Ithaca Energy 2020 Year End Financial Results

Ithaca Energy Limited is pleased to announce its financial results for the twelve months ended 31 December 2020, together with the results of its independent year-end reserves assessment.

Highlights
- Strong operational performance with Vorlich development on production in November 2020, limited disruption arising from Covid-19 related restrictions
- Production of 66 thousand barrels of oil equivalent per day (“kboe/d”), 61% liquids, for the year
- Unit operating costs of $16/barrels of oil equivalent (boe), down from $17/boe pro-forma 2019
- EBITDAX of $745 million including realised commodity hedging gains of $373 million
- During the year the company re-set the majority of its 2021/22 oil hedges, maintaining underlying hedge volumes with swaps at the prevailing forward curve. As a result, in addition to the EBITDAX of $745 million, $155 million of cash flow has been accelerated into 2020 resulting in Cashflow from Operations of $879 million
- Net debt at 31 December 2020 was $1.2 billion, down from $1.5 billion at year-end 2019
- Results include the $492 million post-tax non-cash impairment, primarily arising in Q1-2020 from lower commodity prices
- Year-end independent reserves evaluation completed with proven and probable reserves (“2P”) and resources (“2C”) increasing to 298 million barrels of oil equivalent (“MMboe”)