Ithaca Energy Share Discussion Threads

[lfdkmp] 20/1/2017 12:10

Maybe with just a hint of oil price appreciation

[gersemi] 20/1/2017 11:59

Impressive, very impressive

I think this is the effect of rising production coupled with debt reduction - ye old boing effect

[rivaldo] 20/1/2017 10:56

Looking very good....

[sawadee3] 19/1/2017 16:14

Buy Curious, your name checks out :-)

I came to my £2 by year end through bullish confidence and a sprinkling of hope :-)

I usually get my way :-)

[shabi1] 19/1/2017 14:52

In 5 mins over 100k shares bought. Big buys coming in.

[bountyhunter] 18/1/2017 20:07

while it's quiet re IAE I've updated the mini charts in the header adding ENQ and FPM (out went XEL in liquidation and GKP because of it's bleak history!)

[buy curious] 18/1/2017 15:08

sawadee, how did you arrive at that valuation?

[sawadee3] 18/1/2017 09:44

The £1 barrier now a distant memory, i expect we'll be trading £2+ by the end of this year :-)

Happy days chaps :-)

[9tintin] 16/1/2017 15:05

Loads of sells @ £1.05 being soaked up - presumably a buy order being filled ahead of news - which is interesting.

tintin

[gersemi] 14/1/2017 09:59

Focus on the cost base and the debt repayments..these 2 must be reduced to release the value here..the market knows Stella will come online in the not too distant future. the market also knows the company can only accept the market value of the oil (we are a price taker) but we can boost our margins by forcing down costs and it's in those margins that success lies

The chart still looks rock solid which should tell you something about how the market likes IAE

[steve73] 14/1/2017 03:12

Nice 2% rise in Toronto after London closed...

[oilandgas1] 13/1/2017 09:40

Anybody know what happened to the vorlich FDP due in dec16?

Interest in the Vorlich discovery increased from 17% to 33% - additional licence interests acquired from ENGIE E&P, INEOS and Maersk
Approximately 4 MMboe1 of net proven and probable reserves from the additional Vorlich licence interests
Acquisition from ENGIE E&P of a 75% interest and operatorship of the Austen discovery, which lies approximately 30 kilometres from the GSA production hub
Total acquisition costs $6m

[rivaldo] 13/1/2017 08:59

GMP First Energy have today increased their target price to 140p (from 130p):

"Maintain BUY recommendation with a target price increased from £1.30 to £1.40 per share

In light of the cost structure at Harrier, we have reduced our capex expectations in 2018, 2019 and 2020. Our ReNAV has been increased from £1.26 to £1.40 per share. The shares trade at EV/DACF of only 3.5x in 2017, 3.0x in 2018 and 2.4x in 2019. Our new target price is in line with our ReNAV."

[bountyhunter] 12/1/2017 18:03

I think we've had a little relief rally this afternoon, relief that the delays are getting shorter (only 1 month this time! ;-)

[oilandgas1] 12/1/2017 15:56

The RNS is typical from Ithaca, disappointing not meeting the Sep, Oct nov and Jan17 Stella oil production, but share price stable and POO up with good news due in feb17 on Stella production and norpipe hopefully!

[buy curious] 12/1/2017 15:17

haha Tintin. Funny becuase its true!

[9tintin] 12/1/2017 12:57

Further to my earlier comment and getting pi$$ed off - yet again.

The one bonus when Ithaca finally announce first oil from Stella, will be a ''relief'' rally, the market no doubt overcome with shock that this gang of incompetents has finally delivered !!

+10% on the open my guess.

tintin

[bountyhunter] 12/1/2017 09:24

thread header updated (at the end)

[bountyhunter] 12/1/2017 09:16

not withstanding the obvious disappointment re another month's delay on Stella first oil, the financials were all positive imo:

Financials

Hedging

During the fourth quarter of 2016 the Company extended its commodity hedging position by a further 2.9 million barrels of 2017 and 2018 oil production. Taking into account these additional volumes, the Company now has 7,600 boepd (85% oil) hedged at an average floor price of $50/boe for the 18 months to 30 June 2018. Full commodity price upside exposure has been retained on 60% of the volumes hedged and upside exposure to $60/boe has been retained on a further 25% of the hedged volumes.

Operating Expenditure

Forecast 2017 unit operating expenditure is anticipated to be approximately $18/boe. This is nearly 30% lower than the unit cost guidance for 2016 and reflects the benefit of production start-up from the Stella field.

Capital Expenditure

Net 2017 capital expenditure is forecast to total approximately $70 million. The majority of this expenditure relates to the GSA, primarily being Harrier development activities plus completion of the GSA oil export pipeline investment programme and Vorlich field development planning activities. The forecast expenditure is also inclusive of any additional Stella start-up costs, which are expected to be minimal.

Net Debt

The Company continued to deliver the business ahead of first hydrocarbons from the Stella field during 2016, with net debt of $598 million at 31 December 2016; down $67 million since the start of the year and over $200 million since its peak in the first half of 2015.

[gersemi] 12/1/2017 09:12

Order book looking strong

9 v 5

42 v 29 (depth)

[9tintin] 12/1/2017 08:46

I do think Ithaca management are guilty of being shockingly naive, but the real blame lies with Petrofac and the commissioning of FPF1 in the dry dock in Poland - that's where the issue with the junction boxes should have been flagged and dealt with - cutting corners and trying to save the odd '£k' has proved to be poor oversight from Petrofac - not to mention the delays in commissioning overall, but as has been said in earlier comments, that no doubt was by design (oil price).

Maybe be shareholders should be more resilient by now after all it's not as though delays are anything new - I do think major shareholders will be making the next AGM a little uncomfortable for Les Thomas, at least I hope so, maybe he needs to consider his position?

Not holding my breath on the Harrier timetable - though at least that doesn't involve anything more difficult than drilling a multi lateral well in the NS ,,,,,,,,,,,,,LOL

The sooner a predator gets their act together and takes out IAE - the better as I see only more frustrations in the future under the current regime.

tintin

[whiskeyinthejar] 12/1/2017 08:41

IIRC the drilling and subsea work on Stella was done in good time. That should give you confidence in Harrier development.