Ithaca Energy Plc · LSE:ITH
Ithaca Energy — Merger or Acquisition (October 2026)
24 slides from Ithaca Energy's merger presentation, Oct 5, 2026
Slide 1: Strategic acquisition of Offshore Canada assets
Strategic acquisition of Offshore Canada assets ITHACA ENERGY PLC | 5 OCTOBER 2026
Slide 2: Strategic international basin entry supports Scale. Stability. Strength.
Strategic international basin entry into Offshore Canada supports Group’s vision for ‘Scale. Stability. Strength.’ Transformational acquisition of operated Terra Nova field and non - operated White RoseArea from Suncor Energy for $860 million (effective date of 1 July 2026), financed by new and exis
Slide 3: Transformational acquisition of Terra Nova and White Rose fields
pp e d are a Transformational acquisition of stakes in operated Terra Nova and non-operated White Rose fields Ma [mappe d area] Labrador Quebec 103 MMBOE 17 YEARS 2P RESERVES 2P RESERVE: ESTIMATE 1 PRODUCTION RATIO 1 Anticosti Basin Bay du Nord Newfoundland New Maritimes Nova Sydney St. John’s White
Slide 4: Delivering our Next Era of growth
Delivering our Next Era of growth, as Ithaca Energy continues its transformational journey THE 1ST 2ND EXECUTING OUR NEXT ERA OF GROWTH, BUILDING BEGINNING TRANSFORMATION TRANSFORMATION ‘SCALE. STABILITY. STRENGTH.’ IN TWO CORE REGIONS A platform for Building one of the largest Combining to create a
Slide 5: Expansion delivers on all strategic investment parameters
Expansion delivers on all strategic investment parameters International expansion guided by clear parameters focused on delivering ‘Scale. Stability. Strength.’ What we said: Inorganic growth strategy focused on… Retaining our focus, with Regions offering further Regions offering stable Delivering b
Slide 6: Clear strategic rationale
ITH®CA ENERGY Clear strategic rationale
Slide 7: Clear strategic rationale for transaction
Clear strategic rationale for transaction • Execution of international expansion strategy enhances portfolio scale, diversification and exposure to premium Transformational strategic basin Northern OECD barrels • Disciplined and transformational entry into a well -understood basin, with many similar
Slide 8: Clear strategic rationale for transaction (continued)
Clear strategic rationale for transaction(continued) Offers further organic growth optionality: • 2P Production expected to grow to 35 -40 kboe/d by 2029 1, driven by near-term production growth from West White Rose development, with first production anticipated in Q4 2026 35 -40 • Acquisition suppo
Slide 9: Strategic basin entry into Offshore East Coast Canada
STRATEGIC HIGH - QUALITY ESTABLISHED MATERIAL GROWTH CASH FLOW BASIN ENTRY ASSETS OPERATING TEAM POTENTIAL ACCRETIVE Strategic basin entryinto Offshore East Coast Canada, aligned with strategy and supported by clear rationale Well-understood and developed basin with low- decline projects in a simila
Slide 10: Well-understood basin with production dominated by large fields
STRATEGIC HIGH - QUALITY ESTABLISHED MATERIAL GROWTH CASH FLOW BASIN ENTRY ASSETS OPERATING TEAM POTENTIAL ACCRETIVE a are d e pp Well-understood basin with production dominated Ma [mappe d area] by a small number of fields and companies Labrador Quebec Hibernia 59 kboe/d 1 Bay du Nord Newfoundland
Slide 11: Basin offers attractive fiscal and regulatory environment
STRATEGIC HIGH - QUALITY ESTABLISHED MATERIAL GROWTH CASH FLOW BASIN ENTRY ASSETS OPERATING TEAM POTENTIAL ACCRETIVE d 52% liquids and 48% gas, with 36% operated and 64% non-operated production Basin offers attractive fiscal and regulatory environment, with Include PY comparatives and note what’s ca
Slide 12: Long-life, low-decline portfolio with near-term growth
STRATEGIC HIGH - QUALITY ESTABLISHED MATERIAL GROWTH CASH FLOW BASIN ENTRY ASSETS OPERATING TEAM POTENTIAL ACCRETIVE Long-life, low-decline portfolio offering significant near-term production growth with substantially de -risked capital investment TERRA NOVA WI:48% WHITE ROSE WI:40% WEST WHITE ROSE
Slide 13: Established and experienced operating team
STRATEGIC HIGH - QUALITY ESTABLISHED MATERIAL GROWTH CASH FLOW BASIN ENTRY ASSETS OPERATING TEAM POTENTIAL ACCRETIVE d 52% liquids and 48% gas, with 36% operated and 64% non-operated production Established and experienced operating team, offering stability Include PY comparatives and note what’s cau
Slide 14: Acquisition offers material organic growth potential
STRATEGIC HIGH - QUALITY ESTABLISHED MATERIAL GROWTH CASH FLOW BASIN ENTRY ASSETS OPERATING TEAM POTENTIAL ACCRETIVE Acquisition offers material organic growth potential Adds 103 mmboeof 2P reserves, with clear development path to unlock ~ 200mmboeof resource potential, underpinned by strong regulat
Slide 15: Significant, well-advanced development opportunities
STRATEGIC HIGH - QUALITY ESTABLISHED MATERIAL GROWTH CASH FLOW BASIN ENTRY ASSETS OPERATING TEAM POTENTIAL ACCRETIVE Significant, well- advanced development opportunities Pathway to resource maturation with significant resource potential advancing towards FID, with strong government support for new
Slide 16: Strengthening Ithaca Energy's medium-term production outlook
STRATEGIC HIGH - QUALITY ESTABLISHED MATERIAL GROWTH CASH FLOW BASIN ENTRY ASSETS OPERATING TEAM POTENTIAL ACCRETIVE Strengthening Ithaca Energy’s medium -term production outlook Portfolio offers both near-term and long-term production growth potential supporting a Group production outlook of 140-15
Slide 17: Enhanced and balanced capital allocation framework
STRATEGIC HIGH - QUALITY ESTABLISHED MATERIAL GROWTH CASH FLOW BASIN ENTRY ASSETS OPERATING TEAM POTENTIAL ACCRETIVE Enhanced and balanced Strategic acquisition consistent with existing capital allocation framework, with additional optionality supporting capital allocation framework enhanced product
Slide 18: Acquisition expected to be immediately cash flow accretive
STRATEGIC HIGH - QUALITY ESTABLISHED MATERIAL GROWTH CASH FLOW BASIN ENTRY ASSETS OPERATING TEAM POTENTIAL ACCRETIVE d 52% liquids and 48% gas, with 36% operated and 64% non-operated production Acquisition expected to be immediately cash flow and dividend Include PY comparatives and note what’s caus
Slide 19: Transaction overview and closing remarks
Transaction overview and closing remarks
Slide 20: Acquisition structured to deliver strong investment returns
Acquisition structured to deliver strong investment returns, while reflecting commodity price volatility TIMELINE TO CONSIDERATION: $860 MILLION COMPLETION (EFFECTIVE DATE 1 JULY 2026) FINANCED BY : TRANSACTION FINANCED BY A COMBINATION OF UTILISATION OF THE GROUP’S EXISTING BORROWING BASE Acquisiti
Slide 21: Closing remarks
Closing remarks 01 Transformational strategic entry into Offshore East Coast Canada, aligned with the Group’s focused Strategic basin entry international growth strategy High-quality asset portfolio adding 5-year average 2P 02 production of ~30kboe/d from 2027 -31 and 103 mmboeof 2P reserves1 03 Est
Slide 22: Q&A
Q&A
Slide 23: Disclaimer
Disclaimer THIS PRESENTATION AND ITS CONTENTS ARE STRICTLY CONFIDENTIAL AND ARE NOT INTENDED FOR PUBLICATION, RELEASE OR DISTRIBUTION, I N W HOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTIO
Slide 24: Disclaimer (continued)
Disclaimer (continued) Certain statements in this Presentation are forward -looking statements which are based on the Company's expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical s. These fact statements a