Press Release

Ithaca Energy 2020 Year End Financial Results

1 April 2021

01 April

Ithaca Energy 2020 Year End Financial Results

Ithaca Energy Limited (IAECN: ISINs US46567TAA25 / USG49774AA35) (“Ithaca” or the “Company”) is pleased to announce its financial results for the twelve months ended 31 December 2020, together with the results of its independent year-end reserves assessment. The audited consolidated 2020 financial statements of the Company, related Management Discussion and Analysis, and Reserves Report are available on the Company’s website,


  • Strong operational performance with Vorlich development on production in November 2020, limited disruption arising from Covid-19 related restrictions
  • Production of 66 thousand barrels of oil equivalent per day (“kboe/d”), 61% liquids, for the year
  • Unit operating costs of $16/barrels of oil equivalent (boe), down from $17/boe pro-forma 2019
  • EBITDAX of $745 million including realised commodity hedging gains of $373 million
  • During the year the company re-set the majority of its 2021/22 oil hedges, maintaining underlying hedge volumes with swaps at the prevailing forward curve. As a result, in addition to the EBITDAX of $745 million, $155 million of cash flow has been accelerated into 2020 resulting in Cashflow from Operations of $879 million
  • Net debt at 31 December 2020 was $1.2 billion, down from $1.5 billion at year-end 2019
  • Results include the $492 million post-tax non-cash impairment, primarily arising in Q1-2020 from lower commodity prices
  • Year-end independent reserves evaluation completed with proven and probable reserves (“2P”) and resources (“2C”) increasing to 298 million barrels of oil equivalent (“MMboe”)

Investor Call

A conference call and webcast will be held today at 10.00 BST, with a playback facility being made available on the Company’s website ( later in the day.

Listen to the call live via the Company’s website or register to access the conference call dial in details at

A short presentation to accompany the results will be available on the Company’s website prior to the call.

- ENDS -


Ithaca Energy
Rhona MacInnes
+44 (0)1224 334 070

David Crawford
+44 (0)1224 336 094

FTI Consulting
Ben Brewerton
+44 (0)203 727 1000

Sara Powell
+44 (0)203 727 1000


  • All references to “pro-forma” take into account the contribution from the CNSL assets from the 1 January 2019 effective date of the acquisition to the completion date on 8 November 2019.
  • All values in this release and the Company's financial disclosures are in US dollars, unless otherwise stated.
  • The calculation of barrels of oil equivalent (“boe”) have been derived by converting gas to oil in the ratio of 5.8 thousand cubic feet ("Mcf") of gas to one barrel ("bbl") of oil. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 5.8 Mcf : 1 bbl is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 5.8 Mcf : 1 bbl, utilising this conversion ratio may be misleading as an indication of value.

About Ithaca Energy

Ithaca Energy is an independent oil and gas company with production, development and exploration operations focused on the UK North Sea. The Company was founded in 2004 and has grown through a combination of acquisitions and new field developments. Our strategy is focused on establishing the company as a leading North Sea operator, delivering sustainable growth in free cash flow generation, underpinned by operational excellence and financial discipline.

Ithaca Energy 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

Forward-looking Statements

This press release contains projections, information, beliefs, opinions and other forward-looking statements (collectively “forward-looking statements”) regarding future events and the performance, financial condition, results of operations and business of the Company. All statements and information other than present and historical facts contained in this release are forward-looking. When used in this press release, the words and phrases like “forecast”, "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, reserve and resource estimates, operational activities, drilling plans, anticipated timing for the commencement of production from new fields and wells, budgetary figures, future operating costs, financing activities, anticipated net debt, anticipated funding requirements and uses of available credit under the Company’s debt facilities, the financial benefits of commodity hedging arrangements, potential developments including the timing and anticipated benefits of acquisitions and divestments or otherwise, expected future payments in connection with acquisitions and divestments, statements relating to reserves, or otherwise, are intended to identify forward-looking statements. Forward-looking statements are based on the Company's current internal expectations, estimates, projections, assumptions and beliefs, 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, financing activities, continued availability of financing for future capital expenditures, future acquisitions and divestments 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. Such statements are not promises or guarantees and are subject to known and unknown risks, uncertainties and other factors that are in many cases beyond the control of the Company and that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Past performance of the Company cannot be relied on as a guide to future performance. The Company believes that the expectations reflected in those forward-looking statements are reasonable at the date of this press release 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. The Company 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.

Ithaca Energy 2020 Year End Financial Results