ITHACA ENERGY PLC
Amendment and Restatement of Reserve Based Lending Facility
Transaction Notification
Ithaca Energy plc ("Ithaca Energy" or the "Company") is pleased to announce that its wholly owned subsidiary, Ithaca Energy (UK) Limited, has successfully agreed an amendment and restatement of its US$1,800,000,000 senior reserve based lending ("RBL") facility (US$1,300,000,000 loan facility and US$500,000,000 letter of credit facility). Once effective, the amended RBL provides for, among other things, an extension of the final maturity date to 31 December 2032, improved pricing terms and updates to the accordion mechanic to permit an increase in the total commitments of up to US$1,000,000,000 across the loan and letter of credit facilities.
The amended RBL facility will strengthen the Group's liquidity profile and provide additional financial flexibility to support the continued execution of its strategy. The Company is pleased to continue its longstanding relationship with its syndicate of lending banks and would like to thank them for their continued support.
Iain C.S. Lewis, CFO of Ithaca Energy, commented:
"We are delighted to announce we have agreed an amendment and restatement of our RBL facility. The support received from our global banking syndicate reflects the strength of Ithaca Energy's asset base, cash flow generation and long-term strategy. The improved pricing and extended maturity profile lowers our cost of capital, enhances our financial flexibility and positions the Group well to continue delivering value for shareholders through disciplined investment and strategic growth."
Enquiries:
Ithaca Energy
Kathryn Reid – Head of Investor Relations & External Affairs
Camarco (PR Advisers to Ithaca Energy)
+44 (0)203 757 4980
Billy Clegg / Owen Roberts / Violet Wilson
ithacaenergy@apcoworldwide.com
About Ithaca Energy plc
Ithaca Energy is a leading UK exploration and production company with a strong track record of material value creation. In recent years, the Company has been focused on growing its portfolio of assets through both organic investment programmes and acquisitions and has seen a period of significant M&A driven growth centred upon three transformational acquisitions in recent years, including the recent Business Combination with Eni UK. Today, Ithaca Energy is one of the largest oil and gas companies in the United Kingdom Continental Shelf (the “UKCS”) by production and resources.
With stakes in six of the ten largest fields in the UKCS and two of UKCS’s largest pre-development fields, and with energy security currently being a key focus of the UK Government, the Group believes it can utilise its significant reserves and operational capabilities to play a key role in delivering security of domestic energy supply from the UKCS.
Ithaca Energy serves today’s needs for domestic energy through operating sustainably. The Group achieves this by harnessing Ithaca Energy’s deep operational expertise and innovative minds to collectively challenge the norm, continually seeking better ways to meet evolving demands.
Ithaca Energy’s commitment to delivering attractive and sustainable returns is supported by a well-defined emissions-reduction strategy with a target of achieving net zero ahead of targets set out in the North Sea Transition Deal.
Ithaca Energy plc was admitted to trading on the London Stock Exchange (LON: ITH) on 14 November 2022.
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