Ithaca Energy 2020 Year End Financial Results

Source: www.gulfoilandgas.com 4/1/2021, Location: Europe

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”)


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