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Q1 2016 Financial Results – Ithaca Energy Inc.

Ithaca Energy Inc. · May 16, 2016 · 12 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. Q1 2016 Financial Results – Ithaca Energy Inc. – slide 1
    Q1-2016 Financial Results 16 May 2016
  2. Q1 2016 Financial Results – Ithaca Energy Inc. – slide 2
    Highlights Q1-2016 Production 9kboe/d Unit Operating Expenditure 25/boe Cashflow from Operations 44M Net Drawn Debt 31 March 2016 630M Funding Headroom 100M+ Stella First Hydrocarbons September 2016 Photo: FPF-1 main…
  3. Q1 2016 Financial Results – Ithaca Energy Inc. – slide 3
    Solid Q1-2016 performance Realised Hydrocarbon Price (/boe)1 Unit Operating Expenditure (/boe) Cashflow from Operations (/boe) 82 /boe2,3 81 /boe 54/boe 47/boe3 31 /boe2 25 /boe 1% 19% 15% 2015 Q1-2016 2015…
  4. Q1 2016 Financial Results – Ithaca Energy Inc. – slide 4
    Q1-2016 financial results Financial Summary Q1-2016 Q1-20152 Revenue1 incl. Hedging Cash Gain M 65.7 73.2 Hedging gains partially offsetting lower volumes Opex M (20.2) (28.1) Opex down 28% - improved asset mix and cost saving…
  5. Q1 2016 Financial Results – Ithaca Energy Inc. – slide 5
    Cashflows underpinned by solid hedging position Oil & Gas Hedging Strong protection remains in place against continued commodity price weakness Average 8.8kboe/d hedged (50% oil) until mid-2017 at 61/boe 9.9kboe/d 94M…
  6. Q1 2016 Financial Results – Ithaca Energy Inc. – slide 6
    Sustainable business in lower for longer oil price environment Unit Operating Expenditure (/boe) Lower operating cost structure established Improved production mix / operating cost base re-set 55/boe Continuation of reducing…
  7. Q1 2016 Financial Results – Ithaca Energy Inc. – slide 7
    Flexible future investment programme tailored to commodity price outlook Exited significant capital expenditure phase driven by GSA hub infrastructure investment programme Capital Expenditure (M) Flexibility and control over…
  8. Q1 2016 Financial Results – Ithaca Energy Inc. – slide 8
    Deleveraging of the business underway Material reduction in net debt delivered in 2015 Net Debt & Finance Facilities (M) Disciplined financial management non-core Norwegian business sale and premium equity placing Peak 730M Net…
  9. Q1 2016 Financial Results – Ithaca Energy Inc. – slide 9
    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 June 2016 All subsea…
  10. Q1 2016 Financial Results – Ithaca Energy Inc. – slide 10
    FPF-1 work programme sail-away planned for June 2016 Onshore commissioning nearing completion 3 month programme from sail-away to first oil Close out of punch-list activities underway Tow and FPF-1 / subsea infrastructure hook-up…
  11. Q1 2016 Financial Results – Ithaca Energy Inc. – slide 11
    Flexible, high quality infrastructure hub driving long term growth Highly attractive tie-back economics Central hub infrastructure in place for Stella Low incremental expenditure on satellite field developments subsea…
  12. Q1 2016 Financial Results – Ithaca Energy Inc. – slide 12
    Summary building momentum Solid cashflow generation Production in line with guidance, further reduction in unit operating costs, material hedging gains FPF-1 sail-away on track Vessel scheduled to sail to Stella in June 2016,…

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