Ithaca to Buy Capital Share of Valiant

Ithaca to Buy Capital Share of Valiant

The Boards of Ithaca Energy Inc.  and of Valiant Petroleum plc announced that they have reached agreement on the terms of a recommended acquisition under which Ithaca Energy Holdings (UK) Limited will acquire the entire issued and to be issued share capital of Valiant .

The Acquisition is to be effected by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act.

· Under the terms of the Acquisition, Valiant Shareholders will be entitled to receive 307 pence in cash and 1.33 Ithaca Consideration Shares for each Valiant Share held at the Scheme Record Time.

Based on the Closing Price of an Ithaca Share of C$1.97 (126 pence) on 28 February 2013, the Acquisition values the entire issued and to be issued share capital of Valiant at approximately £203 million (equivalent to approximately US$309 million and C$318 million) and each Valiant Share at approximately 475 pence.

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Press Release, March 1, 2013