Ithaca Energy PLC · LSE:ITH

Ithaca Energy — Investor Presentation (February 2020)

15 slides from Ithaca Energy's investor presentation, February 2020

  1. Slide 1: Corporate Presentation

    Corporate Presentation February 2020

  2. 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

  3. Slide 3: Ithaca Energy

    Ithaca Energy Captain Britannia & Sats. Alba Elgin / Franklin Erskine Greater Stella Area Jade Experienced Operator Attractive Outlook Solid Financial Profile Aligned Shareholder  Established UK North Sea  Material step-up in operational  Simple, low cost capital  Wholly owned subsidiary of inde

  4. Slide 4: Portfolio overview… established fields with well understood performance characteristics

    Portfolio overview… established fields with well understood performance characteristics West Don Ythan Legend Don Southwest Sullom Voe Production Platform FPSO / FSU Broom Subsea development Terminal Pipeline Operated Fields GSA Erskine Captain Cook, Alba Non-Operated Fields Britannia & Satellites2,

  5. Slide 5: Portfolio weighted towards operated assets

    Portfolio weighted towards operated assets 2019 YE-2018 Working % Liquids2 Field Operator Production 2P + 2C Interest Reserves Start-Up (kboe/d)1 (MMboe) Captain  Oil field with multiple wells over several reservoirs – 1.1Bn barrels of oil initially in place, 30% recovery to date 85% 24 92 1997  E

  6. Slide 6: 2020… an attractive outlook

    2020… an attractive outlook 18 ~$1.5Bn B1 | B+ | B+ 70-75 ~$17/boe ~$250M Producing Net Debt Corporate kboe/d Unit Opex Capex Fields YE-2019 Ratings Photo: Captain field platform and floating production, storage and offloading (FPSO) vessel ITHACA ENERGY Corporate Presentation | 6

  7. Slide 7: Sustainable, low risk production outlook

    Sustainable, low risk production outlook  Well balanced portfolio of organic investment activities to enhance long term production and reserves  Investments screened according to strategic fit, technical risk profile, upside opportunities and conventional valuation parameters, including equity rat

  8. Slide 8: Active investment programmes… control over commitments

    Active investment programmes… control over commitments 2020 2021 2022 2023 2024 2025 Captain EOR Expansion 1 Stage 1 – Platform Wells* Stage 2 – Subsea Wells* Short Cycle, Infill Drilling 2 Alba* Elgin / Franklin Britannia Satellites Jade Dev. / Satellite Fields 3 GSA* Pierce Near-Field Explo. 4 GSA

  9. Slide 9: Strategy… focus on operational excellence, financial strength and value creation

    Strategy… focus on operational excellence, financial strength and value creation Operational Strength Superior Cashflow Generation Establishing a leading independent North Sea operator Focus on production performance and cost efficiency  Focus on lower risk production and development led  Maximise

  10. Slide 10: Chevron acquisition… focus on execution of transformation programme

    Chevron acquisition… focus on execution of transformation programme Phase I: Transition  Deliver a safe and efficient handover of the business and assets  Establish appropriate “Day 1” stand-alone systems and processes  Secure efficient transfer of employees, IT, finance, contracts and data Phase

  11. Slide 11: Financial position

    Financial position Simple capital structure Debt Facilities & Utilisation ($M)  $1,650M Reserves Based Lending (RBL) facility maturing June 2024 – no amortisation in first three years  $500M senior unsecured notes due July 2024 Target leverage ratio below 2.0x through the cycle RBL 1,650  Near te

  12. Slide 12: Core company characteristics… underpin key credit strengths

    Core company characteristics… underpin key credit strengths 1 High Quality Portfolio Diverse portfolio of high quality, low cost assets – well invested portfolio 2 Long-life Assets Attractive range of investment programmes and minimal near term decommissioning 3 Strong Balance Sheet Simple, conserva

  13. Slide 13: Appendix

    Appendix ITHACA ENERGY Corporate Presentation | 13

  14. Slide 14: Key credit highlights

    Key credit highlights 1 High-quality, diversified portfolio of scale 2 Low unit opex ensures resilience to lower commodity prices 3 Well invested asset base with control and flexibility over future capex 4 Strong free cash flow generation underpinned by high netback production 5 Cash flows supported

  15. Slide 15: Portfolio weighted towards operated assets

    Portfolio weighted towards operated assets Working YE-2018 2P + 2C Asset Operator Participants Asset Description Interest Reserves (MMboe)  Wellhead and bridge linked processing platforms connected to an FPSO Captain 85.00% Ithaca Energy (85.00%), Dana Petroleum (15.00%) Export: oil via shuttle tan

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