Ithaca Energy Plc · LSE:ITH
Ithaca Energy — FY2010 Earnings Presentation
15 slides from Ithaca Energy's earnings presentation, Apr 26, 2011
Slide 1: 2010 Financial Results & Year-End Reserves
2010 Financial Results & Year-End Reserves 26 April 2011
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 operational and corporate highlights
2010 operational and corporate highlights Q1-2010 Beatrice Alpha production reinstated following facility repairs Sustaining Completion of Beatrice Bravo well Production intervention campaign Q2-2010 Stella appraisal well Reserves successfully drilled Addition Financial Equity raise completed & sign
Slide 4: 2010 financial results summary
2010 financial results summary Profit & Loss Account Summary 2010 2009 % 2010 full year results Av. Realised Oil Price $/bbl 80.3 68.7 +17% Net profit before income tax of Production Kboe/d 4.529 4.042 +12% $38M Revenue M$ 135.2 110.8 +22% Record cashflow from operations of Operating Cash Costs M$ (
Slide 5: Balance sheet & cashflow evolution
Balance sheet & cashflow evolution Balance Sheet Summary (M$) 2010 2009 2010 Cashflow Evolution (M$) Cash & Equivalents 196 30 Other Current Assets 105 73 M$ PP&E 234 206 400 Other Non-Current Assets 23 0 45 350 Total Assets 558 309 300 Current Liabilities (76) (44) 140 Asset Retirement Obligations
Slide 6: 2010 year-end Sproule reserves assessment summary
2010 year-end Sproule reserves assessment summary 2P Reserves Evolution (Mboe) 2P Reserves by Product & Asset Type (Mboe) Mboe Mboe 50 50 46.0Mboe 3.5Mboe 32.0Mboe +10% 40 53% 45 Gas 3.4 30 1.0 1.7 0.6 20 46.0 40 5.4 47% Liquids 42.0 5.5Mboe 10 37.2 5.0Mboe 35 0 2P Stella Production 2P Revisions Pro
Slide 7: 2011 operational and corporate events summary
2011 operational and corporate events summary Athena FPSO arrives Dubai & drilling Key Project campaign commenced Delivery Q1-2011 Completion of drilling on Athena water injector well Commencement of Jacky ‘J03’ well Continuing Acquisition of producing oil assets Growth from HESS Partial reinstateme
Slide 8: Cook & Maclure acquisition
Cook & Maclure Cook & Maclure acquisition Cook Field Q1-2011 Acquisition of 28.46% non-operated working interest Field operated by Shell – subsea tie-back to Anasuria FPSO 2010 gross average production of 7,940 boepd, 2,260 boepd net Maclure Pre-Emption Emption Notification Period to HESS interest (
Slide 9: Record 2010 results provide platform for growth
Record 2010 results provide platform for growth Transformation of financial position of the company in 2010 $202M cash balance $140M+ undrawn debt facility $216M tax losses pool Net profit after tax $54M (x6.8 increase) – Record cashflow from operations of $95M (+76%) Strong increase in netback to $
Slide 10: Additional Information
Additional Information FY2010 Results Presentation - 26 April 2011 10
Slide 11: Greater Beatrice Area operational update
Greater Beatrice Greater Beatrice Area operational update Area Jacky Operational Update 2010 2 Alpha Workovers J03: well spudded early March 2011, first oil scheduled for mid- Completed May 2011 J01: the two downhole electrical submersible pumps (ESP) failed Q1-2011 mid-April 2011. J01 is currently
Slide 12: Athena operational update
Athena Athena operational update Athena Development 2010 5 well development: 4 producers / 1 water injector BW ‘Athena’ FPSO Arrived in Dubai (Re-certification / Modification Work) First oil: Q4-2011 Drilling / Completion Completions (5) Drilling: 1 Prod./ 1 Inj. Initial net production of ~5,000 bop
Slide 13: Greater Stella Area (GSA) update
Greater Stella Greater Stella Area (GSA) update Area Stella / Harrier Update Development concept select studies progressing… GSA Concept Select / Host Q1-2011 - Assessment of optimal development solution considering both tie-back of Helios Licence Formally GSA fields to host infrastructure and use o
Slide 14: Gas Basin assets
Gas Basin Assets Gas Basin assets Joint Ventures Gas Basin Asset ANGLIA Acquisition Completed Ithaca 30.0% - Operator / First Oil 32.8% / Dana 25.0% / RWE 12.2% Anglia:: Potential Well Optimisation / Workover / Infill TOPAZ Evaluation of Garnet Development Potential Q1-2011 Ithaca 35.0% / RWE 57.5%
Slide 15: Impact of changes to UK fiscal regime
Impact of changes to UK fiscal regime Fiscal regime changes announced on 23 March 2011 have increased the marginal tax rate on profits from oil and gas production to 62% (for non-PRT paying fields) Impact of change on Ithaca Energy mitigated by… Existing tax losses pool of $216M at 31 December 2010