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YE 2015 Results – Ithaca Energy Inc.

Ithaca Energy Inc. · Mar 23, 2016 · 13 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. YE 2015 Results – Ithaca Energy Inc. – slide 1
    2015 Financial Results 23 March 2016
  2. YE 2015 Results – Ithaca Energy Inc. – slide 2
    2015 highlights delivering on key priorities Cashflow 261M1 2015 cashflow from on-going operations Stella Major milestones delivered and on track for first hydrocarbons in Q3-2016 Production 12.1kboe/d in 2015 and set to double…
  3. YE 2015 Results – Ithaca Energy Inc. – slide 3
    Solid 2015 performance Production (kboe/d) Unit Operating Expenditure (/boe) Realised Hydrocarbon Price (/boe) 12.1 kboe/d 96 /boe 10.9 kboe/d 85 /boe1 55 /boe 31 /boe1 10% 44% 11% 2014 2015 2014 2015 2014 2015…
  4. YE 2015 Results – Ithaca Energy Inc. – slide 4
    Cashflows underpinned by solid hedging position Hedging strategy has significantly reduced revenue Oil & Gas Hedging risk while undertaking GSA investment programme 11.5 kboe/d Strong protection remains in place against…
  5. YE 2015 Results – Ithaca Energy Inc. – slide 5
    2015 financial results Financial Summary 2015 2014 Revenue1 M 201.0 363.6 Production up 10%, but oil prices down 44% (from 97/bbl to 54/bbl) Hedging Cash Gain M 177.9 14.0 33/bbl hedging gains relating to the period plus 33M…
  6. YE 2015 Results – Ithaca Energy Inc. – slide 6
    Business well positioned for lower commodity price environment Unit Operating Expenditure (/boe) Capital Expenditure (M) 370M 55/boe 320M 31/boe1 GSA 25% Under 33 37 25/boe Budget 28 25 20/boe 117M Q1 Q2 Q3 Q4 50M…
  7. YE 2015 Results – Ithaca Energy Inc. – slide 7
    Deleveraging of the business underway Year-End Net Debt & Finance Facilities (M) Material reduction in net debt delivered in 2015 Peak net debt prior to Stella start-up of over 800M passed in H1-2015 950M Debt Facilities Forecast…
  8. YE 2015 Results – Ithaca Energy Inc. – slide 8
    Portfolio set-up for current environment 2P Reserves (MMboe)1 Portfolio restructuring completed in 2015 Relinquishment of non-core licences with marginal development economics Disciplined capital investment focus on 70MMboe…
  9. YE 2015 Results – Ithaca Energy Inc. – slide 9
    Near term step change in production Production (kboe/d) 2015 production above guidance 12.1kboe/d kboe/d 25 2016 base production guidance of 9kboe/d, stepping up with Stella start-up in Q3-2016 20 2017 production driven by…
  10. YE 2015 Results – Ithaca Energy Inc. – slide 10
    Transforming the portfolio Stella start-up Forecast incremental production1 Net 16kboe/d Tested gross Stella well capacity 53kboe/d GSA unit operating expenditure1 10-12/boe Monetising GSA 2P reserves2 Net 30MMboe…
  11. YE 2015 Results – Ithaca Energy Inc. – slide 11
    Greater Stella Area on track for first hydrocarbons in Q3-2016 Development status Remaining key milestones Five Stella wells drilled, tested and Complete FPF-1 yard commissioning ready to flow FPF-1 sail-away May / June 2016 All…
  12. YE 2015 Results – Ithaca Energy Inc. – slide 12
    FPF-1 modifications programme sail-away planned for May/June 2016 Commissioning programme nearing completion Operational readiness preparation on-going Power generators load tested Majority of offshore crew on-site in Poland…
  13. YE 2015 Results – Ithaca Energy Inc. – slide 13
    Summary building momentum Major catalyst nearing completion step change in production and cashflow with Stella start-up Well positioned in a lower for longer oil price environment Deleveraging phase commenced exited significant…

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