Slide 1: 2021 Full Year Results
2021 Full Year Results March 2022
Slide 2: Cautionary Statement
Cautionary Statement This proprietary presentation (including any accompanying oral presentation, question and answer session and any other document or materials distributed at or in connection with this presentation) (collectively, the “Presentation”) is supplied for your information only and has b
Slide 3: Agenda
Agenda 1 Company Overview 2 2021 Financial Results 3 Reserves Update & Near-Term Outlook 4 Emissions Reduction 3
Slide 4: Company Overview
Company Overview 4
Slide 5: Our Vision
Our Vision To be the highest performing UK North Sea independent oil and gas company, focused on sustainably growing value Highly Capable Organization High Quality Diversified Portfolio • Performance driven teams • Long life, high reliability assets • Positioned for future growth • High production e
Slide 6: At a Glance
At a Glance Key Operational Highlights1 Key Financial Highlights1 c.56 kboe/d Average Production $18/boe Average Opex c.65% Operated Portfolio $1,036MM EBITDAX 184 mmboe 2P Reserves2 Captain $575MM Liquidity Headroom FPSO Alder Captain Britannia Alba FSU Area Area Callanish 107 mmboe 2C Resources2 B
Slide 7: Ithaca Energy is a Full Cycle Upstream Operator
Ithaca Energy is a Full Cycle Upstream Operator Exploration Development Production Decommissioning • Fotla and Jade South • Captain EOR Stage 2 Project • Current net average • Jacky platform removed 2021 discoveries in 2021 underway production of ~ 70 kboe/d • Athena (wells) • Actively working portf
Slide 8: 2021 Financial Results
2021 Financial Results 8
Slide 9: 2021 Operational and Financial Results
2021 Operational and Financial Results Production Realised Hydrocarbon Unit Operating EBITDAX ($/boe) (kboe/d) Price ($/boe)1 Expenditure ($/boe)2 66 68 50 56 10 47 31 15 16 18 15% 26% 13% 61% 2020 FY Act. 2021 FY Act. 2020 FY Act. 2021 FY Act. 2020 FY Act. 2021 FY Act. 2020 FY Act. 2021 FY Act. Rev
Slide 10: 2021 Actual Production
2021 Actual Production Net Production (kboe/d) 70 60 • Average full year production of 56 kboe/d 50 • Captain was the biggest single contributor (>17 kboe/d 40 average) • Q2/Q3 production impacted by third party FPS 30 shutdown 20 • FPF1 and Captain planned maintenance in Q4 10 • Significant improve
Slide 11: Q4 2021 Total Production and Income Statement
Q4 2021 Total Production and Income Statement Income Statement Analysis Q4 2021 Q3 2021 PRODUCTION kboed mmboe kboed mmboe Oil 32.5 3.0 29.6 2.7 Gas 24.6 2.3 20.3 1.8 NGL 3.7 0.3 2.3 0.2 • Prices have continued to rise through Q4, particularly gas prices TOTAL PRODUCTION 60.9 5.6 52.2 4.8 increasing
Slide 12: Liquidity Overview
Liquidity Overview 1,550 Successful Re-financing in July 2021 1,306 1,245 • Amendment and extension of the Reserves Based Lending facility with a syndicate of E&P supportive banks of $1.2bn 925 930 ($300m of which is assigned to Letters of Credit) maturing July 681 620 2026 305 • $625m senior unsecu
Slide 13: Oil and Gas Hedging Overview
Oil and Gas Hedging Overview >55% of 2022 and >40% of 2023 Oil >70% of 2022 and ~10% of 2023 Gas Production Hedged Production Hedged Period Average Volume Period Average Volume Oil hedged floor ($/bbl) hedged (mmboe) Gas hedged floor (p/therm) hedged (mmboe) H1 2022 56 4.3 H1 2022 92 3.2 H2 2022 57
Slide 14: Reserves Update & Near-Term Outlook
Reserves Update & Near-Term Outlook 14
Slide 15: Year End 2021 Reserves Update
Year End 2021 Reserves Update 2P Reserves (mmboe) 2C Resources (mmboe) 5 (21) 10 195 184 102 107 YE 2020 2021 Production Revisions YE 2021 YE 2020 Revisions YE 2021 • 2P reserves addition of ~10 mmboe primarily due to equity increase in Alba; Jade south well success and performance • 2C increase of
Slide 16: Active Portfolio of Projects in Execution and Development Phase
Active Portfolio of Projects in Execution and Development Phase Abigail Captain EOR Stage 2 Marigold Fotla • FDP and Environmental • Extension of the proven Polymer • Progressing with Marigold • Discovery in the Central North Statement approved Jan’22 EOR technology to the subsea development Sea nea
Slide 17: M&A Strategy
M&A Strategy Acquisition timeline M&A Process Acquisitions Company 2019 2020 2021 2022 Prospects/Ideas Acquired Chevron UK North Sea assets $2bn Pre Bid COVID-19 slowed deal flow Ithaca continued to screen and assess opportunities Post Bid Acquired 13.3% in Alba Exclusivity/ Negotiations Includes 41
Slide 18: Near Term Outlook
Near Term Outlook Production - kboe/d Opex - $/boe Capex - $m 500.0 70-82 18 ~18 ~400 400.0 56 300.0 188 200.0 100.0 0.0 2021 Actuals 2022-25 2021 Actuals 2022-25 2021 Actuals 2022-25 Guidance Guidance Guidance • Production increase expected • Unit operating expenditure under • Drilling on Captain a
Slide 19: Emissions Reduction
Emissions Reduction 19
Slide 20: 2021 Completed Emissions Reduction Projects
2021 Completed Emissions Reduction Projects 2 4 3 5 Alba Northern Flare Reduction FPF-1 Flare Reduction and Power Optimisation • Reduced 42 ktCO2e, including 14 ktCO2e from methane venting (unlit • Reduced 12 ktCO2e from power generation and 15 ktCO2e by flare) reducing flaring • Multiple operationa
Slide 21: Emissions Reduction Opportunities
Emissions Reduction Opportunities Emissions reduction initiatives (ktCO2e reduction from 2019 baseline1) Initiatives complete -68,000t Initiatives < £80 / tCO2e -55,000t Other Initiatives -110,000t Emissions Baseline (20%) (2019) Current 2025 2025 trajectory trajectory including all initiatives 21
Slide 22: Thank you
Thank you