Ithaca Energy Management Presentation
Transcript of Ithaca Energy Management Presentation
Ithaca Energy Management Presentation
July 2021
Agenda
1
Ithaca Energy overview
Key highlights
Financial review
SECTION 1
Ithaca Energy overview
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 $44/bbl
1,055720 570
500500
500
1,555 1,220 1,070
2019 2020 Q1 2021 RBL Senior Notes
Continued value-focused growth and deleveraging
3
376
745 756
2019 2020 LTM
Historical EBITDAX evolution 1
($ 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
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
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)
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
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
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
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
SECTION 2
Key highlights
Key highlights
10
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
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
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
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
…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%
15
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
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
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
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
SECTION 3
Financial review
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
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
SECTION 4
Supplementary materials
$817 MM Cash flow in 2020 with strong Q1 2021 performance
Summary income statement Summary statement of cash flow
23
($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
~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
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