Q3 Results

30 November 2021

Press Release: Q3 2021 Results

Ithaca Energy Releases Financial Results for the 9 months to 30 September 2021

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

Highlights

·    Production of 55,000 boepd (65% liquids) for the first 9 months of 2021. Q3 production levels improved due to the resumption of service following the Forties Pipeline System shutdown in Q2, but were still impacted by other planned maintenance activities including a 25-day shutdown on Captain

·    Unit operating costs of $19/boe

·    EBITDAX of $598 million, benefiting from higher oil and gas prices.

·    A significant refinancing program was successfully completed in July which included amending and extending the Reserves Based Lending facility of $1.225 billion to 2026 and a new $625 million bond (senior notes).  As part of the refinancing, Ithaca repaid the $250 million Subordinated Shareholder Loan to Delek Group Ltd on 3 August. Following this refinancing program, net debt at 30 September was $1.2bn

·    20 million boe (65% oil) hedged from Q4 2021 into 2023 at an average price floor of $53/bbl oil and 49p/therm gas

·    An agreement to acquire 13.3% additional interest in the Alba field from Mitsui E&P UK Limited was signed on 17 September. At completion this will take Ithaca's interest in the Alba field to 36.7%

·    On 2 November a further agreement was signed to acquire 100% of the share capital of Marubeni Oil & Gas UK Limited for $140m, $70m of which is deferred to 2025

·    A successful exploration well and 2 appraisal sidetracks were drilled on the Ithaca operated Fotla prospect by the Awilco WilPheonix drilling rig. Hydrocarbons were encountered and work is underway to evaluate the data gathered

·    A further exploration well was spudded on 10 August at the Harbour Energy operated Jade South prospect by the Valaris 120 heavy duty jack up rig

·    In July, the Heerema 'Thialf' completed the removal of the Jacky topsides and jacket structure which included a central column and suction pile foundations

A conference call and webcast will be held on 30^th November 2021 at 12:00 GMT (7:00am EDT). Listen to the call live via the Company's website (www.ithacaenergy.com/investors) or alternatively dial-in with one of the following telephone numbers: UK 020 3936 2999; International + 44 20 3936 2999 using the participant code 081826 to access the conference call. 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-