Slide 1: Q3 2024 Results
ITHACA ENERGY Q3 2024 Results Ithaca Energy plc 21 November 2024
Slide 2: Today's presenters
Q3 2024 Results Today’s presenters Yaniv Friedman Luciano Vasques lain Lewis Executive Chairman Chief Executive Officer Chief Financial Officer ITHACA ENERGY PLC Q3 2024 RESULTS ~ NOVEMBER 2024
Slide 3: Agenda
Agenda 1 YTD Q3 2024 Highlights 2 Strategic and Operational Highlights 3 Financial Overview 4 Closing Remarks 5 Q&A
Slide 4: YTD Q3 2024 Highlights
YTD Q3 2024 Highlights ITHACA ENERGY
Slide 5: Reaffirming guidance and 2024 dividend target
Reaffirming guidance and 2024 dividend target >100 kboe/d Est. 2024 Pro forma Production Peak production >120 kboe/d INVEST > $300m V7) Est. H2 2024 Pro forma Capital Investment PROTECT $2.25bn Refinancing completed $100m Interim dividend paid in line with stated 30% of post-tax'CFFO policy $200m Sp
Slide 6: Immediate benefits of Combination with Eni S.p.A's UK business
Immediate benefits of Combination with Eni S.p.A’s UK business being realised INCREASED SCALE OF OPERATIONS AND PRODUCTION S * Group production peaked above >120 kboe/d during Q4 (post completion) * @3 combined production of 91 kboe/d post effective date, supporting proforma 2024 combined production
Slide 7: Strategic and Operational Highlights
Strategic and Operational Highlights ITHACA ENERGY
Slide 8: Quarterly production by period
• 120 • 100 80 • 60 • • 40 • 20 • 0 Q1 2024 Q2 2024 Q3 2024 Pro-forma 2024 Combined Business •
Slide 9: Value creation
~ Value creation Financial Production canrsranttie fone Increased stakes and asset additions in J Area provides access to near-term value catalysts Significant production enhancement First production from Talbot Drilling at Jocelyn South in 2024 activity atJ Area focused on development expected towa
Slide 10: Investing for growth
Investing for growth Advancing new developments and asset life extension projects to maximise value creation across high-value portfolio >) Captain life extension and efficiency Project progressing in line with multi-year development Strong focus on uptime performance and delivering asset life timel
Slide 11: Value creation, financial strength and cash flow protection
Value creation Financial Cash flow across portfolio strength protection Production Growth ambitions underpinned by enha financial flexibility post Business Comk Robust balance sheet strengthened by Refinancing provides recent $2.25 bn RBL and Senior Notes material firepower refinancing with redempti
Slide 12: Total Available Facilities
• • • Total Drawn Undrawn Cash Liquidity Total Drawn Undrawn Cash Liquidity Available Facilities Facilities Available Facilities Facilities Facilities Facilities
Slide 13: Senior Notes and RBL net debt
Senior Notes Other RBL (less cash) 30 Jun 22 31 Dec 22 31 Dec 23 30 Jun 24 30 Sep 24 31 Dec 2022 31-Dec-23 30-Jun-24 30-Sep-24
Slide 14: Gas hedging: swaps, collars, puts
180 Gas Swaps Gas Collars Gas Puts/Wide ZCCs Put/Wide ZCC Floor Swap price 160 160 Collar floor Collar Ceiling Wide ZCC Celing 140 140 120 100 120 80 100 60 40 80 20 0 60 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q4-26 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q4 26
Slide 15: Balanced capital allocation framework supports shareholder returns
Financial Cash flow strength protection Production Balanced capital allocation framework supports strong sustainable shareholder returns Track record of delivering material shareholder returns with $700 million returned since IPO (Nov 2022) Announcement of $200 million special dividend in line with
Slide 16: Financial Overview and Outlook
Overview and Outlook ENERGY
Slide 17: YTD Q3 2024 financial performance
7 YTD Q3 2024 financial performance a INTERIM 2024 DIVIDEND DECLARED $100m SPECIAL DIVIDEND DECLARED PAYABLE DECEMBER 2024 $200m 2024 DIVIDEND TARGET! 1. _Alldividends are subject to operational performar YTD Q3 2024 Performance at a glance AVERAGE PRODUCTION 52.5 kboe/d UNIT OPERATING COST $28.9/bo
Slide 18: Adjusted EBITDAX analysis
Adjusted EBITDAX analysis Q3 YTD 2024 Q3 YTD 2023 FY 2023 Production kboe/d mmboe kboe/d mmboe kboe/d mmboe Oil 35 10 44 n 43 16 Gas 16 4 24 7 24 9 Condensate 2 1 g 1 3 1 Total production 53 15 71 19 70 26 Revenues! $/boe $m §/boe $m__ $/boe Sm Oil revenue 84 802 86 1,004 85 1,330 Gos revenue 61 261
Slide 19: 2024 Guidance
2024 Guidance Management guidance and dividend target reaffirmed Combined production guidance supported by peak production in QA of >120 kboe/d Combined Production! Combined Net opex!? 76-81 kboe/d $650-730 million Standalone: 54-57 kboe/d Standalone: $540-590 million Combined net producing asset ca
Slide 20: > wi z uw
> 9 4 wi z uw
Slide 21: Closing remarks
Closing remarks Business Combination with Eni’s S.p.A’s UK business 1 completed 3 October withimmediate realisation of benefits y) $2.25bn refinancing completed providing material ‘ , "| =“ icyeNus || financial firepower to support further growth aspirations Combined Q4 peak production of >120 kboe/
Slide 22: ITHACA ENERGY
ITHACA ENERGY
Slide 23: ENERGY
ENERGY
Slide 24: Oil and gas hedging profile
30 180 Oil Puts/Wide ZCCs Oil Collars Oil Swaps Gas Puts/Wide ZCCs Gas Collars Gas Swaps 160 25 140 20 120 100 15 80 10 60 40 5 20 0 0 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q4-26
Slide 25: Thank You!
ITHACA ENERGY Thank You!