Slide 1: Q3 YTD 2021 Financial Results
Q3 YTD 2021 Financial Results 30 November 2021
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”) is supplied for your information only and has b
Slide 3: Ithaca Energy Key Attributes
Ithaca Energy Key Attributes High Quality Diversified Portfolio Diversified portfolio of high-quality assets in a well-established jurisdiction Operatorship Majority operated portfolio, where Ithaca controls destiny to drive operational efficiency Prudent A strong balance sheet and prudent financial
Slide 4: At A Glance
At A Glance Key operational highlights1 Key financial highlights1 55 kboe/d YTD Q3 2021 Production $598MM EBITDAX c.76% Operated Portfolio2 c.86% of Remaining 2021 Production Hedged 196 mmboe 2P Reserves3 $300MM Liquidity Headroom Captain 102 FPSO mmboe 2C Resources3 Captain Alder Britannia Alba Are
Slide 5: A Business Of Scale Generating Material Cashflows
A Business Of Scale Generating Material Cashflows Solid ▪ 55 kboe/d YTD Q3 2021 Production, 65% liquids 55 Production Operations ▪ Q3 production (52 kboe/d) was impacted by planned Safeguard Personnel maintenance activities incl. 25 days shutdown on Captain. Although, it was up ~9% on Q2 which was k
Slide 6: Q3 2021 Year to Date Financial Results
Q3 2021 Year to Date Financial Results Production Realised Hydrocarbon Unit Operating (kboe/d) Price ($/boe)1 Expenditure ($/boe)2 EBITDAX ($/boe) 59 5 66 47 55 40 15 31 19 16 17% 26% 19% 29% 2020 full year Q3 2021 YTD 2020 full year Q3 2021 YTD 2020 full year Q3 2021 YTD 2020 full year Q3 2021 YTD
Slide 7: Q3 v Q2 Income Statement Analysis
Q3 v Q2 Income Statement Analysis Production 4.2 kboed (9%) up on Q2. Q2 and Q3 production impacted by planned summer shutdowns – Q2 mainly FPS related and Q3 mainly Captain and primarily Erskine Prices have continued to rise since Q2, particularly gas prices increasing to 200p/th at the end of Q3 a
Slide 8: Continued Strong Cash Generation And Successful Refinancing
Continued Strong Cash Generation And Successful Refinancing Net Debt Evolution Post Re-financing1 ($M) Successful Re-financing in July 2021 ▪ Amendment and extension of the Reserves Based Lending facility of $1.2bn ($300m of which is assigned 1,850 to Letters of Credit) maturing July 2026 ▪ $625m se
Slide 9: Latest Hedging Overview
Latest Hedging Overview Hedged Volumes Q4 2021 2022 2023 Total Robust commodity hedging book providing Oil MMbbl 3 8 3 13 significant protection against downside commodity % Swaps 42% 44% 52% 45% price risk % Puts 50% 27% - 26% ▪ >60% of oil and gas hedged in Q4 2021 / 2022 % Collars 9% 29% 48% 29%
Slide 10: Near Term Outlook
Near Term Outlook Production - kboe/d Operating Expenditure - $/boe Capital Expenditure - $M 19 ~18 70-74 55 ~410 128 Q3 YTD 2021 2022-24 Q3 YTD 2021 2022-24 Q3 YTD 2021 2022 Guidance 1 Guidance 1 Guidance 1 Ithaca Marubeni Ithaca Marubeni Ithaca Marubeni ▪ Production increase due to ▪ Unit operatin
Slide 11: Value Accretive Growth Outlook
Value Accretive Growth Outlook Captain* GSA* Alba* Erskine* Britannia & Sats. Elgin / Franklin Jade 85% 100% 23.37% 50% Various1 3.9% 19.93% ▪ Business performed well in a challenging environment – responded quickly to mitigate the Business Resilience operational and financing risks of Covid-19 and
Slide 12: Fotla Exploration And Appraisal Well Drilling Overview
Fotla Exploration And Appraisal Well Drilling Overview Exploration success in Central North Sea near Ithaca’s Alba and Britannia interests Fotla E&A campaign: 3 well penetrations discovered hydrocarbons in an excellent quality Eocene Caran Reservoir Alba Britannia Andrew Well delivered ahead of sche
Slide 13: Sustainability Well-integrated Into Company Strategy With Clear Ambitions And Targets
Sustainability Well-integrated Into Company Strategy With Clear Ambitions And Targets Ambitions Impact • Target to reduce emissions by 25% Emission by 2025 Management AFFORDABLE AND CLEAN ENERGY • Clear line-of-sight to reduce emissions • Carbon intensity down 7% vs. through 17 initiatives of which
Slide 14: Clear Line-of-sight To Target Emission Reduction Of 25% By 2025
Clear Line-of-sight To Target Emission Reduction Of 25% By 2025: 8 Of 17 Initiatives Already Underway Emissions reduction initiatives (ktCO2e reduction from 2019 baseline1) Initiatives underway -110kt Majority are policy, SOP and process changes (20%) ~550 ~440 Target: -25% reduction trajectory to
Slide 15: Appendix
Appendix ITHACA ENERGY Q3 YTD 2021 Financial Results | 15
Slide 16: Producing Assets Overview
Producing Assets Overview Reservoir Reservoir Field Wells Liquids Gas Operator Interest Field Infrastructure Joint Venture Partners Fluids Type Start-Up Prod. / Inj. Export Export ▪ Wellhead and bridge linked processing platforms ▪ Dana Petroleum 15% Captain 85% Conventional 1997 36 / 12 Tankers - c