2012 Financial Results & Operations Update 26 March 2013
Clear growth path established GSA 2012 2013 2014 Production 5.9kboe/d 14.0 - 16.2 kboe/d 21.0 - 25.0kboe/d Cashflow from Operations 90M 420M 662M Cashflow per Share 0.35/Sh. 1.3/Sh. 2.1/Sh. Reserves 52MMboe 71MMboe No.…
Putting 2012 / Q1-2013 in perspective Solid operational performance Strong financial results 5.9kboe/d 2012 average production - 34% increase on 2011 production Q1-2013 production 6.5kboe/d upper end of annual guidance range…
Record earnings Profit & Loss Account Summary 2012 2011 % Cashflow from operations up 50% to Av. Brent /bbl 111.75 110.86 +1% 90.3M Av. Realised Oil Price /bbl 110.15* 111.46 -1% Record Earnings of 93.4M Total Production Kboe/d…
Increasing cashflow from operations 31 Dec. 31. Dec Balance Sheet Summary (M) 2012 Cashflow Evolution (M) 2012 2011 Cash & Equivalents 31 112 Other Current Assets 198 99 M PP&E 663 593 500 Other Non-Current Assets 41 1 Total Assets…
Solid reserves base 52MMboe end-2012 2P reserves1 Sproule Valiant independent reserves assessment Assets Ithaca End-2012 Dons No material revisions to Athena 2P 2P Reserves Causeway 52MMboe1 reserves Fionn 19MMboe Positive…
Athena stable production and cashflow generation Stable daily production plateau being Athena Gross Daily Production (kbbl/d) maintained at 10,000-11,000 bbl/d (100%), 2,250-2,475 bbl/d net to Ithaca Continued dry oil production…
GSA strategy unlocking value within and beyond the portfolio GSA portfolio constructed via low cost acquisitions and License Rounds monetising existing undeveloped discoveries Core value unlocked by Stella appraisal in 2010…
GSA development schematic ITHACA ENERGY FY2012 Results Presentation 11
Delivering GSA first hydrocarbons 385M capital expenditure remaining prior to first hydrocarbons unchanged from previous guidance 300M in 2013 and 85M in 2014 - reflecting anticipated timing of drilling rig arrival Development…
Subsea infrastructure fabrication progressing to plan Technip integrated Engineering, Procurement, Installation and Construction (EPIC) contract Infrastructure manufacture and fabrication activities progressing to plan 10 linepipe…
Drilling campaign scheduled to commence Q2-2013 Ensco - Ensco 100 drilling rig under contract for development drilling campaign, anticipated on location Q2-2013 High-spec heavy duty jack-up rig Four initial Stella wells to be…
FPF-1 modification yard works ongoing Petrofac - completing FPF-1 modification works under a lump-sum contract New processing equipment to be installed deployment of a high quality vessel capable of achieving strong uptime…
Highly accretive Valiant acquisition Transaction Acquisition of Valiant Petroleum plc Summary 19MMbbl 2P reserves1 100% oil / 90% in producing assets 9kbbl/d oil production in 2013 and 2014 500M UK tax allowances 23M 2012…
Why the Valiant acquisition Evenly Low Highly Balanced Rapid Financing Accretive Reserves Payback Cost Portfolio Ithacas business model continues to be production, appraisal and development focused 1 March 2013 2…
Acquisition financing structured to maintain robust balance sheet Valiant acquisition debt 350M loan agreement executed to bridge transfer of Valiants assets into Ithacas borrowing base facility 12-month facility with BNP, Scotia &…
Combined company drilling activities 12-month look ahead Norvarg Spud Q2-2013 12 well programme underway 3 Production wells Matrosen 5 Development wells (incl. 4 GSA) Spud Late 2013 1 Appraisal well 3 Exploration wells…
Loading...
