Press Release

H1 - 2021 Financial Results

31 August 2021

Ithaca Energy Limited (IAECN: ISINs US46567TAA25 / USG49774AA35) today announced its financial results for the six months ended 30 June 2021.


  • Production of 56,000 boe per day, 67% liquids, for the first half of the year; Q2 production performance was impacted by planned Forties Pipeline System summer shutdown.
  • Unit operating costs of $18/boe.
  • EBITDAX of $378 million including realised gains of $66 million on the commodity hedging instruments that were reset in 2020.
  • Results for the period include the $174 million non-cash impairment reversal arising from the strengthening view of future commodity prices.
  • 17 million boe (66% oil) hedged from Q3 2021 into 2023 at an average price floor of $47/bbl oil and 44p/therm gas.
  • Net debt at 30 June 2021 was $1.01 billion, down from $1.07 billion at 31 March 2021 following a further repayment of RBL debt of $50 million. The company also declared and paid a dividend of $15 million on 13 May 2021.
  • Following the close of Q2, a significant refinancing program was successfully completed in July 2021 which included amending and extending the Reserves Based Lending facility of $1.225 billion to 2026 and putting in place a new $625 million bond (senior notes). The refinancing program will enable the Company to continue to pursue its business growth ambitions, and focus on production and projects.
  • As part of the refinancing the company repaid the $250 million Subordinated Shareholder Loan to Delek Group Ltd on 3 August.
  • On 5 August, the WilPheonix rig spudded the Fotla exploration well. The Fotla prospect is located 12km south of the Alba field in the UK’s North Sea.

A conference call and webcast will be held on Tuesday 31st August 2021 at 1pm BST (8am EDT) which can be registered for by clicking here. Listen to the call live via the Company’s website ( or alternatively dial-in with one of the following telephone numbers:

UK: 020 3936 2999
International: +44 20 3936 2999
Participant code: 208727

A short presentation to accompany the results will be available on the Company’s website prior to the call and a playback facility will be made available on the Company’s website later in the day.


H1 - 2021 Financial Results