash flow. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. When used in this press release, the words and phrases like "anticipate", "continue", "estimate", "expect", "may", "will", "project", "plan", "should", "believe", "could", "target", "forecast" and similar expressions, and the negatives thereof, whether used in connection with operational activities, the initial production of hydrocarbons from the Stella field and the timing thereof, the completion of gas processing and compression facilities commissioning and the timing thereof, the ramp-up in Stella field production and timing thereof, production forecasts, duration and timing of planned maintenance shutdowns, anticipated capital expenditures and activities associated therewith, anticipated operating expenditures, estimated development costs, or otherwise, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Company believes that the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations, or the assumptions underlying these expectations, will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These forward-looking statements speak only as of the date of this press release. Ithaca expressly disclaims any intention or obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based except as required by applicable securities laws. Any "financial outlook" contained in this press release, as such term is defined by applicable securities laws, is provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Additional information on assumptions used to develop forward-looking information and on risk factors that could affect Ithaca's operations and financial results and / or cause actual results to differ materially from forward-looking information are included in the Company's Management Discussion and Analysis for the quarter ended 30 September 2016 and the Company's Annual Information Form for the year ended 31 December 2015 and in reports which are on file with the Canadian securities regulatory authorities and may be accessed through the Company's SEDAR profile on the SEDAR website (www.sedar.com). This information is provided by RNS The company news service from the London Stock Exchange


AIR SHOW CHINA, Nov. 2, 2016 /PRNewswire/ -- Bank of Communications Financial Leasing Co., Ltd. has selected the V2500 engine to power 10 firm Airbus A321ceo aircraft. The V2500 engine is offered through IAE International Aero Engines AG, a multinational aero engine consortium whose...

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