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IAE Ithaca Energy

110.75
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Ithaca Energy LSE:IAE London Ordinary Share CA4656761042 COM SHS NPV (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 110.75 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Ithaca Energy Share Discussion Threads

Showing 21451 to 21473 of 21475 messages
Chat Pages: 859  858  857  856  855  854  853  852  851  850  849  848  Older
DateSubjectAuthorDiscuss
24/11/2022
10:32
IPO = "It's Probably Overpriced"

Glad I didn't bother, seems to have been the case here.

bountyhunter
09/11/2022
14:34
Pro2009 has, today, set up a new board for ITH.



Shares have fallen so far. I will wait until details of Sunak the socialist's windfall tax extension are known before buying.

ammons
09/11/2022
14:07
Ithaca re-listing at 250p per share giving market cap of £2.5bn ($2.9bn). Placing of new shares has raised £262.5m; net proceeds will not be retained by the company but will instead go entirely to Delek Group Ltd. Conditional dealing in the shares commenced today; unconditional dealing commences 14/11 under ticker ITH.



--------------------------

From the lunchtime Times Business Briefing:

Shares in Ithaca Energy, the North Sea oil and gas producer, dipped 2 per cent below their 250p launch price today, as London’s biggest IPO of the year got a frosty reception. “Ithaca has IPO’d into a difficult broader market backdrop and the near-term weakness probably underlines that,” said Investec’s Nathan Piper.

speedsgh
26/10/2022
16:16
Ithaca Energy Confirms Intention to Float -
speedsgh
19/10/2022
04:47
Interesting...

Ithaca Energy has a track record of material value creation, delivering a 5.4x increase in equity value between 2018 and 30 June 2022

Sold for a song in 2018.

bountyhunter
18/10/2022
13:53
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.

speedsgh
18/10/2022
13:35
Ithaca is making its comeback as a listed company. It's looking for a premium listing on the main market.



"Ithaca Energy has a track record of material value creation, delivering a 5.4x increase in equity value between 2018 and 30 June 2022".

This value creation was magically achieved during the period when it has been a private company (Ithaca delisted from AIM in June 2017). One can only assume that the best value creation has already been enjoyed by Delek so not sure that their IPO is really that appealing. Caveat emptor!

speedsgh
12/9/2022
17:33
I wonder what their decommissioning liabilities are especially following the Chevron deal.
bountyhunter
12/9/2022
16:07
This is also an interesting read...
speedsgh
12/9/2022
12:05
Likewise! We were robbed!
bountyhunter
12/9/2022
11:59
Still bitter about that takeover years ago.
robizm
11/9/2022
20:20
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."

bountyhunter
11/9/2022
17:28
Seems Ithaca are going to be listed again.

hXXps://www.thisismoney.co.uk/money/markets/article-11161751/Gushing-profits-Ithaca-Energy-prepares-London-float.html

ammons
08/4/2022
09:32
Year End 2021 Financial Results (31/3/22) -

Acquisition of Siccar Point Energy (7/4/22) -

speedsgh
08/4/2022
08:26
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 price

I 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/development company focused on SE Asia.

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.

spangle93
08/4/2022
07:29
I moved on to SQZ an IOG, anyone found any other similar companies to IAE?
I still maintain we were robbed here! :)

bountyhunter
07/4/2022
17:58
Bit of news, for past shareholders
Company have now progressed further, they have taken Acquisition of Siccar Point Energy, it will include include the Cambo and Rosebank fields in WOS, following Shell's departure,

laserdisc
30/11/2021
08:31
Q3 Results -
speedsgh
20/7/2021
12:52
We were robbed! ;)
Nearest thing to this now must be Serica.
Any other ideas for a similar company, not many left as far as I can see?

bountyhunter
20/7/2021
12:47
Launch of Offering of $625,000,000 Senior Notes -

Ithaca Energy Limited ("Ithaca") announces that its wholly owned subsidiary Ithaca Energy (North Sea) plc (the "Company") has commenced an offering of an aggregate principal amount of $625 million senior notes due 2026 (the "Notes") and that Ithaca Energy (UK) Limited has received $1,225 million of contingent commitments in respect of its amended and restated reserves based lending facility agreement maturing in July 2026. The Notes will be senior obligations of the Company and will be guaranteed on a senior basis by Ithaca and on a senior subordinated basis by certain of Ithaca's subsidiaries.

The gross proceeds from the offering of the Notes will be used, together with the drawings under the reserves based lending facility to: (i) redeem the Company's existing $500 million aggregate principal amount of 9⅜% senior notes due 2024 in full, (ii) make a partial repayment of a shareholder loan to Delek Group Ltd. (in the amount of $250 million), and (iii) pay underwriting fees, commissions, discounts and other transaction costs and professional fees in connection with, or related to, the transactions.

speedsgh
04/6/2021
15:59
Good to see you again Spangle. I hope you are keeping well.
7kiwi
03/6/2021
15:27
I remember being a shareholder when Jacky was discovered!


hTTps://www.offshore-mag.com/regional-reports/north-sea-europe/article/14204476/north-sea-jacky-anglia-platforms-to-be-removed-this-summer

Ithaca Energy expects remaining decommissioning activities at the Jacky field in the UK central North Sea to be completed this summer.

Jacky field, which ceased production in 2014, is in the Inner Moray Firth area (block 12/21c). Preparations are under way for removal and recycling of the suction-piled, monopole unmanned platform.

Ithaca also has regulatory approval for decommissioning of the Anglia field in blocks 48/19b and 48/18b in the UK southern North Sea

spangle93
27/8/2020
08:59
H1 2020 Financial Results -

Highlights

§ Strong operational performance with limited disruption arising from Covid-19 related restrictions

§ Production of 73 thousand barrels of oil equivalent per day ("kboe/d"), 61% liquids, during the first six months of 2020 ("H1-2020")

§ Forecast 2020 production anticipated to be at the top end of the 63-68 kboe/d guidance range

§ Unit operating costs of $15/boe in H1-2020, down from $17/boe pro-forma 2019 unit operating expenditure

§ H1-2020 EBITDAX of $398 million, including realised commodity hedging gains of $220 million

§ During H1-2020 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 $398 million, $155 million of cash flow has been accelerated into H1-2020

§ 23 million barrels of oil equivalent (68% oil) hedged from the start of July 2020 into 2022 at an average price floor of $51/bbl oil and 49p/therm gas after reflecting the impact of the re-set

§ Net debt at 30 June 2020 was $1.3 billion, down from $1.55 billion at year-end 2019

§ H1-2020 results include the $795 million post-tax non-cash impairment included in the Q1-2020 financial results

§ Decisive actions taken at the start of the year to manage the Covid-19 pandemic and sharp fall in oil prices - forecast 2020 capital expenditure halved to approximately $125 million and unit operating expenditure reduced by approximately 15% to $15/boe

§ Measures being taken to recommence some of the deferred investment programmes, with capital expenditure forecast to be in the range of $125 to $135 million.

§ Taking into account solid year to date operational performance, full year 2020 production is anticipated to be towards the top end of the guidance range of the 63-68 kboe/d issued when the potential impact of Covid-19 restrictions were incorporated into the outlook

§ Mid-year independent reserves evaluation completed with proven and probable reserves ("2P") and resources ("2C") broadly unchanged at 258 million barrels of oil equivalent ("MMboe"), after taking into account production in H1-2020, despite a reduction in forecast future commodity prices

The unaudited consolidated H1-2020 financial statements of the Company and the related Management Discussion and Analysis are available on the Company's website (www.ithacaenergy.com).

speedsgh
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