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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Ithaca Energy | IAE | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 110.75 | 00:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 110.75 | 110.75 |
| Top Posts |
|---|
Posted at 18/10/2022 13:53 by speedsgh Ithaca, like Ulysses, set for a return - Ithaca Energy is contemplating a return to the London Stock Exchange five years after it was acquired by Delek Group (IS:DLEKG) for $646mn (£572mn). Ithaca Energy, originally formed in 2004 and a former constituent of London's junior market, remains one of the most prominent producers in the UK Continental Shelf (UKCS), with stakes in six of the top ten largest fields. Revenues surged after it acquired Chevron’s (US:CVX) assets in the North Sea in late 2019, but it was subsequently forced to take a hefty impairment after oil and gas prices tanked in response to the pandemic lockdowns. In the first six months of 2022, it recorded average daily production of oil and gas on a net working interest basis of 66,700 barrels of oil equivalent per day (boepd). Management estimates a range of 76,000-81,000 boepd over the second half of the year. And there is certainly scope for increased production as its portfolio includes Cambo and Rosebank, two of the largest undeveloped discoveries in the UKCS. Around 35 per cent of Ithaca’s current production is natural gas and it would be reasonable to assume that one of the few areas of recent government policy that won’t be subject to a U-turn will be the promise of increased government support to secure the UK’s energy supplies. Israel-based Delek has yet to provide details of a timetable or the scale of the public offering, but group chief executive, Idan Wallace, said that Ithaca would trade “as an independent company with its own capital allocation policy and the potential to generate substantial value for all its shareholders”. On that point, Ithaca has a “firm expectation” of paying a dividend of $400mn (£353mn) next year “with an ambition of an annual dividend of $420mn in 2024”. It is targeting annualised dividends of 15-30 per cent of post-tax net cash from operating activities through the cycle. Interim profits after tax came in at $1.56bn. Doubtless, bosses at the London Stock Exchange will be hoping Ithaca’s public offering will prefigure further admissions from energy companies keen to exploit renewed government support for the UKCS. |
Posted at 11/9/2022 20:20 by bountyhunter Just catching up here. Thanks for the pointers Spangle. I have several of those and used to hold KIST and PMG but exited too early making money on the former but not on the later.Very interesting that Ithaca may be refloated, this thread may come back to life if it's IAE again! If it happens I wonder what multiple of the takeout price the refloat price will be! "Delek is expected to float the firm later this year – but no date has been confirmed and it is not clear what the company’s value will be." |
Posted at 08/4/2022 08:26 by spangle93 Wow, they've taken Cambo and Rosebank? Those two are a bit of a hospital pass, but at least they get Schiehallion, and coming late to Mariner should at least enable them to pay a realistic priceI think you'd already know about KIST, which would probably be in the same group as you mention. I haven't followed KIST, other than that they seemed to pay quite a high price (above $20/bbl in the ground) for their acquisition in January. Likewise, you're already in JSE, which is production/developme LBE is more exploration focused than IAE. Maybe PMG is a closer relative of IAE I3E is planning an appraisal of Serenity in 3Q. It's now a dividend-paying Canadian producer with a small North Sea business, so not directly comparable, but even after recent gains it's still undervalued IMHO even without Serenity. However, if you want a high risk high reward version, EOG has Wressle onshore, which is delivering good cash flow, but has farmed into Serenity; the gearing on the respective share prices if the Serenity appraisal is successful would favour EOG. |
Posted at 08/4/2022 07:29 by bountyhunter I moved on to SQZ an IOG, anyone found any other similar companies to IAE?I still maintain we were robbed here! :) |
Posted at 13/6/2019 16:15 by bountyhunter IAE was one of my best investments despite the give away takeover price. |
Posted at 13/6/2019 13:31 by spangle93 Didn't touch SEY - I think bobobob was punting that one.Like CFC I got IAE in the 40s and actually remembered to sell rather than watch it go up and down. That's unlike LGO (now CERP) -to answer CFC - where I had a big profit at one stage until they got the tool stuck in the hole, and now my investment is peanuts. Likewise RRL would cost me more to sell than my residual value - so much for all the big plans. The only T&T oiler I hope to do well with is TXP, where Ortoire looks very positive, though all will jump if the tax system is made fairer. Elsewhere, there are signs that CASP (formerly ROXI) are poking a very big field indeed just 40km down the road from Tengiz, so I'm watching with some interest there. MATD is planning a well to spud in July that is so close to its neighbour's producing field (and on trend) that you can see the brand of tea bags in the operations room. And while BLOE has consolidated at around its recent placing price, there are enough transformation points in the coming year to make it interesting, especially now it is throwing off $1MM a month |
Posted at 13/6/2019 10:25 by captainfatcat EEN was very good to me and GPX which luckily I sold at close to the top with the majority of both going in to SQZ (average 20p) and IAE (around the 44p mark also) subsequently when IAE was taken out the cash went mainly into SQZ and a few other companies.Also have a small holding in JSE Spangle not sure if your still in any of the Trinidad and Tobago E&P but have also have a reasonable holding in TXP now with an average around 16p. |
Posted at 13/6/2019 10:14 by spangle93 I did very well from IAE - having bought at around 44p, all shares were sold at multiples of that, but they were very optimistic with their GSA project targets.I'm SQZ (having been from 70p to 3p and back to 140p) and in HUR, but not with any significance, hoping for a take out of the ones I haven't sold. My belief is that they hit the market perfectly with the timing of the AM, landing up in the yard when there was little else to compete for the A team or get in the way of good productivity. I feel I can sleep much more soundly with SQZ though. But I wasn't ever in EEN - you're perhaps thinking of GPX, where I actually still hold a few shares, hoping for the day when life returns to normal in Syria. What a human tragedy that has been. The one you haven't mentioned (because most stocks have been North Sea based) is JSE, which has the same business model but in the Far East, and which like SQZ is throwing off cash. Holding that for 5 years will (I believe) be as lucrative as IAE was |
Posted at 13/6/2019 09:04 by bountyhunter No not in EEN but was in VPC before IAE, then FPM, all four now taken over! Hoping for a repeat performance with HUR! |
Posted at 10/4/2018 19:03 by rich73 More proof of the stitch. Dalex developing the IAE pipeline of assets with BP at Vorlich.BP to drill 2 new North Sea fields By Ian Walker Published: Apr 10, 2018 8:01 a.m. ET BP PLC (BP.LN) said Tuesday that it will drill two new North Sea developments which are expected to come on stream in 2020, and to have peak production of 30,000 barrels of oil equivalent per day gross. The oil major said Alligin and Vorlich are satellite fields located near to existing infrastructure, meaning they can be quickly developed through established offshore hubs. BP has a 50% interest in Alligin and is operator while Royal Dutch Shell PLC RDSB has the other 50%. BP is also operator of Vorlich with a 66% interest, while Ithaca Energy has the remaining share. Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749 |
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