Slide 1: Q2 2021 Financial Results
Q2 2021 Financial Results 31 August 2021
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: Ithaca Energy Key Attributes
Ithaca Energy Key Attributes High quality Diversified portfolio of high quality assets in a well established jurisdiction Operatorship Majority operated portfolio, where Ithaca controls destiny to drive operational efficiency Prudent Robust balance sheet and prudent financial framework Strong cash f
Slide 4: At A Glance
At A Glance Key operational highlights1 Key financial highlights1 56 kboe/d production in H1 2021 $378 MM EBITDAX c.76% Operated portfolio2 c.76% of remaining 2021 production hedged 196 mmboe 2P reserves3 $305 MM liquidity headroom Captain 102 FPSO mmboe 2C resources3 Captain Alder Alba Area Britann
Slide 5: Robust Performance In A Challenging Macro Environment
Robust Performance In A Challenging Macro Environment Solid 66 Production 56 Operations ▪ H1 2021 production has been impacted by Forties Pipeline shutdown and increase in planned Safeguard Personnel & Maintain Production maintenance activity across most fields kboe/d H1 2021 Full year 2020 Financia
Slide 6: H1 2021 Financial Results
H1 2021 Financial Results Production Realised Hydrocarbon Unit Operating (kboe/d) Price ($/boe)1 Expenditure ($/boe)2 EBITDAX ($/boe) 55 66 47 56 36 31 16 18 15% 17% 12% 16% 2020 full year H1 2021 2020 full year H1 2021 2020 full year H1 2021 2020 full year H1 2021 Revenue Hedging gain/loss incl imp
Slide 7: Q2 v Q1 Income Statement Analysis
30 Jun 31 Mar Avg Avg 2021 2021 Q2 Q1 Oil - $/bbl 72.6 64 68.5 61 Q2 v Q1 Income Statement Analysis Gas - p/th $/£ 70.2 1.38 48 1.38 63.8 1.4 50 1.38 Income Statement Analysis Q2 2021 Q1 2021 PRODUCTION kboed mmboe kboed mmboe Production 17 kboed (26%) down on 1Q. Mainly driven by FPS shutdown and O
Slide 8: Continued Strong Cash Generation And Successful Refinancing
Continued Strong Cash Generation And Successful Refinancing Net Debt Evolution1 ($M) Simple capital structure (Prior to Re-financing) 2,150 ▪ $1,650M Reserves Based Lending (RBL) maturing June 2024 ▪ $500M senior unsecured notes due July 2024 1,550 Material deleveraging strategy continues… RBL 1,650
Slide 9: Hedging Overview
Hedging Overview Hedged Volumes Q3-4 2021 2022 2023 Total Robust commodity hedging book providing Oil MMbbl 5 7 1 14 significant protection against downside risk in % Swaps 43% 48% 100% 49% oil and gas prices % Puts 49% 29% 0% 35% ▪ Near term… >75% of oil and gas hedged in 2021 % Collars 8% 24% 0% 1
Slide 10: Captain… EOR Stage II Sanction
Captain… EOR Stage II Sanction Captain WPP & BLP Polymer Mixing, Buffer Storage and Injection FPSO Oil Processing and EOR Stage II involves the extension of the proven Polymer EOR New Subsea Polymer Storage technology to the subsea area of the Captain Field Injection System Existing Subsea Productio
Slide 11: Near Term Outlook
Near Term Outlook Production - kboe/d Operating Expenditure - $/boe Capital Expenditure - $M 57-65 18 56 ~14 ~230 77 H1 2021 2021-23 H1 2021 2021-23 H1 2021 2021 Guidance Guidance Guidance ▪ Production expected to be ▪ Operating cost reduction ▪ Return to drilling on Captain broadly aligned with 202
Slide 12: Value Accretive Growth Outlook
Value Accretive Growth 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 mitigate the Business Resilience operational and financing risks of Covid-19 and
Slide 13: Fotla Exploration And Appraisal Well Drilling Overview
Fotla Exploration And Appraisal Well Drilling Overview Exploration and Appraisal Well 10km South of our Alba Field, with potentially recoverable resources of 21million barrels of oil Alba Field Ownership interest: 60% Ithaca and 40% Spirit Penetrations planned 1. Exploration bore - £9.2MM net, 35 Da
Slide 14: Sustainability Well-integrated Into Company Strategy With Clear Ambitions And Targets
Sustainability Well-integrated Into Company Strategy With Clear Ambitions And Targets Ambitions Impact • Trajectory to reduce emissions by Emission 25% by 2025 management AFFORDABLE AND CLEAN ENERGY • Clear line-of-sight to reduce emissions • Carbon intensity down 7% vs. through 17 initiatives of wh
Slide 15: Clear Line-of-sight To Emission Reduction Trajectory Of 25% By 2025
Clear Line-of-sight To Emission Reduction Trajectory Of 25% By 2025: 8 Of 17 Initiatives Already Underway Emissions reduction initiatives (ktCO2e reduction from 2019 baseline1) Initiatives underway -110kt Majority are policy, SOP and process changes (20%) ~550 ~440 Target: -25% reduction trajectory
Slide 16: Appendix
Appendix ITHACA ENERGY Q2 2021 Financial Results | 16
Slide 17: 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