Ithaca Energy Plc · LSE:ITH
Ithaca Energy — Q3 2017 Earnings Presentation
8 slides from Ithaca Energy's earnings presentation, Nov 13, 2017
Slide 1: Q3-2017 Financial Results
Q3-2017 Financial Results 13 November 2017
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”) has been prepared by Ithaca Energy Inc. (“Ithac
Slide 3: Highlights
Highlights Q3-2017 Financial Results Greater Stella Area Corporate Increasing production – strong FPF-1 formally selected as Request made to cease being cash netbacks Vorlich development host a Canadian Reporting Issuer Commodity hedging increased Harrier drilling completed Strategic and
Slide 4: YTD-2017 performance
YTD-2017 performance Production Realised Hydrocarbon Unit Operating Cashflow from ($/boe) Price ($/boe)1 Expenditure ($/boe) Operations ($/boe) $70/boe2 12.5 kboe/d 9.6 kboe/d $50/boe2 $44/boe $29/boe3 $23/boe $20/boe3 31% 29% 13% 34% YTD-2016 YTD-2017 YTD-2016 YTD-2017 YTD-2016 YTD-2017 YTD-2016 YT
Slide 5: Financial results nine months to September 2017
Financial results… nine months to 30 September 2017 YTD YTD Financial Summary 2017 2016 Revenue1 $M 157.0 107.7 Increase of 46% driven by 31% increase in production and higher oil prices Hedging Cash Gain $M 15.1 76.1 Material reduction in cash hedging gains due to reduced volumes and prices Ope
Slide 6: Hedging and finance summary
Hedging and finance summary Further strengthening of commodity hedging position Oil Hedging to End 2018 Oil hedging protection increased through to end-2018 Additional 1.7MMbbl hedged at $53/bbl $51/bbl average price floor for 6.4kbbl/d Price Upside to $60/boe Full Price Collars Gas hedging prot
Slide 7: Operations update
Operations update Production continuing to trend upwards – planned 2017 capital expenditure programme materially maintenance shutdowns completed Sep. / Oct. 2017 completed, ~$78M forecast for full year Production up from 9.3kboe/d in Q1-2017 to Limited Q4-2017 expenditure – continued 14.3kboe/d
Slide 8: Greater Stella Area: building out the production hub
Greater Stella Area… building out the production hub Harrier field development programme progressing FPF-1 selected by BP (66%) / Ithaca (34%) as to plan (54.66% Ithaca) – production start-up in 2018 Vorlich host facility – production start-up in 2020 Multilateral well completed in Tor / Ekofisk r