H1 2021 Financial Results

Ithaca Energy Releases Financial Results for The First Half of 2021

Ithaca Energy Limited (IAECN: ISINs US46567TAA25 / USG49774AA35) today announced its financial results for the six months ended 30 June 2021.

Highlights

·    Production of 56,000 boe per day, 67% liquids, for the first half of the year; Q2 production performance was impacted by planned Forties Pipeline System summer shutdown.

·    Unit operating costs of $18/boe.

·    EBITDAX of $378 million including realised gains of $66 million on the commodity hedging instruments that were reset in 2020.

·    Results for the period include the $174 million non-cash impairment reversal arising from the strengthening view of future commodity prices.

·    17 million boe (66% oil) hedged from Q3 2021 into 2023 at an average price floor of $47/bbl oil and 44p/therm gas.

·    Net debt at 30 June 2021 was $1.01 billion, down from $1.07 billion at 31 March 2021 following a further repayment of RBL debt of $50 million. The company also declared and paid a dividend of $15 million on 13 May 2021.

·    Following the close of Q2, a significant refinancing program was successfully completed in July 2021 which included amending and extending the Reserves Based Lending facility of $1.225 billion to 2026 and putting in place a new $625 million bond (senior notes). The refinancing program will enable the Company to continue to pursue its business growth ambitions, and focus on production and projects.

·    As part of the refinancing the company repaid the $250 million Subordinated Shareholder Loan to Delek Group Ltd on 3 August.

·    On 5 August, the WilPheonix rig spudded the Fotla exploration well. The Fotla prospect is located 12km south of the Alba field in the UK's North Sea.

A conference call and webcast will be held on Tuesday 31^st August 2021 at 1pm BST (8am EDT) which can be registered for by clicking here. Listen to the call live via the Company's website (https://www.ithacaenergy.com/) or alternatively dial-in with one of the following telephone numbers:

UK: 020 3936 2999

International: +44 20 3936 2999

Participant code: 208727

A short presentation to accompany the results will be available on the Company's website prior to the call and a playback facility will be made available on the Company's website later in the day.

-ENDS-