Ithaca Energy Plc · LSE:ITH
Ithaca Energy — Investor Presentation (February 2011)
21 slides from Ithaca Energy's investor presentation, February 2011
Slide 1: Delivering Growth and Preparing the Future
Delivering Growth and Preparing the Future February 2011
Slide 2: Forward Looking Statements
Forward Looking Statements In the interest of providing potential investors with information regarding the Company, including management’s assessment of the Company’s future plans and operations, certain statements and graphs throughout this presentation are “forward-looking statements” and represen
Slide 3: Background
Background Canadian company focused purely on North Sea oil and gas assets Dual Toronto (TSX-Venture) and London (AIM) listing Balanced producing asset portfolio 42 mmboe net 2P reserves – 77 mmboe net 3P reserves* Clear organic growth path – execution of two fully funded development projects projec
Slide 4: Strategy
Strategy Deliver profitable organic growth by bringing discoveries in existing asset portfolio into production Optimise production from existing fields Acquire quality new acreage positions around existing core assets within the portfolio through licence rounds Access additional production growth th
Slide 5: Producing asset & core development project portfolio
Producing asset & core development project portfolio Athena (22.5%) 5.49 mmbbl* Beatrice (50.0%) 2.4 mmbbl* Beatrice Athena Complex Greater Stella Area Stella (50.33%) 14.97mmboe* Harrier (50.33%) 11.69mmboe* Hurricane (100%) 4.96mmboe* Greater Stella Area Jacky (47.5%) 1.4 mmbbl* Anglia (30.0%) 2.0
Slide 6: Market Capitalisation & Net Reserve Evolution
Ithaca Energy… delivering long term value creation Market Capitalisation & Net Reserve Evolution* Beatrice Workovers Completed Q1-2011 700 50 45 600 40 Jacky J03 Well Start-Up Market Capitalisation - CAD $M Net Reserves mmboe (Sproule) Q2-2011 500 Sproule Reserves Assessment 35 Greater Stella Area (
Slide 7: 2011… increasing production and preparing the future
2011… increasing production and preparing the future Production guidance: 5,500 – 6,000 boepd Capital expenditure projection of $120M Short term production growth through… Completion of ongoing Beatrice workover campaign Drilling of second Jacky production well - scheduled to spud in mid February Op
Slide 8: Consolidated 2011 work programme
Consolidated 2011 work programme Q1-2011 Q2-2011 Q3-2011 Q4-2011 $120M 2 Workovers & 2 Wireline Int. Beatrice / 27 Drilling – J03 Well First Oil Jacky Bravo Wells Optimisations Drilling – 2 Wells / 4 Completions Subsea 50 Installation Athena FPSO Tie In First Oil Host Negotiation & Dev. Concept Sele
Slide 9: Material and organic long term production growth
Material and organic long term production growth Hurricane 25 (Sproule: April 2010) (Assumed farm down to 50.33%) 22.8 kboepd Harrier (Sproule: April 2010) 20 20.0 kboepd Stella (Sproule: April 2010) Carna (Sproule: April 2010) kboepd 15 Athena (Sproule: April 2010 modified for Nov 2011 start) 12.1
Slide 10: Solid reserves base… increasing producing asset reserves
Solid reserves base… increasing producing asset reserves Sproule Net Reserves (mmboe)- April 2010 Net 2P Reserves by Asset Type Proved Reserves 20.9 Possible 35.0 Reserves 21.1 Probable Reserves 42mmboe net 2P reserves Line of sight on development plans for all key non-producing assets February 2011
Slide 11: External growth… turning opportunities into reality
External growth… turning opportunities into reality North Sea continues to be characterised by significant asset and corporate M&A activity Consolidation of smaller players t ion s Active portfolio management by large and small si e qui enc de players 30 Ac Lic psi w U Large number of assets already
Slide 12: Ithaca Energy… delivering transformational growth
Ithaca Energy… delivering transformational growth Strong and diverse portfolio of producing, development and appraisal assets 2011 work programme focused on delivering additional production and preparing the future Robust fully funded position to move all developments forward Substantial profit gene
Slide 13: Additional Information
Additional Information February 2011 13
Slide 14: Greater Beatrice Area
Greater Beatrice Greater Beatrice Area Area 2010 2 Alpha Workovers Completed Joint Ventures Beatrice and Nigg: Beatrice A28 W/O Completion Q1-2011 Ithaca 50% - Operator / Dyas 50% Beatrice A21 W/O Completion Jacky: J03 Drilling Ithaca 47.5% - Operator / Dyas 42.5% / NSE 10.0% Beatrice Alpha Wireline
Slide 15: Athena
Athena Athena Joint Venture 2010 Ithaca 22.5% - Operator BW ‘Athena’ FPSO Arrived in Dyas 47.5% / EWE 20.0% / Zeus 10.0% Dubai (Re-certification / Modification Work) Sedco 704 Drilling Rig On Location Completions (3) Drilling: 2 Prod./ 1 Inj. Key facts Q1-2011 5.49 mmboe net 2P reserves* 10.08 mmboe
Slide 16: Greater Stella Area
Greater Stella Greater Stella Area (GSA) Area GSA Concept Select / Host Joint Ventures Q1-2011 Helios Licence Award (26th Round) Negotiations Stella/Harrier Ithaca 50.33% - Operator / Dyas 31.67% / CMI 18.00% Hurricane Ithaca 100% - Operator Helios Q2-2011 GSA Concept Select Awaiting formal Licence
Slide 17: Greater Stella Area Pipeline
Greater Stella GSA Area Ga el/ Fo rti e sP ipe Erskine Stella Andrew lin Feet* Appraisal Well Sandstone e (20-25 ft thick) Elgin Shearwater 9,100 Crest Gas Condensate ~ 850 ft (47°API) Column 3 Oil SE 8Z (39°API) GA Stella L 9,950 5Y Li ne Ekofisk Hurricane Chalk 8 *Vertically exaggerated Harrier He
Slide 18: Helios
Greater Stella Helios Area Joint Venture Discovery Well 29/10-1 Helios Awaiting formal Licence signature (26th Round) Ithaca 68.33% - Operator / Dyas 31.67% Key Facts Top Andrew Sandstone Valuable add-on to the Greater Stella Area (Primary reservoir) Similar Andrew sandstone discovery to Stella Cond
Slide 19: North Sea Gas Basin Assets
Gas Basin Assets North Sea Gas Basin Assets Joint Ventures Gas Basin Asset ANGLIA Acquisition Completed Ithaca 30.0% - Operator / First Oil 32.8% / Dana 25.0% / Anglia: Potential Well Optimisation / Workover / Infill Target Assessment RWE 12.2% Q1-2011 Evaluation of Garnet & Opal TOPAZ Development P
Slide 20: Management Team
Management Team Iain McKendrick Chief Executive Officer 19 yrs oil industry exp, North Sea, South America & Gulf Coast Exploration, production & commercial Previously VP Business Dev John Woods & Strategy, Gulf Coast Graham Forbes Chief Development Officer Lawyer Chief Financial Officer 28 yrs of ex
Slide 21: Board of Directors
Board of Directors CEO and Director Chairman of the Board Iain McKendrick Jack Lee Management Oil Executive Director Director Director Frank Jay Zammit John Summers Lawyer Chartered Accountant Wormsbecker Reservoir Engineer Director Director Brad Hurtubise Ron Brenneman Investment Banker Oil Executi
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