Business
First Half Results for Six Months to 30 June 2023
First Half Results for Six Months to 30 June 2023.
About this update from Ithaca Energy Plc
[{"type":"text","content":"\n\n \n23 August 2023\n \nITHACA ENERGY PLC\n(\"Ithaca Energy\", the \"Company\" or the \"Group\")\n \nFirst Half Results for the Six Months to 30 June 2023\n \nStrong H1 production performance, continued strategic and operational progress\n \nIthaca Energy, a leading UK independent exploration and production company, today announced its unaudited financial results for the six months ended 30 June 2023.\n \n \n\n\n\n\nFinancial key performance indicators (KPIs)\n\n\n\n\n\n\n\n\n\n\n\n\n\nH1 2023\n\n\nH1 2022\n\n\n\n\nGroup adjusted EBITDAX1 ($m)\n\n\n979.7\n\n\n907.4\n\n\n\n\nStatutory net income ($m)\n\n\n159.6\n\n\n1,557.7\n\n\n\n\nAdjusted net income1 ($m)\n\n\n253.2\n\n\n233.4\n\n\n\n\nBasic EPS (cents)\n\n\n15.9\n\n\n155.0\n\n\n\n\nNet cash flow from operating activities ($m)\n\n\n691.0\n\n\n989.0\n\n\n\n\nAvailable liquidity 1 ($m)\n\n\n791.3\n\n\n320.4\n\n\n\n\nUnit operating expenditure1 ($/boe)\n\n\n19.8\n\n\n19.5\n\n\n\n\nAdjusted net debt 1 ($m)\n\n\n698.7\n\n\n1,414.6\n\n\n\n\nAdjusted net debt/Group adjusted EBITDAX 1\n\n\n0.35x\n\n\n0.91x\n\n\n\n\n \nOther KPIs\n\n\n\n\n\n\n\n\n\n\nTotal production (boe/d)\n\n\n75,755\n\n\n66,685\n\n\n\n\nTier 1 / 2 process safety events\n\n\n1\n\n\n0\n\n\n\n\nSerious injury and fatality frequency\n\n\n0\n\n\n0\n\n\n\n\n \n1 Non-GAAP measure as set out on pages 45 to 47.\n \n \nH1 2023 Operational and strategic highlights\n· Strong H1 production of 75.8 thousand barrels of oil equivalent per day (kboe/d), supporting full year 2023 production guidance (H1 2022: 66.7 kboe/d)\n- Production growth driven by the contribution of producing asset additions from M&A transactions completed in the first half of 2022\n- Production split 66% liquids and 34% gas\n· Good progress made in H1 2023 against our BUY, BUILD and BOOST strategy preserving optionality across our portfolio with the aim of maximising value to shareholders\n\nBUY\n· Acquired the remaining 40% stake in the Fotla Discovery, together with three exploration licences, providing Ithaca Energy with full control over pre-final investment decision (FID) work and timing (subject to completion)\n· Entered into marketing agreement with Shell U.K. Li...