Slide 1: Ithaca Energy 2023 Full Year Results
ITHACA ENERGY 2023 Full Year Results —— MARCH 2024
Slide 2: Today's presenters
Today’s presenters lain Lewis Interim Chief Executive Officer Chief Financial Officer Gilad Myerson Executive Chairman 2 FY 2023 ANNUAL RESULTS - MARCH 2024 ITHACA ENERGY PLC
Slide 3: An Opportunity To Accelerate Growth And Create Value
An Opportunity To Accelerate Growth And Create Value ITHACA ENERGY Potential long-term strategic partnership 1 with Eni Significant scale Leading UKCS Enable material and diversification \\ portfolio future growth 3 E2028 ANNUAL RESULTS =MARCH 2024 = ITHACA ENERGY-PLC = MARCH, 2024 3
Slide 4: Overview Of The Potential Combination
Overview Of The Potential Combination Ithaca Energy has today entered into an Exclusivity Agreement in relation to a potential transformational combination of Ithaca Energy with substantially all of Eni S.p.A’s (Eni) UK upstream operations', including the recently acquired Neptune Energy assets Eni
Slide 5: Eni Has A High-Quality UK Portfolio
Eni Has A High-Quality UK P | Overview of Eni’s UK assets | Key production hubs * Diversified asset base across 4 key hubs: Elgin Franklin, J Area, Cygnus and Seagull { Material 2P reserve base of ~100mmboe! (Elgin Franklin) and 8% (Glenelg) 2023 pro forma production of 40-45 kboe/d! Working interes
Slide 6: Rosebank Mariner Cambo
Rosebank Mariner Cambo Seagull ∼ ∼ Schiehallion Elgin and Franklin Captain J Area
Slide 7: Clair Rosebank Schiehallion
Clair Rosebank Schiehallion Mariner Area Buzzard Cambo Elgin Penguins Area Culzean J Area
Slide 8: FY 2023 Results
FY 2023 Results ITHACA ENERGY
Slide 9: Ithaca Energy - A leading UKCS independent operator
Ithaca Energy - A-leading UKCS independent operator 9 1. Leader in UK Energy Landscape Stakes in six of the ten largest fields and two of the largest discoveries in the UKCS FY 2023 ANNUAL RESULTS - MARCH 2024 2. Significant pipeline of organic growth opportunities Material and long-life reserve bas
Slide 10: Continued delivery against strategy
Continued delivery against and strategy, achieving milestone FID at Rosebank: 2023 production of 70.2 kboe/d, in line with market guidance Captain EOR Phase II project over 90% complete supporting 2024 subsea polymer injection Continued targeted Full control of Cambo and investment in high-return Fo
Slide 11: Delivering on guidance and 2023 dividend commitment
Delivering on guidance and 2023 dividend commitment 2023 Guidance 2023 Actual PRODUCTION PRODUCTION 68-74 kboe/d 70.2 kboe/d $525 - 575m $524m $390 - 435m $392 $90 - 110m $97m™ $400m $400m W FY 2023 ANNUAL RESULTS - MARCH 2024
Slide 12: Executing against our strategy
Executing against our strategy 12 and iB Buy Assets & Fotla Discovery Acquired remaining stakes in Fotla and Cambo to take full control of FID timeline and work programme Actively engaging with potential farm-in partners to enable the future progression of projects towards FID, following the success
Slide 13: Strategic and operational highlights
Strategic and operational highlights ITHACA ENERGY
Slide 14: FY 2023 FY 2024 FY 2025
90 80 70 60 50 40 30 20 10 0 FY 2023 FY 2024 FY 2025 FY 2026 FY 2027
Slide 15: 2P 2C Operated
2021 2022 2023 2P 2C Operated Non-operated 2P 2C
Slide 16: Guidance
Guidance $540 -$590 million1 FY 2023 FY 2024 F
Slide 17: FY 2023 FY 2024 F FY 2025 Est
FY 2023 FY 2024 F FY 2025 Est FY 2026 Est FY 2027 Est FY 2023 FY 2024 F FY 2025 Est FY 2026 Est FY 2027 Est
Slide 18: Captain: EOR Phase II project nearing completion
Captain: EOR Phase II project nearing completion, on time and within budget Captain EOR Phase II project now ~90% complete, supporting first Phase II Polymer injection into the subsea wells in 2024 1 2 3 Completed drilling operations Turnaround completed including Remaining work scopes include final
Slide 19: FY 2023 FY 2024 FY 2025
35 30 25 20 15 10 5 0 FY 2023 FY 2024 FY 2025 FY 2026 FY 2027
Slide 20: Rosebank: Development underway of the largest undeveloped discovery in UKCS
Rosebank: Development underway of the largest undeveloped discovery in UKCS Build Assets Development Single largest Redevelopment of consent granted undeveloped modern Petrojarl Knarr discovery in the UKCS FPSO For Phase | of the Rosebank With over 300 mmboe gross Low emission intensity development
Slide 21: Rosebank: Phase I development timeline
Rosebank: Phase | development timeline 2023 2025 2051 * FPSO towed to shipyard * Main marine installation season + Start FPSO upgrades + Start drilling subsea wells (Q2) * Main FPSO modifications ! | 2024 2026/7 * Installation of subsea templates + FPSO ready to tow to field and satellites structure
Slide 22: Project has entered execution phase with extensive activity ongoing
Project has entered execution phase with extensive activity ongoing FPSO docked in Dubai, undergoing Vessel inspection has not Work commencing on preparation of extensive refurbishment and upgrade highlighted any major concerns that the subsea infrastructure including the activity, including prepari
Slide 23: Our Financials
Our Financials ITHACA ENERGY
Slide 24: Solid FY2023 financial performance
Solid FY2023 financial performance ez FY2023 Performance at a glance INTERIM DIVIDEND PAYABLE IN APRIL 2024 AVERAGE PRODUCTION UNIT OPERATING COST $134m 70.2 kboe/d $20.5/boe TOTAL 2023 DIVIDEND NET CASH FLOW FROM OPS $1.3bn ADJUSTED EBITDAX ADJUSTED NET INCOME $400m $1.7bn $369.6m ADJUSTED NET DEBT
Slide 25: Adjusted EBITDAX analysis
Adjusted EBITDAX analysis 2023 2022 Production kboe/d ootep M/Al oon Oil 43 16 AB 16 Gas 24 ° 24 9 Condensate 3 1 4 1 Total production 70 26 71 26 Revenues! $/boe $m $/boe $m Oil revenue 85 1,330 100 1,693 Gas revenue 76 659 149 1,348 Condensate revenue AA 49 57 7% il and Gas hedging gains/(losses)
Slide 26: Balanced capital allocation framework supports strong sustainable returns
Balanced capital allocation framework supports strong sustainable returns Our robust and balanced capital allocation framework maximises growth while protecting the business from risks and supporting strong sustainable returns 1. INVEST 2. PROTECT 3. RETURN 4. EVOLVE Grow Growth aradkwd cones commit
Slide 27: Liquidity and debt
31 Dec 21 30 Jun 22 31 Dec 22 31-Dec-23 Total Drawn Undrawn Cash Liquidity 31 Dec 2021 31 Dec 2022 31-Dec-23 Available Facilities Facilities Facilities Senior Notes Other RBL (less cash)
Slide 28: Oil price ($/bbl) Gas Price (p/therm)
100 200 180 90 160 140 80 120 70 100 80 60 60 40 50 20 40 0 Oil price ($/bbl) Gas Price (p/therm)
Slide 29: Hedging position
30 Oil Puts Executed Oil Collars Executed Oil Swaps Executed 120 Gas Swaps Executed Gas Collars Executed Gas Puts Executed 25 100 20 80 15 60 10 40 5 20 0 0 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25
Slide 30: Outlook
folate ENERGY
Slide 31: 2024 guidance
2024 guidance Production 56-61 kboe/d Net opex! $540-590 million Net producing asset capex? $335-3 85 million Rosebank capex $ 190-230 million Cash tax payments $345-355 million 31 FY 2023 ANNUAL RESULTS - MARCH 2024 Capex carry Drawdown on capex carry arrangements of $150 million
Slide 32: FY 2023 post-tax CFFO and 2023 Dividend
FY 2023 post-tax CFFO 2023 Dividend
Slide 33: Closing remarks
Closing remarks 1 Strong FY 2023 results with ~$1.7bn adjusted EBITDAX and over $1.0bn liquidity at year-end Significant progress executing across strategy achieving 2 milestone FID to progress Phase | of the Rosebank development and the award of development consent 3 Material progress at Captain EO
Slide 34: Q&A
Q&A Gilad Myerson Executive Chairman lain Lewis Interim Chief Executive Officer Chief Financial Officer 34 FY 2023 ANNUAL RESULTS - MARCH 2024 ITHACA ENERGY PLC
Slide 35: Appendix
Appendix Cautionary Statement ENERGY
Slide 36: Cautionary Statement
THIS PRESENTATION, ITS CONTENTS AND ANY INFORMATION PROVIDED OR COMMUNICATED DURING ANY PRESENTATION OR DELIVERY OF THIS PRESENTATION ARE CONFIDENTIAL AND ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA, A
Slide 37: Thank You!
ITHACA ENERGY Thank You!