Ithaca Energy PLC · LSE:ITH
Ithaca Energy — Investor Presentation (December 2010)
20 slides from Ithaca Energy's investor presentation, December 2010
Slide 1: End of 2010 Update and 2011 Work Programme
End of 2010 Update and 2011 Work Programme Production Guidance and Capital Budget
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 Successes
2010 Successes Q1 Q2 Bravo workover success Stella appraisal well Athena project launch Significant reserves increase Strong Production, Profit and Record Cashflows Doubling of Market Capitalisation in 2010 Q3 Q4 $150M Equity Raise Athena FDP approval $140 Debt Facility 26th Round su
Slide 4: Performance Overview
Performance Overview 3.5 100 90 3.0 80 TSX Venture Share Price CAN$ 2.5 Athena FDP 70 Approval Oil Price US$ Athena Equity 60 2.0 Raise Launch Stella Appraisal 50 A04 W/O Well 1.5 Reserves Gas Basin Completion increase Asset 40 Bravo W/O Completion Acquisition Reserves 30 1.0 increase 20 0.5 10 0 0
Slide 5: Set for growth in short term…
Set for growth in short term… The Company enters 2011 with Wide and diverse portfolio of producing and development assets Undrawn debt facility of $140m with cash of approximately $200m New asset portfolio in the Southern North Sea Tax losses of approximately $200m Well staffed for the fut
Slide 6: …whilst maintaining a fully funded longer term
…whilst maintaining a fully funded longer term In the short term the Company’s workover and drilling plans augment production prior to start up of major field developments Appraisal drilling opportunities have potential to increase the value of the Stella Area Longer term the Company is set to
Slide 7: Filling the reserves hopper in 2011
Filling the reserves hopper in 2011 Stella Jacky Anglia Re-evaluation Second Topaz Producer Beatrice Workovers 2011 activity should increase Opal Garnet reserves as well as production 100 Jacky 2nd producer 80 Completion of Beatrice Alpha 3P 76.96 mmboe workover campaign 60 2P Integration Anglia
Slide 8: Assets, Reserves and 2011 Activity
Assets, Reserves and 2011 Activity Athena(22.5%) Athena (22.5%) StellaHub Stella Hub(Gas (Gas//Condensate Condensate//Light LightOil) Oil) NearTerm Near TermProduction Production(Oil) (Oil) Stella(50.33%) Stella (50.33%)--14.37 14.37mmboe* mmboe* 5.49mmbbl 5.49 mmbbl Harrier(50.33%) Harrier (50.33%)
Slide 9: Greater Beatrice Area
Greater Beatrice Area Further development of the Beatrice Complex } Alpha Workovers Well A23 complete, 2 further workovers to complete and wireline workovers to be conducted on 2 shut in water injectors } Drill Jacky J03 well in northern undrained area of the field Well scheduled to spud mid Q
Slide 10: Beatrice and Jacky Consolidated Plan
Beatrice and Jacky Consolidated Plan 2011 Q1/Q2 Jan Feb Mar Apr BEATRICE Alpha Workover Alpha Wireline Interventions B11 Optimisation Beatrice Shut Down JACKY J03 Producer First Oil NIGG Increase slops handling Total Net 2011 Capex $27M December 2010 10
Slide 11: Athena Project
Athena Project FPSO arrived early in Dubai for modifications and re-certification before deployment in Q3 2011 Rig on site to drill and complete wells starting Jan 2011 All contracts for Athena project signed and finalised Q4 2010 Subsea installation concurrent with end of drilling First O
Slide 12: Athena Consolidated Plan
Athena Consolidated Plan 2011 Q1 Q2 Q3 Q4 Drill New Wells Completions Subsea Engineering Tie In to FPSO First Oil Total Net 2011 Capex $50M December 2010 12
Slide 13: Greater Stella Area
Greater Stella Area A year that will bring Stella and Harrier closer to production Concept Select to occur Q2 2011 FDP submission expected late Q2 2011 Potential addition of Helios to hub development Aim to start Stella drilling early 2012 Hurricane Stella Harrier December 2010 13
Slide 14: GSA Consolidated Plan
GSA Consolidated Plan 2011 2012 Q1 Q2 Q3 Q4 Q1 Stella/Harrier Concept Select Host Negotiations FDP Submission FDP Approval Tender Rig FEED Drilling Total Net 2011 Capex $41M Key Deliverables for 2011 } Concept Select } FDP submission and approval } Drilling contracts award December 2010 14
Slide 15: Helios Discovery 29/10d – 26th Round Success
Helios Discovery 29/10d – 26th Round Success A valuable ‘add on’ to the Greater Stella Area Discovery Well 29/10-1 Similar Andrew Sandstone discovery to Stella Integration into ongoing Stella area technical study Condensate sample recovered from the 29/10-1 well drilled in 1969 } All wells a
Slide 16: North Sea Gas Basin Acquisition
North Sea Gas Basin Acquisition Producing Assets Anglia and Topaz Averaged ~1,200 boepd production over 2010 Undeveloped Discoveries Garnet and Opal Forward plans for 2011 } Anglia Reservoir model re-evaluation Net 2010 Production Evaluate potential workover and 2,000 infill targets 1,80
Slide 17: Consolidated Company Plan for 2011
Consolidated Company Plan for 2011 2011 Q1 Q2 Q3 Q4 Beatrice Alpha Workovers B11 Optimisation Jacky J03 Producer First Oil from J03 Athena Well drilling and Completions Subsea Engineering and FPSO tie in First Oil Stella and Harrier Concept Select FDP Submission FDP Approval Topaz Potential 2nd Prod
Slide 18: Conclusions
Conclusions Strong portfolio of assets - production, development and appraisal opportunities Robust fully funded position to move all developments forward A year with exciting drilling and workover programme } Alpha workovers (2), Wireline Interventions (2) and Bravo well optimisation (1) } At
Slide 19: Management Team
Management Team Iain McKendrick Chief Executive Officer 19 yrs oil industry exp, North Sea, South America & Gulf Coast Exploration, production & commercial Previously VP Business Dev John Woods & Strategy, Gulf Coast Graham Forbes Chief Development Officer Lawyer Chief Financial Officer 28
Slide 20: 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 Director Jack Lee Brad Hurtubise Ron Brenneman Oil Exe
Ithaca Energy — Investor Presentation (December 2010) on 6ix