Ithaca Energy Limited (IAECN: ISINs US46567TAA25 / USG49774AA35) (“Ithaca” or the “Company”) is pleased to provide the following operations and trading update alongside issuance of the Company’s financial statements for the nine-month period ended 30 September 2019 (“Q3-2019”). The Company completed the acquisition of Chevron North Sea Limited (“CNSL”) on 8 November 2019 and in line with the terms of the senior notes indenture will commence formal financial reporting with the full year 2019 results that will be issued in March 2020.
CNSL acquisition efficiently completed and activities underway to deliver a successful transformation
2019 has marked a significant year of operational activities, with investment programmes centred on quick payback infill drilling and subsea tieback development activities
Continued strategic focus on delivering high-value incremental production and reserves
Strong balance sheet, underpinned by commodity hedging and UK tax allowances
The financial statements for Q3-2019 are available on the Company’s website: www.ithacaenergy.com.
Ithaca will change the auditors of the Company to Ernst & Young prior to the end of the year in order to align with its parent company, the Delek Group Limited.
2019 Financial Results
The Company will be issuing its full year 2019 financial statements and associated Management Discussion and Analysis in March 2020. A conference call and webcast will be held on the day the results are issued, with a playback facility being made available on the Company’s website later that day. A presentation to accompany the results will be available on the Company’s website prior to the call.
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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 www.ithacaenergy.com.
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 and CNSL. 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, 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, potential developments including the timing of closing 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. 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 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. 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 or CNSL and that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Past performance of the Company or CNSL 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. 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.