Slide 1: H1-2020 Financial Results
H1-2020 Financial Results 27 August 2020
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 73 63-68 ▪ Strong H1-2020 performance despite Covid-19 Production operations restrictions – limited disruption to operations Safeguard Personnel & Maintain Production ▪ Vorlich development progressing to Q4-2020 start-up kboe/d – non-critic
Slide 4: H1-2020 financial results
H1-2020 financial results Production Realised Hydrocarbon Unit Operating Cashflow from (kboe/d) Price ($/boe)1 Expenditure ($/boe)2 Operations ($/boe) 75 73 50 45 35 30 17 15 3% 10% 12% 14% 2019 H1 2020 2019 H1 2020 2019 H1 2020 2019 H1 2020 Pro-Forma Pro-Forma Pro-Forma Pro-Forma Revenue Hedging Ga
Slide 5: Q2-2020 financial results
Q2-2020 financial results Financial Summary Q2-2020 Q1-2020 Revenue1 $M 276 333 Revenue down $57M quarter on quarter – price ($36M), volume ($21M) Opex 2 $M (86) (107) Opex efficiencies combined with Covid induced deferred work programmes G&A and FX $M (13) (5) G&A increase due to one off rest
Slide 6: Strong liquidity supported by extensive hedging book
Strong liquidity supported by extensive hedging book Net Debt Evolution1 ($M) Simple capital structure ▪ $1,650M Reserves Based Lending (RBL) maturing June 2024 ▪ $500M senior unsecured notes due July 2024 2,150 Leverage Ratio 1.6x Material deleveraging achieved since deal close 1,600 1,550 ▪ $290M
Slide 7: 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 8: Appendix
Appendix ITHACA ENERGY H1-2020 Financial Results | 8
Slide 9: Hedging Overview… as at 30th June
Hedging Overview… as at 30th June Hedging Summary Robust commodity hedging book Hedged Volumes Q3-Q4 ’20 2021 2022 Total providing major protection against Oil MMbbl 6 7 2 15 current slump in oil and gas prices Gas Mil. Therms 152 221 36 409 ▪ Near term… 80% of forecast oil and gas Total MMboe 9 11
Slide 10: Maintaining resilience and flexibility in a challenging environment
Guidance Maintaining resilience and flexibility in a challenging environment March 2020 Integrated response to managing the challenges of Covid-19 and lower oil prices – protecting personnel, minimising operational risks, preserving financial strength and flexibility ▪ Modest 2020 production impact
Slide 11: 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