Ithaca Energy Management Presentation

29
Ithaca Energy Management Presentation July 2021

Transcript of Ithaca Energy Management Presentation

Page 1: Ithaca Energy Management Presentation

Ithaca Energy Management Presentation

July 2021

Page 2: Ithaca Energy Management Presentation

Agenda

1

Ithaca Energy overview

Key highlights

Financial review

Page 3: Ithaca Energy Management Presentation

SECTION 1

Ithaca Energy overview

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Introduction to Ithaca Energy

2

Ithaca Energy

• North Sea oil and gas company operating exclusively on the UK Continental Shelf• Focused on low-risk, operated production and development-led growth where Ithaca can manage the nature, timing and quantum of

expenditure• Interests in 17 producing fields, 8 of which we operate and with a production and reserves base heavily weighted to operated positions• 2020 production of ~66 kboepd (61% liquids) with estimated 2P reserves of 196 mmboe (67% liquids) and 2C reserves of 102 mmboe (75%

liquids)

Well invested group

• 2020 cash capex of c.$109 MM focused on Captain and the Greater Stella Area fields Vorlich and Abigail• The operated Captain EOR project represents the most advanced polymerised water injection project in the UK North Sea• Captain EOR Phase II sanctioned in March 2021 and is expected to deliver increased resource recovery with maximum production in 2026• Other investment expenditure is typically dominated by relatively low risk and high return infill drilling and existing hub activity

Strong cash flow coupled with prudent risk management

• Significant free cash generation is supported by commodity price hedging, existing UK tax allowances and limited near-term decommissioning • Hedging policy recommends a rolling programme of 75% production (year 1), 50% (year 2) and 25% (year 3) to mitigate market exposure• $373 MM of hedging gains were recorded in 2020, underpinning a net cash flow from operating activities in 2020 of $817 MM or $34/boe• 2020 EBITDAX of $745 MM represented a cash netback of $31/boe, achieved at an average realized oil price before hedging of $44/bbl

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1,055720 570

500500

500

1,555 1,220 1,070

2019 2020 Q1 2021 RBL Senior Notes

Continued value-focused growth and deleveraging

3

376

745 756

2019 2020 LTM

Historical EBITDAX evolution 1

($ MM)

• The company has increased its EBITDAX by ~2x through value-accretive organic and inorganic opportunities, including the acquisition of UK North Sea assets from Chevron and Captain EOR Phase I

• Optimised the cost base through various cost reduction initiatives

Historical gross debt evolution 3

($ MM)

• The company has significantly reduced its gross debt through strong free cash flow generation

• Prudent financial framework underpinned by low leverage, high liquidity and capital discipline

~2x

($485 MM)

Source: Company InformationNotes:1. 2019 figure on a standalone basis for Ithaca excluding the impact of the Chevron UK portfolio. 2020 onwards as per audited consolidated accounts2. As of 31st March 20213. Represents end of period debt positions and the $485 MM doesn’t account for the $45 MM RBL debt repayment during 2019

2

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Established North Sea operator with diversified high quality asset base

4

65 kboe/d production in Q1 2021

102 mmboe 2C resources

67% Oil-weighted2

$16/boe Adjusted opex in 20203

Key operational highlights1

c.76% Operated portfolio2

196 mmboe 2P reserves

Key financial highlights

$756 MM EBITDAX4

c.75% of remaining 2021 production hedged

1.4x Leverage ratio5

$499 MM Liquidity headroom

$821 MM Net CFFO4

5

Captain FPSO

Area C

Captain

Area B

Alba

Alder

FSUSADIE

AXSBrodgar Callanish

Cook PierceErskine

Elgin

JadeFPF-1

Austen Harrier

StellaAbigail6

VorlichCourageousFranklin

West Franklin

Britannia

Enochdhu

Source: Company InformationNotes:1. As of 31st December 2021 unless otherwise stated2. Based on 2P reserves as of 31st December 20203. Net of tariff income and excluding tanker costs4. LTM as of 31st March 20215. As of 31st March 2021. Calculated as net debt divided by LTM EBITDAX6. Formerly named Hurricane

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Ithaca strategy: create value through distinctive operations and growth

5

20202019

20202018 2019

ESG stewardship

Responsible and safe operations

“ 25 by 25 ” - 25% CO2e reduction trajectory by 2025 with 8 initiatives already underway and showing impact

Financial strength and

prudence

Strong, cash generative profile

Conservatively capitalized at 1.4x leverage

Prudent commodity hedging strategy that minimises price risk. ~75% of remaining 2021 volumes hedged

68 335817 821

247%CAGR

Outstanding operations

Lean operator mentality

Extensive use of digital operations to link onshore and offshore

Various opex reduction initiatives199277476 389

($87 MM)(18%)

Value accretive growth

Greater than 4x production growth following Chevron UK North Sea acquisition

Active pipeline of organic and inorganic growth opportunities including hub expansions and potential for low risk bolt-on transactions

2nd highest winner in recent 32nd UK licensing round

16 2966

200%CAGR

550 410

2025 Trajectory2019

2018 2019 2020 LTM

(140 ktCO2e)(25%)

Source: Company InformationNotes:1. For 2019, showing Ithaca opex of $199 MM for the full financial year and CNSL opex of $277 MM for the period between January 1, 2019 and October 31, 2019 (i.e. prior to the Chevron Acquisition which occurred on November 8, 2019); for

2020 showing consolidated opex for Ithaca. Opex for both years is shown net of tariff income and excludes tanker costs2. 2018 & 2019 figures for Ithaca on standalone basis, excluding impact of the Chevron UK portfolio. 2020 onwards as per audited consolidated accounts3. At current constant production levels and excludes any impact from M&A by 2025

Ithac

a st

rate

gy

1

2

3

4

Adjusted opex reduction 20201

($MM)

Net cashflow from operating activities2

($MM)

Production growth2

(kboe/d)

CO2e emissions3

(ktCO2e)

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Predominantly operated portfolio1 with well understood performance characteristics

6

Aberdeen

Cruden Bay

St. Fergus

Grangemouth

Captain FPSO

Area C

Captain

Area BAlba

Alder

FSU

SADIE

AXSBrodgar

Callanish

CookPierce

Erskine

Elgin

JadeFPF-1

Austen HarrierStella

Abigail 5

VorlichCourageous

Franklin

West Franklin

Britannia

Enochdhu

Q1 2021 Production – ~65 kboe/d

Captain 20.0 kboe/d

Greater Stella Area 12.0 kboe/d

Britannia and Satellites 12.9 kboe/d

Other operated 2 12.7 kboe/d

Other non-operated 3 7.4 kboe/d

Greater Stella Area

Interest: 34.0%-100.0% 4

2P Reserves: 31 mmboe2020 Production: 9 kboe/d% Liquids reserves: 43%

2

Captain

Interest: 85.0%2P Reserves: 89 mmboe 2020 Production: 22 kboe/d % Liquids reserves: 100%

1

Platform

FPSO / FSU

Terminal

Operated fieldsNon-operated fields

Source: Company InformationNotes:1. ~76% of the portfolio based on 2P reserves as of 31st December 20202. Other-operated assets comprises Erskine, Cook and Alba fields3. Other non-operated assets comprises: Elgin / Franklin, Jade and Pierce4. 34% interest in Vorlich, 55% interest in Courageous and 100% interest in other fields5. Formerly named Hurricane

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Source: Company InformationNotes:1. Calculated as 89 mmboe of 2P reserves divided by 22 kboe/d of 2020 production2. Worley contracted for the engineering and Petrofac for construction

• Most advanced polymerised water injection project in the UK North Sea

• Polymer injection to increase water viscosity, enhancing the efficiency of reservoir sweep

• Phase I of the EOR project involved platform well drilling and is on plan

• Phase II of the EOR project was sanctioned in March 2021 and involves the extension of the proven polymer technology to the subsea area of the Captain field

• EOR Phase II first oil expected in early 2023, reaching a peak in 2026

1

Asset Highlights

Long-life assetExpected reserves life of

11 Years1

Material resource base Approximately 1.1 Bn bbls of oil-initially –in-place with

~30% recovery to date

Increased resource recovery

Projects sustaining and increasing production

Links to FPSO and gas pipeline

Top tier engineering and construction2

Enhanced Oil Recovery

New subsea injection systemexisting subsea

production system

FPSO oilprocessing and polymer storage

UCS Area B –waterflood andbypassed oil

Stage 2

UCS Area A –Maturing

polymer flood

Stage 1

7

Captain: flagship asset with high potential

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Source: Company InformationNotes:1. In Stella, Harrier and Abigail and the FPP-1 floating production facility. Abigail was formerly named Hurricane

8

• Hub expansion funded from asset cashflows with satellite field start ups every 2 years

• Drilling of subsea wells tied back to owned-and-operated floating production facility

• Abigail sanctioned in March 2021

• Oil and gas export via Norpipe and CATS

Asset Highlights

Prime locationCentral Graben Area of

Central North Sea

Full control Partner interests acquired

in 20181

Recent discoveriesIsabella HPHT in 2020

Material resource baseWith 2P of 31 mmboe and

2C 29 mmboe

Low risk developmentWith central infrastructure

in place

Development Overview

2 GSA: value maximising “hub and spoke” strategy

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Operator Working interest

2020 Production

(kboe/d)

2P Reserves2

(mmboe)% Liquids3

reservesField

start-up

Britannia & Satellites 5 field production hub, including Alder subsea tieback Additional upside cost and reserves potential – operatorship

transferred in 2019 from Conoco to like-minded independent oil and gas company

Various 16 24.7 1998 - 2016

Erskine Low cost HPHT gas-condensate field developed via a normally

unmanned platform Defined infill drilling and step-out exploration targets

50.00% 6 10.5 1997

Cook Historical out-performance of Cook oil field driven by larger volume in

place – injection well drilled in 2019 to maximise reserves recovery61.35% 3 10.2 2000

Alba Established Alba oil field

23.37% 2 6.4 1994

Other non-operated assets1

9 field interests, including world-class Elgin / Franklin gas-condensate HPHT field - infill drilling programmes on-going on various assets

Pierce oil field transition to gas cap blowdown ongoing

Various 8 23.7 1979 - 2015

LiquidsGasSource: Company InformationNotes:1. Other non-operated assets comprises: Elgin / Franklin, Jade and Pierce for the production data and the 2P reserves. Britannia, Brodgar, Callanish and Enochdhu are non-operated, but are grouped with Alder in “Britannia & Satellites” for the

purposes of this summary2. As of December 2020 according to NSAI CPR3. Liquids refer to total oil and NGL reserves

Diversified asset base with further optionality

9

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SECTION 2

Key highlights

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Key highlights

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High qualityDiversified portfolio of high quality assets in a well established jurisdiction 1

OperatorshipMajority operated portfolio, where Ithaca controls destiny to drive operational efficiency 2

PrudentRobust balance sheet and prudent financial framework 3

Strong cash flowStrong free cash flow generation through the cycle 4

Value-oriented growthLow-risk and value-accretive growth outlook 5

ESG focusedSustainability well-integrated into company strategy, with clear ambitions and targets 6

Experienced managementExperienced management team with proven track record 7

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Leading UK independent E&P company…

11

Diversified portfolio of high quality assets in a well established jurisdiction

Source: Company Information, Wood MackenzieNotes:1. Based on 2P reserves as of 31st December 2020

Top UK North Sea producers by 2020 production (kboe/d)

Captain

GSA

Otheroperated

298 mmboe2P + 2C

Other non -operated

…and diversified asset base with well-known performance

characteristics

Resource base by asset (mmboe)

…with oil weighted portfolio…

Oil 67%

Gas 33%

Oil and gas split by reserves 1

(%)

Top 5 UK North Sea producers include:

1

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12

Majority operated portfolio, where Ithaca controls destiny to drive operational efficiency

Source: Company InformationNotes:1. Based on 2P reserves as of 31st December 20202. Opex figures are net of tariff income and exclude tanker costs3. Breakeven cost build up as of 31st March 2021

Adjusted opex per bbl2

($/boe)

Majority-operated assets enabling value focus…

Operated vs. non-operated asset base1

(%)

Operated76%

Non-operated

24%

1917

1615

2018 2019 2020 Q1 2021

…leading to low breakeven providing resilience to lower

commodity prices

Illustrative breakeven cost build up2,3

($/boe)

15

6

1 1

23

Adjusted Opex

Capex

G&A

Decommisioning

UnleveredCost

…and stringent cost control…

2

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High liquidity

13

Robust balance sheet and prudent financial framework

Source: Company InformationNotes:1. As of 31st March 20212. Calculated as cash and cash equivalent balance plus RBL headroom3. A further $15MM dividend was announced and paid in May 2021; on 19th April 2021 and 16th June 2021, an aggregate amount of $50 MM was repaid under the RBL facility

3

Low leverage

Net debt / EBITDAX (x)

Liquidity2

($MM)

Capital discipline

Capital allocation priorities3

349

499

2020 Q1 2021

2.5x

4.1x

1.6x 1.4x

2018 2019 2020 LTM

530

150

335

45

120

120

Total

Q1 2021

2020

2019

Dividend Payments RBL Debt Repayment

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…supported by robust hedging book providing downside

protection…

14

Strong free cash flow generation through the cycle4

Significant cash flow generation…

Net cash flow from operating activities1

($MM)

68

335

817 821

2018 2019 2020 LTM

% Production hedging strategy2

(mmboe)

Year 1 Year 2 Year 3

75%3

50%

25%

$373 MM hedging gains recorded in 2020

…and material tax shield

UK tax allowance ($Bn)

1.7

0.7

Tax Allowances Pool Cash ValueUK Tax Allowances Pool Cash Value4

Source: Company InformationNotes:1. 2018 and 2019 figures on a standalone basis for Ithaca excluding the assets acquired pursuant to the Chevron acquisition. 2020 onwards as per audited consolidated accounts2. As of 31st March 20213. Q2-Q4 2021 hedged volumes4. Cash value calculated as tax allowance pool of $1.7 Bn multiplied by effective tax rate of ~40%

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Low-risk and value-accretive growth outlook

Infill drilling

Short infill drilling investment repayment period

Captain

12-24months

6-12months

Stella

Low-risk hub-focused growth

Near field exploration

Exploration portfolio

12 new exploration licenses close to existing infrastructure

Accretive M&A

Disciplined approach to M&A

Chevron UK portfolio acquired in 2019

Jade(19.93%)

Callanish(16.50%)

Britannia(32.38%)

Alba(23.37%)

Elgin / Franklin(3.90%)

Brodgar(6.25%)

Alder(73.68%)

Captain(85.00%)

Enochdhu(50.00%)

Erskine(50.00%)

% Working Interest

Healthy pipeline of value-accretive M&A opportunities

Hub development

Source: Company Information

5

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Sustainability well-integrated into company strategy with clear ambitions and targets

• Trajectory to reduce emissions by 25% by 2025

• Clear line-of-sight to reduce emissions through 17 initiatives of which 8 are underway

• Procedures in place to identify, assess and mitigate any environmental risks related to operations, emissions, releases and wastes

• Recognised as a safe operator and have zero work related injuries

• Target for gender diversity across the entire organisation

• Significant investment in staff and communities

• TRIF 2020 1.38 vs. 2019 1.51, down 8%

• Incidents 2020 152 vs. 2019 168, down 10%

• Carbon intensity down 7% vs. 2019

• Flaring intensity down 16% vs. 2019

• ISO 14001:2015 certification

• Strategy linked to UN SDGs• Integrity and transparency at the core

of the business• Ensuring responsible operations

across the supply chain

• Executive pay linked to HSE• Proportion of men / women

receiving bonus: 97% / 96% (Apr 2020)

16

Environmental

Social

Governance

AFFORDABLEAND CLEAN ENERGY

14

Emission management

Water, spills and waste

Social investment

Health and safety

Governance & transparency

Inclusion and diversity

Ambitions Impact

Source: Company Information

6

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17

Strong Executive Management and Board…

… supported by experienced directors with execution focus

Julie McAteerPaul Ness Drew

RussellRachel Stanley

Will Richmond

John Marlow

Brian Winton

John Horsburgh

Alba & Captain Asset Director

Geophysicist Process Engineer

21

FPF1/Erskine & Digital Operations

DirectorOperations Engineer

30

Development & Non-Op Assets

Director

Geophysicist

20

Majors Projects Director

Mechanical Engineer

45

Technical Services Director

Reservoir Engineer

25

HSE & Performance Audit DirectorPetroleum Engineer

20

Business Services Director

Mechanical Engineer

35

Legal & HR Director

Lawyer

20

Years of Experience

• Strong management team with an average 25 years of experience

• Extensive experience gained across majors, independents and the service sector in the North Sea

• In depth knowledge of the operated asset base

• Delayered organisation with asset directors on the leadership team

Experienced management with proven track record

Source: Company Information

Dave Crawford

CFO

Chartered Accountant

34

Gilad Myerson

Executive Chairman and Interim CEO

20

Bill Dunnett

CEO

Petroleum Engineer

35

7

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The business displayed resilience even under the challenging conditions resulting from COVID-19

Source: Company Information 18

Business’ response… …resulted in safe operations with minimal operational impact

COVID-19

Offshore operations remained onlineExcept for FPF1 which was shut down only for 14 days

resulting in deferred production of 0.5 mmboe

Total production down 13% year-on-year Q1 2021 production of 65 kboe/d vs Q1 2020 production of

75kboe/d

Increasing offshore people on board Reduced from ~500 to ~220 in April 2020, and increased to

~385 in June 2021

Developed relevant policies and rules aimed at maximising health and safety of employees

Prudent multi-layered approach to protect workforce and maintain safe production operations

Scenario planning clarified operating modes for installations and helped ensure breadth and depth of critical offshore roles

Re-distribution of key personnel across installation teams whilst maintaining appropriate onshore support including an on-call Emergency Management Team

Offshore staffing levels initially dropped ~50%

Regular communication with vendors and OGUK Pandemic Steering Group

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SECTION 3

Financial review

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Company has experienced substantial growth in production, revenue and EBITDAX

Average daily production1

(kboe/d)

EBITDAX1

($MM)Net CFFO1

($MM)

Revenue1

($MM)

20

16

29

6675

65

2018 2019 2020 Q1 2020 Q1 2021

235

376

745

210 222

2018 2019 2020 Q1 2020 Q1 2021

68

335

817

252 255

2018 2019 2020 Q1 2020 Q1 2021

326

582

1,176

348 345

2018 2019 2020 Q1 2020 Q1 2021

Source: Company InformationNotes:1. 2018 and 2019 figures on a standalone basis for Ithaca excluding the impact of the Chevron UK portfolio. 2020 onwards as per audited consolidated accounts

Production decline as a result of

COVID-19

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0.1x

0.2x

0.7x

0.8x

2018 2019 2020 LTM

Net CFFO / Net Debt 2

Increase in EBITDAX has supported deleveraging with ~$530 MM debt repaid since 2019

Net debt / EBITDAX 2

(x)

(x)

Current Assets 243

Non Current Assets 3,948

Total Assets 4,191

Current Liabilities (457)

Non Current Liabilities (2,804)

Net Assets 930

Total Equity 930

2.5x

4.1x

1.6x1.4x

2018 2019 2020 LTM

RBL Facility 570

Senior Notes 500

Second Tier Lien Loan -

Total Senior Debt 1,070

Total Cash and Cash Equivalents 2

Net Total Senior Debt 1,068

1

1

21

Issuance of RBL and HY bond as part of Chevron

UK portfolio acquisition

Company re-paid ~$530 MM of

debt since 2019

Summary consolidated balance sheet 1

($MM)

Total senior debt breakdown1

($MM)

Source: Company InformationNotes:1. As of 31st March 20212. 2018 and 2019 figures on a standalone basis for Ithaca

1

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SECTION 4

Supplementary materials

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$817 MM Cash flow in 2020 with strong Q1 2021 performance

Summary income statement Summary statement of cash flow

23

($MM) 2018A 2019A 2020A Q1 2021A

Revenue 325.6 582.2 1,176.1 344.7

Cost of Sales (267.9) (437.5) (796.1) (231.9)

Gross Profit for the Year 57.7 144.7 380.0 112.7

Exploration and Evaluation Expenses (0.7) (0.2) (1.5) (0.0)

(Loss) on Disposal (2.4) - - -

Negative Goodwill 72.9 - - -

Reduction in Deferred Consideration - - 4.5 8.3

Gain / (Loss) on Financial Instruments (37.6) 0.5 (0.5) 1.5

Impairment of Oil & Gas Instruments (13.2) (106.8) (681.6) -

Administrative Expenses (4.3) (22.1) (36.8) (5.1)

FX 1.3 1.0 8.2 (1.0)

Net Financing Costs (62.1) (156.1) (233.2) (54.9)

Share of Profit In Associate 22.4 - - -

(Loss) / Profit for the Year Before Tax 34.0 (139.0) (560.8) 61.5

Taxation 84.2 124.0 159.0 (25.6)

(Loss) / Profit for the Year After Tax 118.2 (15.0) (401.8) 35.9

($MM) 2018A 2019A 2020A Q1 2021ACurrent Assets 195.8 341.9 244.9 243.0Non-Current Assets 1,964.0 4,652.6 4,008.9 3,948.3Total Assets 2,159.9 4,994.4 4,253.8 4,191.3Total Equity 863.2 1,465.8 961.0 930.0Current Liabilities (218.9) (430.9) (356.3) (457.0)Non-Current Liabilities (1,077.8) (3,097.7) (2,936.5) (2,804.3)Total Liabilities (1,296.7) (3,528.7) (3,292.8) (3,261.3)

Net Assets 863.2 1,465.8 961.0 930.0

($MM) 2018A 2019A 2020A Q1 2021A

(Loss) / Profit Before Tax 34.0 (139.0) (560.8) 61.5

Depletion, Depreciation and Amortization 147.2 235.2 372.8 113.6

Exploration and Evaluation Expenses 0.7 0.2 1.5 0.0

Other Adjustments1 (30.1) 253.0 999.8 9.2

Changes in Inventory, Receivables and Payables Relating To Operating Activities (84.0) (14.7) 4.1 70.8

Net Cash Flows From Operating Activities 67.9 334.7 817.3 255.1

Capital Expenditure (62.2) (196.5) (108.8) (36.7)

Cost of Acquisition (125.3) (1,726.9) - -

Other Adjustments2 79.9 13.9 (115.7) (12.9)

Net Cash Flows Used in Investing Activity (107.5) (1,909.5) (224.5) (49.6)

Issue of Equity to Delek - 615.0 - -

Bond Issue - 500.0 - -

Loan Draw Down / (Repayment) 70.6 598.5 (335.0) (150)

Bank Interests and Changes (43.2) (76.6) (111.8) (25.9)

Financial Instruments Put Premiums - (44.3) (68.6) (17.1)

Dividend Payment - - (120.0) -

Changes in Receivables and Payables - (21.5) 29.0 (12.9)

Net Cash Flows Used in Financing Activity 27.4 1,571.1 (606.4) (205.9)

Cash and Cash Equivalents at End of Period 17.5 15.1 1.2 1.6

Summary balance sheet

Source: Company InformationNotes:1. Other adjustments include impairment of oil & gas assets, loan fee amortization, revaluation of financial instruments, loss on disposal, negative goodwill, accretion, bank interest and charges, financial instrument put premiums, share of

associate profits, hedging resets, reduction in deferred consideration2. Other adjustments include proceeds on disposal, contingent consideration payment, loan repaid from associate, decommissioning expenditure, changes in receivables and payables relating to investing activities

Q2 2021 Trading update• Q2 2021 production 25% lower than Q1 2021 due to planned shutdown of the

Forties Pipeline System and maintenance on FPF1 FPSO (with a corresponding impact on revenue and EBITDAX)

• Recently entered into exclusivity period with another O&G company, which if completed could deliver c. 6-10 kboepd in 2021

• $50 MM of RBL repaid in Q2, $15 MM of dividend declared and paid in Q2

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~550

~440

Clear line-of-sight to emission reduction trajectory of 25% by 2025: 8 of 17 initiatives already underway

24

Emissions reduction initiatives(ktCO2e reduction from 2019 baseline1)

Biodiesel blend

Captain B compressor

Alba compressor availability

Alba flare

reduction

CaptainBLP power

Emissions Baseline

(2019 Adjusted)

FPF1 flare recovery

Alba alternative

export route

Current 2025 trajectory

Alba / Britannia pressure control

(20%)

Initiatives underway Majority are policy, SOP and process changes

-110kt

Source: Company InformationNotes:1. At current constant production levels, and excludes any impact from M&A by 2025

Target: -25% reduction

trajectory to ~410ktCO2e/year

1 2 3 4 5 6 7 8

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Alba / Captain Area*

GSA*

Pierce

Jade

Elgin / Franklin

Britannia Satellites

2020 2021 2022 2023 2024 2025

Sanctioned Forecast

Short Cycle, Infill Drilling

Dev. / Satellite Fields

Near-Field Explo.

* Ithaca Energy OperatedPlatform / Jack-up Drilling Semi-Sub Drilling Facilities Installation

Stage 1 – Platform Wells*

Stage 2 – Subsea Wells*

Captain EOR Expansion1

2

3

4

Fotla

Jade South

Abigail1x Well

FID

2x EOR Ph.I / 3 LCS 2x LCS / 2x LCS East

2x Prod. / 6x Inj.

FortriuIsabella

Jade JM Well

VorlichSubsea Tie-ins

Austen2x Wells

Courageous2x Wells

2x Wells First Gas Export

Callanish F5

FID EIH WFFEIG FIE

Abigail1x Well

Contingent

Investment Programmes Outlook

25

1x Prod.

Source: Company Information

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