Slide 1: 2020 Financial Results
2020 Financial Results 1 April 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: Strong performance in a challenging macro environment
Strong performance in a challenging macro environment Solid Full year production towards upper end of 2020 63-68 66 Production operations guidance Safeguard Personnel Vorlich field successfully brought on stream in Q4 kboe/d & Maintain Production 2020 FY2020 2020 Actual Guidance* Financial 700 7
Slide 4: 2020 Financial Results
2020 Financial Results Production Realised Hydrocarbon Unit Operating Cashflow from (kboe/d) Price ($/boe)1 Expenditure ($/boe)2 Operations ($/boe) 75 66 50 47 35 31 17 16 12% 6% 6% 11% 2019 2020 Actual 2019 2020 Actual 2019 2020 Actual 2019 2020 Actual Pro-Forma Pro-Forma Pro-Forma Pro-Forma Revenu
Slide 5: 2020 Financial Results
2020 Financial Results Financial Summary 2020 2019 Revenue1 $M 1,144 576 Revenue almost doubled following CNSL acquisition completed in Q4 2019 Opex 2 $M (389) (196) Opex efficiencies plus Covid induced deferred work programmes reduce unit costs to $16/boe G&A and FX $M (10) (5) G&A increase due t
Slide 6: Continued strong cash generation resulting in deleveraging
Continued strong cash generation resulting in deleveraging Net Debt Evolution1 ($M) 2,150 Simple capital structure 1,550 $1,650M Reserves Based Lending (RBL) maturing June 2024 RBL 1,650 1,219 $500M senior unsecured notes due July 2024 Material deleveraging strategy continues… $330M RBL repaid
Slide 7: Hedging Overview… current status
Hedging Overview… current status Hedging Summary Hedged Volumes 2021 2022 2023 Total Oil MMbbl 11 3 0 14 Gas Mil. Therms 340 146 11 497 Total MMboe 17 6 0 23 Robust commodity hedging book providing significant protection against downside risk Oil Prices 2021 2022 2023 Total Near term… >75% of oil
Slide 8: Reserves Update…
Reserves Update… 2P Reserves 2C Resources 191 196 11 16 Sustained asset performance driving reserves upgrade from June… Full replacement of production from June, with +2% +50% upgrades to several key assets 102 Material increase in contingent resources… 34 Successful discovery at Isabella, and t
Slide 9: Captain… EOR Stage II Sanction
Captain… EOR Stage II Sanction Captain WPP & BLP Polymer Mixing, Buffer Storage and Injection FPSO Oil Processing and New Subsea Polymer Storage Injection System Existing Subsea Production System EOR Stage II involves the extension of the proven Polymer EOR technology to the subsea area of the Capta
Slide 10: Near Term Outlook
Near Term Outlook Production - kboe/d Operating Expenditure - $/boe Capital Expenditure - $M 66 60-65 16 ~14 ~250 108 2020 Actual 2021-23 2020 Actual 2021-23 2020 Actual 2021 Guidance Guidance Guidance Production expected to be Operating cost reduction Return to drilling on Captain broadly ali
Slide 11: Solid performance underpinning a strong outlook
Solid performance underpinning a strong outlook Captain* GSA* Alba* Erskine* Britannia & Sats. Elgin / Franklin Jade 85% 100% 23.37% 50% Various1 3.9% 19.93% Business performing well in a challenging environment – responded quickly to Business Resilience mitigate the operational and financing risks
Slide 12: Appendix
Appendix ITHACA ENERGY 2020 Year End Financial Results | 12
Slide 13: 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