RCS - Ithaca Energy Inc - Ithaca Energy Inc- Year End 2021 Financial Results

SumitomoAnnouncement

31/03/2022 08:15

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RNS Number : 7342G  Ithaca Energy Inc  31 March 2022

31 March 2022

Press Release

 

Ithaca Energy Releases Financial Results for the 12 months ended 31 December
2021

 

Ithaca Energy Limited (IAECN: ISINs US46567TAA25 / USG49774AA35) today
announced its financial results for the twelve months ended 31 December 2021.
The audited consolidated 2021 financial statements of the Company and related
Management Discussion and Analysis are available on the Company's website,
www.ithacaenergy.com (http://www.ithacaenergy.com) .

 

Financial Highlights

§ Production of 56,5000 boepd, 65% liquids for the year. Fourth quarter
production improved following the Forties Pipeline System shutdown in Q2 and
other planned maintenance activities in Q3

§ Unit operating costs of $18/boe

§ EBITDAX of $1,036 million including realised gains of $115 million on the
commodity hedging instruments that were reset in 2020

§ $275 million was repaid against the Reserves Based Lending facility during
Q4 taking net debt down to $930 million

§ 22 million boe (73% oil) hedged from Q1 2022 into 2023 at an average price
floor of $61/bbl oil and 92p/therm gas

Operational Highlights

§ Development consent for the Abigail field was received from the North Sea
Transition Authority (formerly the Oil and Gas Authority) in January 2022,
first oil is still expected to be achieved in Q3 2022

Corporate Highlights

§ The agreement to acquire 13.3% additional equity interest in the Alba field
from Mitsui E&P UK Limited completed on 30 November. This takes Ithaca's
interest in the Alba field to 36.7%

§ As reported in Q3, on 2 November an agreement was signed to acquire 100% of
the share capital of Marubeni Oil & Gas UK Limited for $140 million base
consideration, $70 million (adjusted for interim period cashflows) payable on
completion and $70 million of which, is deferred to 2025. There are further
contingent payments in the future should certain milestones be achieved
related to future development activities. The sale and purchase agreement
completed on 4 February 2022 and gives Ithaca non operated working interests
in the Repsol Sinopec operated MonArb assets and CNR operated Columba assets
which will contribute approx. 7 kboe/d to production in 2022

§ On 28 February a further agreement was signed to acquire 100% of the share
capital of Summit Exploration and Production Limited. The agreement has an
economic date of 1 January 2021 and is subject to normal completion activities
including consent from the North Sea Transition Authority

 

A conference call and webcast will be held on 31(st) March 2021 at 14:00 BST
(09:00 ET). Listen to the call live via the Company's website
(www.ithacaenergy.com/investors (http://www.ithacaenergy.com/investors) ), or
alternatively dial-in with one of the following telephone numbers: UK 020 3936
2999; International +44 20 3936 2999 using the participant code 250820 to
access the conference call. A short presentation to accompany the results will
be available on the Company's website prior to the call and a playback
facility will be made available on the Company's website later in the day.

 

-ENDS-

 

Enquiries:

FTI Consulting (Media Enquiries)

Ben Brewerton/Ntobeko Chidavaenzi

ithaca@fticonsulting.com (mailto:ithaca@fticonsulting.com)

+44 (0)203 727 1000

 

About Ithaca Energy

Ithaca Energy is an independent oil and gas company with production,
development and exploration operations focused on the UK North Sea. The
Company was founded in 2004 and has grown through a combination of
acquisitions and new field developments. Our strategy is focused on
establishing the company as a leading North Sea operator, delivering
sustainable growth in free cash flow generation, underpinned by operational
excellence and financial discipline.

 

Ithaca Energy is a wholly owned subsidiary of the Tel Aviv stock exchange
listed Delek Group Limited (TASE: DLEKG, US ADR: DGRLY), Israel's leading
integrated energy company. For further information please consult the
Company's website www.ithacaenergy.com (http://www.ithacaenergy.com/) .

 

 

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