Ithaca Energy Plc · LSE:ITH
Ithaca Energy — Investor Presentation (February 2010)
18 slides from Ithaca Energy's investor presentation, February 2010
Slide 1: Forging Ahead in 2010
TSX Venture Exchange London Stock Exchange Forging Ahead in 2010
Slide 2: Forward Looking Statements
Forward Looking Statements In the Interest of providing potential investors with information regarding the Company, including management’s assessment of the Company’s future plans and operations, certain statements and graphs throughout this presentation are “forward-looking statements” and represen
Slide 3: 2010 Outlook
2010 Outlook Reserves Monetise and Develop Asset Base Average Net Efficient Production Operations 5,100 bopd 94% Uptime 5 Core Oil and Gas Assets Opex/Bbl Annual Free Cash Flow $18/Bbl Netback $97mm* $48/Bbl Acquire Accretive Reserves and Production w*Excluding commodity and FX Hedging. $70/bbl Bren
Slide 4: 2010 – A year for solid development and growth
2010 – A year for solid development and growth Stella Area Beatrice Area Appraisal drilling Workovers on Alpha Harrier and Hurricane Infill drilling HPHT exploration with Maersk Polly ready to drill Athena Project Launch FDP submission and approval Finalisation of contracts Commencement of drilling
Slide 5: Our Assets – Focus on developing core areas
Our Assets – Focus on developing core areas 2P = Proved + Probable Athena Hub Athena Hub (Oil) (Oil) Athena 2P Net 2P Net Reserves Reserves -- 5.49 5.49 mmbbl mmbbl Beatrice LOP = Life of Project Complex LOP Net LOP Net Capex Capex -- US$ US$ 4646 M M Beatrice & Beatrice & Jacky Jacky Stella Product
Slide 6: Substantial 2P Reserves Growth
Substantial 2P Reserves Growth 40 Total 37.2 mmboe 35 Hurricane 30 Net Reserves (mmboe) Harrier 25 20 Total 17.2 mmboe Stella 15 Stella 2009 Net Production Carna 10 Athena Athena 1.3 mmbbl 5 Jacky Jacky Beatrice Beatrice 0 December 31 2008 December 31 2009 Major additions achieved through portfolio
Slide 7: Production Profile – Sproule End 2009
Production Profile – Sproule End 2009 24 Net Daily Production (‘000 boepd) Hurricane (Sproule: Year End 2009) 22 20 Harrier (Sproule: Year End 2009) 18 16 Stella (Sproule: Year End 2009) 14 Carna (Sproule: Year End 2009) 12 10 Athena (Sproule: Year End 2009) Management 8 Target 6 Jacky (Sproule: Yea
Slide 8: Greater Stella Area – Operated Core Area Potential
Greater Stella Area – Operated Core Area Potential Stella (50.33 %* WI) 29/4b Elgin Shearwater Hurricane (100 % WI) 100% } Gas Condensate Franklin } Oil Discovery HPH } Net 2P reserves T Po } Net 2P reserves tent 29/5e 100% 8.94 mmboe ial 4.89 mmboe Puffin Kessog } Drilling appraisal well Shallo
Slide 9: Greater Stella Area – Stella and Harrier
Greater Stella Area – Stella and Harrier 29/10-4Z Stella Appraisal Well 29/10-4 Appraisal Well 30/6-3Z } Spudded on the 18th February 30/6-2 Hurricane Confirm assessment of in-place volumes 30/6-4Y Understand changes in composition of hydrocarbon fluids 30/6-5Y with depth Stratigraphic closure
Slide 10: Greater Stella Area – Hurricane and HPHT
Greater Stella Area – Hurricane and HPHT 29/10-5A Sand Channel 29/10-4Y 29/10-4 Hurricane 29/10-4Z } Undeveloped fully appraised light oil discovery } Technical and engineering review ongoing } Accelerated development timescale targeted } Synergies with Stella development hub Hurricane Palaeocene
Slide 11: Athena Project Launch
Athena Project Launch Athena Development (22.5 % WI) Rigorous cost review complete } Robust economics } Long lead orders placed } Active finalisation of project contracts Q1 2010 } Capturing falling costs Drilling } Finalising attractive, ‘at cost’ drilling contract Facilities } Finalising l
Slide 12: Beatrice Complex – Potential for 2010
Beatrice Complex – Potential for 2010 Targeting 5,100 bopd net 2010 Legend Jacky Well Beatrice Operations Platform Jacky Pipeline } Successful Bravo Platform Workovers Bravo well Workovers 3 wells worked over Completed end 2009 Bravo Tie-in Increased net production by 750 bopd Alpha well Wor
Slide 13: Carna Discovery
Carna Discovery Gas Discovery (16 % WI) } Carboniferous Sandstone } Structure filled to spill Well tested 9 mmscfpd ~1,500 ft gas column Carna Flare (17th March 2009) Operator’s Development Timeline } Develop as subsea installation Development Scheme } Subsea tieback to Kilmar Carna Geologic
Slide 14: Portfolio Expansion
Portfolio Expansion Ithaca is committed to growing its portfolio Actively pursuing acquisitions } Focus around existing and developing core areas } Investing in strategic assets Producing fields with upside FDP approved projects ready to drill/develop Despite the wide availability of acqui
Slide 15: Ithaca in 2010 Company Objectives
Ithaca in 2010 Fast track development Continue to deliver and of Stella and satellite improve cash flow from discoveries the Beatrice Complex Company Objectives Accelerate Value Creation by development on the upgrading asset Athena project portfolio with targeted acquisitions February 2010 15
Slide 16: Further Information
Further Information Ithaca is committed to informing investors about developments in the company’s operations Information shall be posted on the company website www.ithacaenergy.com A subscription service is available for automated email updates via the investors section of the company website w
Slide 17: Management Team
Management Team Iain McKendrick Chief Executive Officer 19 yrs oil industry exp, North Sea & Gulf Coast Exploration, production & commercial Previously VP Business Dev & Strategy, Gulf Coast John Woods Lawyer Norman Wood Chief Development Officer Chief Financial Officer 28 yrs of extensive
Slide 18: Board of Directors
Board of Directors CEO and Director Chairman of the Board Iain McKendrick Lawrie Payne Management Oil Executive Director Director Director Frank Jay Zammit John Summers Lawyer Chartered Accountant Wormsbecker Reservoir Engineer Director Director Jack Lee Brad Hurtubise Oil Executive Investment Banke
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