Press Release

Q1 2021 Financial Results

2 June 2021

02 June

Ithaca Energy Limited Q1 YTD 2021 Financial Results

Ithaca Energy Limited (IAECN: ISINs US46567TAA25 / USG49774AA35) (“Ithaca” or the “Company”) is pleased to announce its financial results for the three months ended 31 March 2021 (“Q1 YTD 2021”).


  • Captain EOR Stage 2 project fully sanctioned in March 2021 following FDPa approval by the Oil and Gas Authority
  • FDP submitted to the Oil and Gas Authority for approval to develop the GSA satellite Abigail
  • Production of 65 thousand barrels of oil equivalent per day (“kboe/d”), 63% liquids, for the quarter
  • Unit operating costs of $16/boe
  • EBITDAX of $221 million including realised gains of $37.3 million on the commodity hedging instruments that were reset in 2020
  • Net debt at 31 March 2021 was $1.07 billion, down from $1.22 billion at year-end 2020 following a further repayment of RBL debt of $150 million
  • 18 million barrels of oil equivalent (62% oil) hedged from Q2 2021 into 2023 at an average price floor of $48/bbl oil and 43p/therm gas

Q1-2021 Financial Results Investor Call

A conference call and webcast will be held on Wednesday 2 June 2021 at 12.00 BST (07.00 EDT). Listen to the call live via the Company’s website ( or alternatively dial-in with one of the following telephone numbers: UK 0800 640 6441; International +44 203 936 2999 using the participant code 216576 to access the conference call. 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.



Ithaca Energy
David Crawford

FTI Consulting (Media Enquiries)
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 Q1 2021 Financial Results