Ithaca Energy Plc · LSE:ITH
Ithaca Energy — Investor Presentation (April 2019)
15 slides from Ithaca Energy's investor presentation, April 2019
Slide 1: Corporate Presentation
Corporate Presentation April 2019
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 Limited (“It
Slide 3: Introduction
Introduction Focused Strategy Solid Asset Portfolio Strong Financial Position Enhanced Outlook Lower risk North Sea Growing cashflow Strong liquidity profile and Strong shareholder – wholly production and development generation from high track record of disciplined owned subsidiary of Israel
Slide 4: Ithaca Energy… established North Sea operator
Ithaca Energy… established North Sea operator Dons Active North Sea operator – proven drilling, production, development and decommissioning capabilities Valuable portfolio – operator of key assets Broom ~20kboe/d (50% liquids) / 91 MMboe 2P reserves1 UK Norway Experienced in delivery of new field
Slide 5: Company background… key milestones
Company background… key milestones Asset & GSA Acquisitions – 2008/09 2006 Listed on TSX (Toronto) / AIM (London) 2008 Initial production base established Jacky field development start-up Asset Acquisitions – 2011/12 2010 Corporate Acquisitions – 2013/14 2012 Athena field development start-u
Slide 6: Solid production and development asset portfolio
Solid production and development asset portfolio Production (kboe/d) Diverse producing asset portfolio comprising established fields – core assets operated by Ithaca ~20 kboe/d Forecast 2019 Production Defined production enhancement projects pipeline – sustaining production with discretionary capex
Slide 7: GSA “hub and spoke” strategy driving free cashflow generation
GSA “hub and spoke” strategy driving free cashflow generation Ithaca operated production hub Monetising >65MMboe net 2P reserves1 with existing GSA asset portfolio Low risk development execution plan – central infrastructure in place Hub expansion funded from cashflows – satellite field start-
Slide 8: GSA hub… leveraging the value of the central infrastructure
GSA hub… leveraging the value of the central infrastructure FPF-1 Capacity ~40kboe/d Gas: 85 MMcf/d Oil: 25 kbbl/d 2017 2018 2020 2022+ 2022+ FPF-1 Stella Harrier Vorlich Austen Hurricane Production Facility 5 Well Tie-back Dual-lateral Well Tie-back 2 Well Tie-back 2019 FDP 2019 FDP Online February
Slide 9: Strong HSE track record
Strong HSE track record Total Recordable Injury Frequency Per Million Manhours Strong HSE credentials – outperforming industry stats while executing significant offshore activity programmes 1.8 1.7 Clear environmental track record – zero “Tier 1 & 2” hydrocarbon 1.5 1.5 releases 2015-18 1.3 0.7 HSE
Slide 10: 2018 financial summary
2018 financial summary Annual Realised Unit Operating Cashflow from Production Hydrocarbon Price1,2 Expenditure3 Operations3 16.1kboe/d 13.9kboe/d Net $50/boe $50/boe Net $30/boe3 $29/boe $19.2/boe $18.6boe 2017 2018 2017 2018 2017 2018 2017 2018 Revenue Pre-Hedging CFFO Hedging Gain / Loss Hedging
Slide 11: Track record of disciplined financial management
Track record of disciplined financial management Conventional debt structure with no near term maturities Debt Facilities & Leverage1 – syndicate of leading international banks $400M Reserves Based Lending facility, maturing Dec. 2022 $300M Term Loan, maturing Oct. 2023 $700M Target leverage at
Slide 12: Experienced management team
Experienced management team Les Thomas Graham Forbes Richard Smith Jamie Airnes John Horsburgh Chief Executive Officer Chief Financial Officer Chief Commercial Officer Chief Operations Officer Chief Technical Officer Joined 2013 Joined 2010 Joined 2010 Joined 2011 Joined 2008 Reservoir Engineer Char
Slide 13: Key highlights
Key highlights 1 Solid and diversified production and development asset base 2 Growing cashflow generation from high netback production 3 Sustainable free cashflow outlook 4 Lower risk business model and growth strategy 5 Disciplined financial management 6 Supportive shareholder and experienced mana
Slide 14: Appendix
Appendix ITHACA ENERGY Corporate Presentation | 14
Slide 15: Production and development asset portfolio
Production and development asset portfolio Field Asset Operator Location Licence Block Field Type Partners / Field Interests Interest Stella 100% CNS P11 30/6a (D) - Harrier 100% CNS P11 30/6a (D) - Cook 61.346% CNS P185 21/20a (ALL) Ping Petroleum 19.327%; Hibiscus Petroleum 19.327% P111 23/22a (AL