Ithaca Energy PLC · LSE:ITH
Ithaca Energy — Investor Presentation (July 2011)
21 slides from Ithaca Energy's investor presentation, July 2011
Slide 1: Corporate Presentation
Corporate Presentation July 2011
Slide 2: Forward Looking Statements
Forward Looking Statements In the interest of providing potential investors with information regarding the Company, including management’s assessment of the Company’s future plans and operations, certain statements and graphs throughout this presentation are “forward-looking statements” and represen
Slide 3: Ithaca Energy
Ithaca Energy Background Strategy Canadian company focused purely Deliver profitable organic growth on North Sea oil and gas assets by bringing discoveries in existing asset portfolio into production Dual Toronto (TSX-Venture) and London (AIM) listing Acquire quality new acreage positions th
Slide 4: Producing asset & core development project portfolio
Producing asset & core development project portfolio Beatrice 50.0% Athena 22.5% Athena Beatrice & Jacky Jacky 47.5% Cook Cook 28.46% Greater Stella Area Nigg Oil Terminal 50.0% Greater Stella Area Stella 50.33% Harrier 50.33% Hurricane 69%* Gas Basin Anglia 30.0% Topaz 35% Anglia & Topaz Corporate
Slide 5: 2010 financial results summary
2010 financial results summary 2010 full year results Profit & Loss Account Summary 2010 2009 % Net profit before income tax of Av. Realised Oil Price $/bbl 80.3 68.7 +17% $38M Production Kboe/d 4.529 4.042 +12% Record cashflow from operations of $95M Revenue M$ 135.2 110.8 +22% Netback $57/bo
Slide 6: Impact of changes to UK fiscal regime
Impact of changes to UK fiscal regime Fiscal regime changes announced on 23 March 2011 have increased the marginal tax rate on profits from oil and gas production to 62% (for non-PRT paying fields) Impact of change on Ithaca Energy mitigated by… Existing tax losses pool of $216M at 31.12.2010
Slide 7: Increasing reserves and delivering portfolio diversification
Increasing reserves and delivering portfolio diversification 2P Reserves Evolution (Mboe) 2P Reserves by Asset Type (Mboe) Mboe 51.8 Mboe Mboe 50 51.8 50 Mboe 5.8* Cook 40 Concept 35.6 Select +10% 45 30 Phase 3.4 1.7 (1.0) (0.6) 20 46.0 40 5.4 5.5 Sanctioned 42.0 Projects 10 37.2 10.7 Producing Asse
Slide 8: 2011 operational and corporate events summary
2011 operational and corporate events summary Athena FPSO arrives Dubai & drilling Key Project campaign commenced Delivery Q1-2011 Completion of drilling on Athena water injector well Commencement of Jacky ‘J03’ well Continuing Acquisition of producing oil assets Growth from HESS Continuing Hurrican
Slide 9: Consolidated 2011 work programme
Consolidated 2011 work programme Provisional Hurricane capex - addition to original 2011 work programme Q1-2011 Q2-2011 Q3-2011 Q4-2011 14 Alpha Well Workovers 136M$ Jacky J03 Well J01 31 Beatrice Well Optimisation Works Beatrice / Jacky Drilling – 2 Wells / 5 Completions (4P+1I) Subsea Inst. 50 Ath
Slide 10: Acquisition strategy… complement to organic growth
Acquisition strategy… complement to organic growth Asset acquisitions – delivering portfolio diversification at competitive prices Producing asset acquisitions accelerate valorisation of existing 216M$ tax losses pool Acquisition targets characterised by strong cashflow generation (rapid payba
Slide 11: Ithaca Energy… delivering transformational growth
Ithaca Energy… delivering transformational growth Strong and diverse portfolio of producing, development and appraisal assets 2011 work programme focused on delivering additional production and preparing the future Positioned to increase production to +20kboe/d Robust fully funded position t
Slide 12: Additional Information
Additional Information Corporate Presentation - July 2011 12
Slide 13: Greater Beatrice Area operational update
Greater Beatrice Greater Beatrice Area operational update Area Jacky Operational Update 2010 2 Alpha Workovers J03: May 2011 - well suspended having encountered a smaller Completed than anticipated oil column. Technical work commenced to determine whether to re-enter the well and complete it as a Q1
Slide 14: Athena development
Athena Athena development 22.5% Development consists of five wells (four producers / one water injector) tied back to the BW ‘Athena’ floating production, storage and offloading (FPSO) vessel Corporate Presentation - July 2011 14
Slide 15: Athena development drilling campaign
Athena Athena development drilling campaign 22.5% ‘A 2’ W el l Drilling programme completed – rig currently batch completing all five development wells Corporate Presentation - July 2011 15
Slide 16: Athena project status
Athena Athena project status 22.5% Athena Development 2010 BW ‘Athena’ FPSO 5 well development: 4 producers / 1 water injector Arrived in Dubai (Re-cert. First oil: Q4-2011 & Modification Work) Initial net production of ~5,000 bopd anticipated (Sproule) Drilling / Completion Completions (5) Drilling
Slide 17: Athena FPSO dry dock modification works
Athena Athena FPSO dry dock modification works 22.5% Installation of mid-ship section – Dubai dry dock, June 2011 Corporate Presentation - July 2011 17
Slide 18: Athena FPSO exits dry dock
Athena Athena FPSO exits dry dock 22.5% BW Athena re-float following installation of mid-ship section Dubai dry dock, July 2011 Corporate Presentation - July 2011 18
Slide 19: Greater Stella Area development update
Greater Stella Greater Stella Area development Area Stella / Harrier Update Development concept select studies progressing… - Assessment of optimal development solution considering both tie-back of Helios Licence Awarded Q1-2011 GSA fields to host infrastructure and use of a floating production unit
Slide 20: Greater Stella Area pipeline
Greater Stella Greater Stella Area Area Ga el/ Fo rt i es Pip Erskine Stella Andrew e Sandstone lin Feet* Appraisal Well e (20-25 ft thick) Elgin Shearwater 9,100 Crest Gas Condensate ~ 850 ft (47°API) Column 3 Oil SE 8Z (39°API) GA Stella L 5Y Li 9,950 ne Ekofisk Chalk Hurricane 8 *Vertically exagg
Slide 21: Stella / Harrier development concepts
Greater Stella Stella / Harrier development concepts Area Subsea Development Concept Floating Production Unit Development Concept Assessment of optimal development solution considering both tie-back of Greater Stella Area fields to host infrastructure or use of a floating production unit 21 Corporat