Not for Distribution to U.S. Newswire Services or for Dissemination in the United States
Ithaca Energy Inc. (IAECN: ISINs US465676AA22 / USC48677AA34) (“Ithaca” or the “Company”) provides an update on various corporate activities and the schedule for publication of the 2017 financial results.
Following completion of the takeover by Delek Group Limited (“Delek”) in June 2017 and the subsequent delisting of the Company’s shares from the Toronto Stock Exchange (“TSX”) and the AIM market of the London Stock Exchange, the Company has taken various steps as a result of becoming a wholly owned subsidiary of Delek.
Canadian Reporting Issuer Update
As previously announced, following delisting of the shares on the TSX the Company applied to the Canadian securities regulatory authorities to cease being a reporting issuer in all applicable jurisdictions. The request has been granted and the Company is now no longer a reporting issuer in any jurisdiction in Canada. As a result, Ithaca will no longer be required to file financial statements and other continuous disclosure documents with Canadian securities regulatory authorities. The Company will however continue to make disclosures as required under its $300 million senior unsecured notes.
Board of Directors
With Ithaca now established as a wholly owned subsidiary of Delek, the Company has elected to reduce the size of the Board of Directors to more appropriately reflect the requirements of the business. Mr Jay Zammit, Mr Alec Carstairs and Mr Yossi Abu have retired as Non-Executive Directors of the Company. The remaining directors of Ithaca are unchanged, with Mr Brad Hurtubise continuing as Non-Executive Chairman, Mr Asi Bartfeld as a Non-Executive Director and Mr Les Thomas as a Director and Chief Executive Officer of the Company.
As part of the simplification of the corporate structure, the Company intends to seek regulatory approval to continue Ithaca Energy Inc. from Canada into Jersey and align the incorporation of the Company with that of its sole shareholder DKL Investments Limited (a wholly owned subsidiary of Delek).
2017 Financial Results
The Company intends to publish its full year 2017 financial results on 28 March 2018. A conference call and webcast for bond investors will be held on the same day at 12.00 GMT (07.00 EST), with a playback facility being made available on the Company’s website later that day. Dial-in details for the call will be included in the press release that accompanies the financial results documentation.
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About Ithaca Energy
Ithaca Energy Inc. is a North Sea oil and gas operator focused on the delivery of lower risk growth through the appraisal and development of UK undeveloped discoveries and the exploitation of its existing UK producing asset portfolio. The Company is a wholly owned subsidiary of the Tel Aviv stock exchange listed Delek Group Limited (TASE: DLEKG, US ADR: DGRLY), Israel’s leading integrated energy company. For further information please consult the Company’s website www.ithacaenergy.com.
Some of the statements and information in this press release are forward-looking. Forward-looking statements and forward-looking information (collectively, "forward-looking statements") are based on the Company's internal expectations, estimates, projections, assumptions and beliefs as at the date of such statements or information, including, among other things, assumptions with respect to production, drilling, construction and maintenance times, well completion times, risks associated with operations, future capital and operating expenditures, continued availability of financing for future capital expenditures, future acquisitions and dispositions and cash flow, required regulatory, partner and other third party approvals. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. When used in this press release, the words and phrases like "anticipate", "continue", "estimate", "expect", "may", "will", "project", "plan", "should", "believe", "could", “target”, “in the process of”, “on track” and similar expressions, and the negatives thereof, whether used in connection with production forecasts, operational activities, drilling plans, budgetary figures, future operating costs, financing activities, anticipated net debt, anticipated funding requirements and uses of available credit under the Company’s debt facilities, potential developments including the timing and anticipated benefits of acquisitions and dispositions or otherwise, expected future payments in connection with such acquisitions and dispositions, statements relating to reserves, or otherwise, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Company believes that the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations, or the assumptions underlying these expectations, will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These forward-looking statements speak only as of the date of this press release. Ithaca expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based except as required by applicable securities laws.
Additional information on these and other factors that could affect Ithaca’s operations and financial results are included in the Company’s Management Discussion and Analysis for the three and nine months ended 30 September 2017 and the Company’s Annual Information Form for the year ended 31 December 2016 and in reports which are on file with the Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).
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