Slide 1: 3Q YTD 2020 Financial Results
3Q YTD 2020 Financial Results 26 November 2020
Slide 2: Cautionary Statement
Cautionary Statement This proprietary presentation (including any accompany ing oral presentation, question and answer session and any other document or materials distributed at or in connection with this presentation) (collectiv ely, the “Presentation”) is supplied f or y our inf ormation only and
Slide 3: Strong performance in a challenging macro environment
Strong performance in a challenging macro environment Solid 63-68 68 ▪ Strong Q3 YTD 2020 performance despite Covid-19 Production operations restrictions – limited disruption to operations Safeguard Personnel & Maintain Production ▪ Vorlich development started-up kboe/d – non-critical maintenance sh
Slide 4: Q3 YTD 2020 financial results
Q3 YTD 2020 financial results Production Realised Hydrocarbon Unit Operating Cashflow from (kboe/d) Price ($/boe) 1 Expenditure ($/boe)2 Operations ($/boe) 75 54 68 46 35 29 17 15 9% 15% 12% 17% 2019 Q3 YTD 2019 Q3 YTD 2019 Q3 YTD 2019 Q3 YTD Pro-Forma 2020 Pro-Forma 2020 Pro-Forma 2020 Pro-Forma 20
Slide 5: Q3 YTD 2020 financial results
Q3 YTD 2020 financial results Q3 YTD Q3 YTD Financial Summary 2020 2019 Revenue 1 $M 859 260 Revenue up over 3 fold following CNSL acquisition completed in Q4 2020 Opex 2 $M (291) (95) Opex efficiencies plus Covid induced deferred work programmes reduce unit costs to $15/boe G&A and FX $M (21) (7)
Slide 6: Continued strong cash generation resulting in deleveraging
Continued strong cash generation resulting in deleveraging Net Debt Evolution1 ($M) Simple capital structure ▪ $1,650M Reserves Based Lending (RBL) maturing 2,150 Leverage Ratio June 2024 ▪ $500M senior unsecured notes due July 2024 1.5x 1,550 Material deleveraging in 2020 continues 1,310 RBL 1,650
Slide 7: Hedging Overview… current status
Hedging Overview… current status Hedging Summary Hedged Volumes Q4 ’20 2021 2022 2023 Total Robust commodity hedging book providing Oil MMbbl 3 7 2 0 12 major protection against current slump in oil Gas Mil. Therms 74 340 146 11 571 and gas prices Total MMboe 4 13 5 0 22 ▪ Near term… 80% of oil and
Slide 8: Solid performance underpinning a strong outlook
Solid performance underpinning a strong 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 Business Resilience mitigate the operational and financing risks
Slide 9: Appendix
Appendix ITHACA ENERGY Q3 Y TD 2020 Financial Results 9
Slide 10: Maintaining resilience and flexibility in a challenging environment
Guidance Maintaining resilience and flexibility in a challenging environment March 2020 Integrated response to managing the challenges of Covid-19 and lower oil prices – protecting personnel, minimising operational risks, preserving financial strength and flexibility ▪ Modest 2020 production impact
Slide 11: 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 platf orms ▪ Dana Petroleum 15% Captain 85% Conv entional 1997 36 / 12 Tankers -