Ithaca Energy Provides Reserves Report

Source: www.gulfoilandgas.com 7/13/2020, Location: Europe

Ithaca Energy Limited is pleased to report that a mid-year 2020 independent reserves evaluation has been performed by Netherland Sewell & Associates Inc. ("NSAI"). This report has been produced to satisfy the regulatory requirements of Ithaca's parent company, the Delek Group Limited.

Total proved and probable reserves ("2P") and resources ("2C") as at 30 June 2020 have been estimated to be 258 million barrels of oil equivalent ("MMboe"). Taking into account approximately 13 MMboe of production in the first half of 2020, the Company's 2P reserves outlook is essentially unchanged compared to the year-end 2019 evaluation, as is the 2C resource outlook. The total resource base is comprised of 191 MMboe 2P reserves and 67 MMboe 2C resources. This equates to an approximately 10-year reserves and resource life based on forecast 2020 production.


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