16 February 2023
Ithaca Energy plc (“Ithaca Energy” or the “Group”)
FY’22 Trading Update and Announcement of Interim Dividend
FY 2022 Trading Update
The Group provides the following unaudited trading update for the year ended 31 December 2022, ahead of announcing its Full Year Results on 29 March 2023.
Interim Dividend Announcement
As outlined in the IPO Prospectus, Ithaca Energy expects to pay a total dividend for FY 2023 of $400 million, with an initial interim dividend payable in the first quarter of 2023. In line with that expectation, the Group is pleased to announce an initial interim dividend of $133 million, representing $0.1321 per ordinary share. The initial interim dividend will be paid on 9 March 2023 to shareholders on the share register on 24 February 2023. The initial interim dividend is expected to be followed by two further dividend payments relating to 2023, following the first half of the financial year and end of the financial year.
The dividend is payable in cash in Sterling to holders of the ordinary shares. Sterling dividends payable will be converted from US dollars at an average of the market exchange rate over the three dealing days between 22 and 24 February 2023. Accordingly, the Group will confirm the foreign exchange rate and the amount of the Sterling dividend payable in pence per share on Monday 27 February 2023.
Kathryn Reid – Head of Investor Relations, Corporate Affairs & Communications
FTI Consulting (PR Advisers to Ithaca Energy)
+44 (0)203 727 1000
Ben Brewerton / Nick Hennis
About Ithaca Energy plc
Ithaca Energy is a leading UK independent exploration and production company focused on the UK North Sea with a strong track record of material value creation. In recent years, the Company has been focused on growing its portfolio of assets through both organic investment programmes and acquisitions and has seen a period of significant M&A driven growth centred upon two transformational acquisitions in recent years. Today, Ithaca Energy is one of the largest independent oil and gas companies in the United Kingdom Continental Shelf (the “UKCS”), ranking second by resources.
With stakes in six of the ten largest fields in the UKCS and two of UKCS’s largest pre-development fields, and with energy security currently being a key focus of the UK Government, the Group believes it can utilise its significant reserves and operational capabilities to play a key role in delivering security of domestic energy supply from the UKCS.
Ithaca Energy serves today’s needs for domestic energy through operating sustainably. The Group achieves this by harnessing Ithaca Energy’s deep operational expertise and innovative minds to collectively challenge the norm, continually seeking better ways to meet evolving demands.
Ithaca Energy’s commitment to delivering attractive and sustainable returns is supported by a well-defined emissions-reduction strategy with a target of achieving net zero by 2040.
Ithaca Energy plc was admitted to trading on the London Stock Exchange (LON: ITH) on 14 November 2022.
 Subject to audit and defined as “operating costs (excluding over/underlift) including tariff expense, less tariff income and tanker costs”
 Subject to audit and defined as “operating costs (excluding over/underlift) including tariff expense, less tariff income and tanker costs, divided by net total production for the respective period.”
 Subject to audit
 subject to RBL liquidity test, HY Bond restrictions and other customary restrictions