Slide 1: Corporate Presentation – Credit Markets October 2024
ITHACA ENERGY Corporate Presentation — Credit Markets October 2024
Slide 2: Ithaca Energy
Ithaca Energy ENERGY ITHACA ENERGY PLC. CORPORATE PRESENTATION
Slide 3: Ithaca Energy is a leading UKCS independent operator
Ithaca Energy is a leading UKCS independent operator O () KC y) ‘ b aw reef 56% operated production in LIM folio! June 2024!:5 Fame By inv, GS By LTM June 2024 revenues: $2,965 MM! 2023 CO, intensity: LTM June 2024 EBITDAX: 25.0 kgCO,? $2,195 MM! shat are produ to be approved for dev relation to Ith
Slide 4: Supports responsible operations with ESG and decarbonisation goals
> Supports responsible operations with ESG and decarbonisation goals }> Strengthens leadership team and operational capabilities > Supported by committed long-term shareholders Source: Company Information 4
Slide 5: Complementary combination creating a large, diversified and long-life portfolio
Complementary combination creating a large, diversified and long-life portfolio Highly cash-generative UKCS production portfolio Material 2P + 2C resource base of 103 MMboe! eni Leading operational and technical capabilities [UK Asses) Strong commitment to the UK Working Interest 21.9% (Elgin Frankl
Slide 6: Ithaca Energy has evolved significantly in scale
Ithaca Energy has evolved significantly in scale with improved profitability, cash flow generation and deleveraging since 2021 Ithaca Energy Standalone | Ithaca Energy PF with Eni UK! Ithaca Energy Standalone (LTM Jun-24) ' (LTM Jun-24) i i (LTM Mar-21) Metrics A 2021 Standalone Metrics A 2021 Stand
Slide 7: Disciplined and balanced capital allocation framework
Disciplined and balanced capital allocation framework Capital Allocation Framework sets clear capital allocation priorities protecting cash flows and providing resilience through the cycle while supporting growth and shareholder returns Illustrative post-tax CFFO Balanced Capital Allocation Framewor
Slide 8: Investment
Investment ENERGY an ' ITHACA ENERGY PLC SS =f CORPORATE PRESENTATION
Slide 9: Ithaca Energy investment highlights
Ithaca Energy investment highlights One of the largest independent players in the UKCS with a diversified portfolio of high-quality assets and c.16 years resources life', playing a strategic role in the energy supply security in the UK Majority operated portfolio providing Ithaca Energy with optiona
Slide 10: ur… nergi…
1 Ithaca Clair Energy Shell Rosebank bp Schiehallion Harbo Mariner ur… Equino Buzzard r TotalE Cambo nergi… NEO Elgin Energy Serica Penguins Energy Apach Culzean e EnQue J-Area st 0 150 300 450 600
Slide 11: Harbour Energy Ithaca Energy BP
1 Harbour Energy Ithaca Energy BP Shell Ithaca Energy Equinor TotalEnergies BP Shell Harbour Energy HitecVision HitecVision Viaro Energy Viaro Energy Serica Energy Serica Energy APA Corporation TotalEnergies Equinor EnQuest Perenco APA Corporation EnQuest Chevron Centrica Repsol
Slide 12: Cambo Captain Rosebank
2 • • 200 150 100 50 0 Cambo Captain Rosebank Elgin/Franklin Greater Britannia Area
Slide 13: Diversified portfolio with balanced oil and gas mix
Diversified portfolio with balanced oil and gas mix | Reserves & resources by field (MMboe) | Oil and gas split (%) +40 fields across the UKCS, with 37 58%/42% oil and gas split’ supporting a Diversified portfolio boosting Ithaca currently producing! balanced production mix Energy's strengths 255 AY
Slide 14: Capex and Net Cashflow From Operations
4 2021 2022 2023 LTM June 2024 Capex Net Cashflow From Operations (CFFO) Capex Coverage
Slide 15: Liquidity and leverage
5 • Total Drawn Undrawn Cash Liquidity 31-Dec-22 31-Dec-23 30-Jun-24 Available Facilities Facilities Net Debt EBITDAX Facilities 30-Jun-22 31-Dec-22 31-Dec-23 30-Jun-24 Standalone Net Debt / EBITDAX Combination Net Debt / EBITDAX Senior Notes Other RBL (less cash)
Slide 16: LTM Jun-24 LTM Jun-24 LTM Jun-24
5 62 % 62 % 77 % 74 % 2021 2022 2023 LTM Jun-24 2021 2022 2023 LTM Jun-24 2021 2022 2023 LTM Jun-24 2021 2022 2023 LTM Jun-24
Slide 17: Eni and Delek as long-term supportive shareholders
Leen ee ac > @ Eni and Delek as long-term supportive and complementary shareholders Lead value in the sector via near-field and infrastructure-led Focus on E&P and international expansion exploration * Deploying capital strategically to acquire assets internationally, bringing * Pursue distinctive d
Slide 18: Highly diversified and complementary board
Leen ee ac > @ Highly diversified and complementary board with prominent independent directors Ithaca Energy board of directors at completion of Eni UK combination Considerations on organisational and governance structure Yaniy Friedman Luciano Vasques lain Lewis Gi The company is actively looking t
Slide 19: Eni partnership enhances the group's capabilities
Leen ee ac > @ Eni partnership enhances the group’s capabilities Combining the agility of an independent with the capabilities of a major Seeks to replicate the success of Enis strategic | Strategic benefits of the satellite model satellite model in mature basins Increased Unlocking growth and | | O
Slide 20: Sustainability well-integrated into company strategy
@ Sustainability well-integrated into company strategy, with clear ambitions and targets Structured to deliver critical energy security while fundamentally transitioning the portfolio over the medium to long-term through investment in low carbon intensity assets | rt-term ambition | Medium-term ambi
Slide 21: Appendix
Appendix Supplementary Materials ITHACA ENERGY ITHACA ENERGY PLC CORPORATE PRESENTATION
Slide 22: 2017 2018 2019 2020 2021 2022 2023 H1 2024
2017 2018 2019 2020 2021 2022 2023 H1 2024
Slide 23: Diversified asset base with further optionality
Diversified asset base with further optionality Net reserves & Working interest Liquids Reserves Development Operator " resources = (%) [MMbsoe) (%) soge At P Z Britannia & Satellites ITHACA ' * 5 field production hub, including Alder subsea tieback Harbour larious voducin f * Additional upside cost
Slide 24: Diversified asset base with further optionality (cont'd)
Diversified asset base with further optionality (cont'd) Warking interests oties202s NI sc vids Reserves il Development Operator 6 resources ” (%) (%) soge (MMboe) Cygnus * ‘Single biggest producing gas field in the United Kingdom 38.75% 18 Producing * Supplies up to 250 milion cubic feet {mcf] of g
Slide 25: ENERGY
ENERGY == S——— = ~TTHACAENERGY PLC = eee a : (CORPORATE PRESENTATION
Slide 26: Forward-looking statements
This communication includes forward-looking statements. All statements other than statements of historical facts included in this communication, including those regarding future guidance, including Revenue, Adjusted EBITDAX, LTM EBITDAX, and Capex and statements about the Company’s plans, strategies