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IAE Ithaca Energy

110.75
0.00 (0.00%)
22 Apr 2024 - Closed
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 Shares Traded Last Trade
  0.00 0.00% 110.75 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
  -
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 110.75 GBX

Ithaca Energy (IAE) Latest News

Ithaca Energy (IAE) Discussions and Chat

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Posted at 09/11/2022 14:07 by speedsgh
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.
Posted at 11/9/2022 21:20 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 09:26 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 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.
Posted at 08/4/2022 08:29 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 27/8/2020 09:59 by speedsgh
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).
Posted at 29/4/2020 10:08 by speedsgh
2019 Financial Results -

Ithaca Energy Limited (IAECN: ISINs US46567TAA25 / USG49774AA35) ("Ithaca" or the "Company") is pleased to announce its financial results for the twelve months ended 31 December 2019. Alongside the financial results, which include the contribution of the Chevron North Sea Limited ("CNSL") acquisition from completion of the transaction in November 2019, pro-forma 2019 operational and financial data is also provided that reflects the contribution of the CNSL acquisition from the transaction effective date of 1 January 2019 ("Effective Date").

Highlights

§ Pro-forma1 2019 production of ~75,000 thousand barrels of oil equivalent per day (boepd), 66% liquids, and unit operating costs of $17/boe, resulted in pro-forma EBITDAX of approximately $960 million

§ Clear actions taken to manage the impact of COVID-19 and collapse in oil prices in order to minimise risks to the health of personnel and proactively preserve the liquidity and cash flow resilience of the business - offshore manning reduced to levels required to safely maintain production and execute any critical maintenance work scopes

§ Production anticipated to be around 90% of initial guidance of 70,000 to 75,000 boepd (approximately 65% liquids) - reflecting minimum offshore manning

§ Aggregate 2020 capital and operating expenditures reduced by approximately $200 million compared to initial guidance - cutting capital expenditure for the year to approximately $125 million and unit operating expenditure to approximately $15/boe

§ Net debt at 31 December 2019 was $1.55 billion, implying a net debt to EBIDAX leverage ratio of 1.6x - net debt at the end of the first quarter of 2020 reduced to approximately $1.4 billion

§ 32 million barrels of oil equivalent (67% oil) hedged from the start of January 2020 into 2022 at an average price floor of $62/bbl oil and 51p/therm gas (as at 31 March 2020)

§ Accelerating $150 million of cashflow into April 2020 by resetting majority of 2021/2022 oil hedges while maintaining underlying hedge volumes with swaps at the relevant forward curve prices

§ Hedging position means over $450 million of free cash flow generation forecast in 2020 (excluding cash generated through execution of hedging resets), even if Brent drops to $1/bbl for the balance of the year

§ Scheduled April 2020 Reserves Based Lending facility redetermination progressing to plan - forecast to be concluded in early May 2020

The audited consolidated 2019 financial statements of the Company and the related Management Discussion and Analysis are available on the Company's website (www.ithacaenergy.com).
Posted at 07/4/2020 09:17 by speedsgh
Operations & Trading Update -

Highlights

§ Pro-forma1 2019 production of ~75,000 thousand barrels of oil equivalent per day (boepd), 66% liquids, and unit operating costs of $17/boe, resulted in pro-forma EBITDAX of approximately $960 million

§ Average first quarter 2020 production of ~75,000 boepd leading to strong cash flow generation of approximately $150 million

§ 2020 capital expenditure has been cut by 50% to approximately $120 million

§ 2020 operating expenditure has been cut and is forecast to reduce unit costs from $17/boe to approximately $15/boe

§ 32 MMboe (67% oil) hedged from the start of January 2020 into 2022 at an average price floor of $62/bbl oil and 51p/therm gas

§ Hedging position means over $450 million of free cash flow generation forecast in 2020, even if Brent drops to $1/bbl for the balance of the year

§ Net debt at 31 December 2019 was $1.55 billion, implying a net debt to EBIDAX leverage ratio of 1.6x - net debt at the end of the first quarter of 2020 is forecast to reduce to approximately $1.4 billion

§ Total proved and probable reserves ("2P") and resources ("2C") as at 31 December 2019 of 273 million barrels of oil equivalent2 ("MMboe"), implying a reserves and resources replacement ratio of 120% (an addition of 33 MMboe)

Les Thomas, Chief Executive Officer, commented:

"2019 was clearly a transformational year for the Company. With completion of the Chevron North Sea Limited acquisition, we have established Ithaca Energy as a major UK North Sea operator with an exciting future. The acquisition provided us with a high-quality, low cost set of assets and an enlarged platform from which to grow and unlock the full potential of the business ."

"With the abrupt emergence over recent weeks of a more challenging macroeconomic environment, it is clear that we need to accelerate our on-going efforts to further reduce the breakeven cost of our assets and our near-term investment programmes. This will allow us to proactively manage our financial profile in the face of a potentially "lower for longer" commodity price outlook. These objectives are core to the transformation programme that is already underway in the business following the acquisition, with the themes of process simplification, operational efficiency and value creation at the heart of the various work programmes."

"In the midst of the Covid-19 crisis, our staff and supply chain have adapted in very challenging circumstances to safely maintain operations, helping to keep the country powered and the lights on. We thank them for their exceptional commitment, flexibility and resilience."...
Posted at 11/11/2019 09:18 by speedsgh
Completion of Chevron North Sea Limited Acquisition -

Ithaca Energy Limited (IAECN: ISINs US46567TAA25 / USG49774AA35) ("Ithaca" or the "Company") is pleased to announce that it has completed the $2 billion acquisition of Chevron North Sea Limited ("CNSL"). The transaction provides a material and important step up in the scale and breadth of the Company's asset base, adding ten additional producing field interests to the existing portfolio, along with a wider portfolio of investment opportunities from which to grow the future cashflows of the business and accelerate monetisation of the Company's existing UK tax allowances.

Taking into account the interim period cashflows generated by CNSL since the transaction effective date of 1 January 2019, the $200 million deposit paid at signing of the transaction and conventional working capital adjustments, the price payable at completion of the acquisition was $1.5 billion.

Les Thomas, Ithaca Energy CEO, commented:

"Completion of the CNSL acquisition marks a major milestone in the long term development of Ithaca Energy. The significantly enlarged operations provide an excellent platform from which to maximise the value of our high-quality asset portfolio and establishes the Company as a leading UK North Sea oil and gas producer. We have a highly experienced organisation that is well set-up to deliver upon our investment plans and secure the future success of the business. With this exciting backdrop, we look forward to contributing to the industry's objective of maximising economic recovery for the UK North Sea over the years to come".

Asi Bartfeld, Delek Group CEO, commented:

"With completion of the acquisition, we are delighted to have made a significant step towards our strategic objective of building the Delek Group's position as a world class E&P business. The acquisition has established Ithaca Energy as a leading UK North Sea oil and gas company with a strong outlook and the opportunity set from which to deliver material value to the Delek Group and enhance its presence in the global energy markets."
Posted at 13/6/2019 11:25 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 11:14 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
Ithaca Energy share price data is direct from the London Stock Exchange

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