Slide 1: 2022 Q1 Results
2022 Q1 Results May 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 Q1 2022 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: 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 7: At a Glance
At a Glance Key Operational Highlights1 Key Financial Highlights1 c.71 kboe/d Average Production $19/boe Average Opex $1,290MM LTM EBITDAX & c.64% Operated Portfolio $474MM 2022 Q1 EBIDTAX 206 mmboe 2P Reserves2 Captain $775MM Liquidity Headroom FPSO Alder Captain Britannia Alba FSU Area Area Callan
Slide 8: 2022 Q1 Financial Results
2022 Q1 Financial Results 8
Slide 9: 2022 Q1 Operational and Financial Results
2022 Q1 Operational and Financial Results Production Realised Hydrocarbon Unit Operating (kboe/d) Price ($/boe)1 Expenditure ($/boe)2 EBITDAX ($/boe) 95 74 71 29 56 50 68 10 18 19 27% 3 40 % 6% 48% 2021 full year Q1 2022 2021 full year Q1 2022 2021 full year Q1 2022 2021 full year Q1 2022 Revenue He
Slide 10: 12 Month Actual Production
12 Month Actual Production Net Production (kboe/d) 80 70 60 • Average Q1 2022 production of 71 kboe/d 50 • Captain was the biggest single contributor (>18 kboe/d 40 average) 30 • Q1 2022 production increased due to addition of the Marubeni assets, strong Captain performance and 20 Jade South 10 0 Q2
Slide 11: Q1 2022 Total Production and Income Statement
Q1 2022 Total Production and Income Statement Income Statement Analysis Q1 2022 Q4 2021 PRODUCTION kboed mmboe kboed mmboe Oil 40.4 3.7 32.5 3.0 Gas 25.2 2.3 24.6 2.3 • Production up by 9.6 kboed (16%) on Q4 driven by Marubeni NGL 4.9 0.4 3.7 0.3 acquisition, Captain performance and Jade South TOTAL
Slide 12: Liquidity Overview
Liquidity Overview 1,550 Material deleveraging strategy continues… 1,245 • The company continues to significantly reduce its debt through 925 930 strong free cash flow generation 620 703 305 78 • Prudent financial framework underpinned by low leverage, high liquidity and capital discipline 625 625 6
Slide 13: Oil and Gas Hedging Overview
Oil and Gas Hedging Overview >55% of 2022 and >40% of 2023 Oil >70% of 2022 and ~15% 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 5
Slide 14: Reserves Update & Near-Term Outlook
Reserves Update & Near-Term Outlook 14
Slide 15: Year End 2021 Reserves Update with Marubeni
Year End 2021 Reserves Update with Marubeni 2P Reserves (mmboe) 23 • 2P reserves addition of ~23 mmboe associated with the Marubeni Assets • Marubeni assets have no 2C resources so 2C remains at 107 mmboe 206 183 YE 2021 Marubeni YE 2021 Source: Reserves report as of 31st December 2021 15
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 Statement • Extension of the proven Polymer • Progressing subsea tieback • Discovery in the Central North approved Jan’22 EOR technology to the subsea area to Piper Sea
Slide 17: Siccar Point Acquisition
Siccar Point Acquisition • Transformation acquisition which reinforces Ithaca as one of the leading UK North Sea E&P Operators • Planned completion by end of June • Interest in high quality, long life producing assets ‒ Schiehallion and Mariner fields, both currently in the top 10 UK producing field
Slide 18: Near Term Outlook
Near Term Outlook Production - kboe/d Opex - $/boe Capex - $m 70-82 600.0 68 19 ~18 480 500.0 6 ~400 400.0 300.0 62 200.0 100.0 0.0 2022 Budget 2023-25 2022 Budget 2023-25 2022 Budget 2023-25 Guidance Guidance Guidance • 2022 production increase due • Unit operating expenditure • Drilling on Captain
Slide 19: Emissions Reduction
Emissions Reduction 19
Slide 20: 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 20
Slide 21: Emission Reduction Projects – Year to Date 2022
Emission Reduction Projects – Year to Date 2022 • Detailed design completed on FPF1 reduce hydrocarbon purging, identifying opportunities to accelerate installation – up to 14k tCO2e • Awarded engineering studies for Captain flare recovery, Alba flare recovery, and COT vapour recovery – up to 35 kt
Slide 22: Thank you
Thank you