REG - Ithaca Energy PLC Delek Group - DLEKG - Credit Rating Upgrade Reviews

Ithaca EnergyAnnouncement

08/05/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240508:nRSH5081Na&default-theme=true

RNS Number : 5081N  Ithaca Energy PLC  08 May 2024

 

8 May 2024

 

Ithaca Energy plc ("Ithaca Energy" or the "Company")

 

Credit Rating Upgrade Reviews

 

Ithaca Energy, a leading independent oil and gas operator in the UK North Sea,
is pleased to note that two leading international credit ratings agencies have
decided to review for an upgrade to the Company's corporate family rating.

Moody's Ratings ("Moody's") and Fitch Ratings ("Fitch") have each announced
that they are considering an upgrade following the announcement that Ithaca
Energy has agreed a proposed combination with substantially all of Eni
S.P.A.'s UK upstream oil and gas assets ("Eni").

The factors influencing the decision to place the Company's on review for
upgrade include, but are not limited to:

 

 I.          a material increase in Ithaca's average daily production and reserve base from
             completion;
 II.         the Company's retention of robust financial metrics and liquidity, supported
             by the cashflow-generative nature of the enlarged producing asset base and the
             de-leveraging effect of the transaction at completion;
 III.        continued commitment to conservative financial policies and leverage,
             notwithstanding the Company's ambition to distribute up to $500 million to
             shareholders in each of 2024 and 2025; and
 IV.         greater diversification within Ithaca's shareholding structure and board
             composition following completion.

 

Completion of the Combination with Eni is subject to certain conditions and is
expected to occur in Q3 2024.

 

 Ithaca Energy
 Kathryn Reid - Head of Investor Relations, Corporate Affairs                    kathryn.reid@ithacaenergy.com
 & Communications

 FTI Consulting (PR Advisers to Ithaca Energy)                 +44 (0)203 727 1000
 Ben Brewerton / Nick Hennis / Rosie Corbett                   ithaca@fticonsulting.com

 

 

 

Note to editors:

 

About Ithaca Energy plc

 

Ithaca Energy is a leading UK independent exploration and production company
focused on the UK North Sea with a strong track record of material value
creation. In recent years, the Group has been focused on growing its portfolio
of assets through both organic investment programmes and acquisitions and has
seen a period of significant M&A driven growth centred upon two
transformational acquisitions in recent years. Today, Ithaca Energy is one of
the largest independent oil and gas companies in the United Kingdom
Continental Shelf (the "UKCS"), ranking second by resources.

 

With stakes in six of the ten largest fields in the UKCS and two of UKCS's
largest pre-development fields, and with energy security currently being a key
focus of the UK Government, the Group believes it can utilise its significant
reserves and operational capabilities to play a key role in delivering
security of domestic energy supply from the UKCS.

 

Ithaca Energy serves today's needs for domestic energy through operating
sustainably. The Group achieves this by harnessing Ithaca Energy's deep
operational expertise and innovative minds to collectively challenge the norm,
continually seeking better ways to meet evolving demands.

 

Ithaca Energy's commitment to delivering attractive and sustainable returns is
supported by a well-defined emissions-reduction strategy with a target of
achieving net zero by 2040.

 

Ithaca Energy plc was admitted to trading on the London Stock Exchange (LON:
ITH) on 14 November 2022.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCDZGGKLNVGDZM