Ithaca Energy Plc

7.20 (4.93%)
Ithaca Energy Investors - ITH

Ithaca Energy Investors - ITH

Share Name Share Symbol Market Stock Type
Ithaca Energy Plc ITH London Ordinary Share
  Price Change Price Change % Share Price Last Trade
7.20 4.93% 153.20 16:35:16
Open Price Low Price High Price Close Price Previous Close
149.00 147.80 153.80 153.20 146.00
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Top Posts
Posted at 31/5/2023 17:29 by anley
today the company publishes its results and BINGO the shares go nothing new here.

I bet the bosses at ITH can't understand just what is going on in the UK oil/gas sector. Their brokers seem to have pushed them in to a LSE quote at considerable cost but the benefits have been dreadful.

In March - see above - one said that this government just looks stupid to overseas investors. I have friends in Hong Kong who just have funds in Singapore ready to invest BUT ask them when and they look and say - when you have a stable government with sensible policies and a taxation system which allows UK based Oil/Gas businesses to make a sensible return.

We will wait..............

Posted at 01/3/2023 13:25 by ashkv
Windfall tax puts Cambo decision in doubt: Ithaca
Ithaca Energy's executive chair tells Investors' Chronicle that financiers have backed away from the North Sea
February 28, 2023
By Alex Hamer
Ithaca Energy (ITH) picked an interesting time to come back to public life. Its first five months since November's initial public offering (IPO) have seen oil and gas prices drop at the same time as the UK government ramped up its energy profits levy (EPL).
As a result, the company's share price is down a quarter from its IPO price of 250p, a drop similar to those sustained by other North Sea-exposed companies like Harbour Energy (HBR) and Serica Energy (SQZ) over the same period.
Executive chair Gilad Myerson told Investors’ Chronicle the EPL had taken the air out of the sector even with the government calling for greater domestic oil and gas supply. “Since the listing, we’ve faced quite some headwinds coming from the UK government,” he said, adding that Ithaca was “very committed” to developing its assets and to the North Sea specifically.
Prime minister Rishi Sunak brought in the windfall tax on energy company profits as chancellor, then expanded it in November once he moved into 10 Downing St. The levy was hiked from 25 per cent to 35 per cent, bringing the headline tax rate for UK oil and gas producers to 75 per cent.
The move was aimed at raising cash to fund the government’s cost of living support programmes such as the energy price guarantee. But industry figures have argued that the lack of an end date, and lack of a price floor below which the tax would disappear, had hurt investment at a time when energy security and supply remains a top concern for the UK.
Ithaca is at the centre of this discussion as it is considering a green light for the Cambo and Rosebank fields, the largest undeveloped fields in the UK North Sea. Cambo is more significant for Ithaca as it holds a 70 per cent stake and is the operator of the asset. Ithaca also has a 30 per cent stake in Rosebank, which is operated by Equinor (NO:EQNR). Cambo is expected to be a huge field when operational, producing tens of thousands of barrels of oil per day.
The final investment decision was expected in the first half of this year but comments by Myerson cast doubt on that timeline: “The readiness to hit the FID approval has gone down quite significantly because of a lack of financing,” he said.
“The challenge is that the credit availability to develop these projects has been reduced significantly. The [reserve-based lending] is run using an oil price of $50-$54 a barrel, and if you add a 75 per cent tax rate at $52 a barrel [average], it leaves you with very little credit availability to develop a project."
Going north
Previous roadblocks for the two fields were part of the reason why Ithaca was able to acquire its stakes in the first place. It acquired ownership via a takeover of Siccar Point Energy for $1.46bn last year ($1.1bn upfront), and after Shell (SHEL) had publicly said it would not back the development of the Cambo field, albeit this was before the energy crisis. The energy giant’s 30 per cent stake is reportedly up for grabs.
Barclays analyst James Hosie said the EPL introduction and extension had “shifted the investment climate for companies like Ithaca, with the value of UK upstream assets further eroded by worries that it becomes a permanent part of UK upstream taxation”.
In its IPO prospectus, Ithaca was positive about the investment allowance aspects of the EPL policy, which also cuts the tax paid for companies spending big on North Sea development. Myerson said meetings with the government before the listing had indicated this would be a fixture of the strategy in order to encourage more development.
The investment allowance was reduced in the Autumn Statement by chancellor Jeremy Hunt, and Labour has campaigned to remove it entirely. “We were seen as an organisation that would be shielded from the EPL due to the [investment allowance provisions],” said Myerson.
Ithaca 2.0
The company that now trades as Ithaca is very different to the one that Delek Group took over and delisted in 2017. Its production is around eight times the company’s 2016 production of 9,000 barrels of oil equivalent per day (boepd), and the various development options could take it over 100,000boepd.
Delek still holds just under 90 per cent of the company. Harbour Energy, which itself listed 2021 and had one significant shareholder in EIG Asset Management, has managed to open up its share register without major share sales derailing its share price.
If a similar move is on the cards for Ithaca, it could not happen before May, when a lock-up on Delek share sales ends. Myerson said the Israeli company was a dedicated long-term shareholder.
One other point of interest for potential shareholders will be the balance sheet - the company has focused on paying down debt in recent months, including the intragroup loans advanced by Delek. These have largely been paid down, and Barclays forecasts a net debt reduction from $1.1bn (£910mn) at the end of 2022 to just $193mn by the end of this year. But the plan is to load up on debt again to enable building on a variety of projects, if possible, so this may shoot up again in the coming years.
Hosie, who has an underweight rating on the company, said the forecast debt level would leave the company “well positioned to commit to the planned increase in capital investments and dividend policy”. The dividend yield is one of the highest on the London Stock Exchange at its current share price - a whopping 18 per cent for 2023, as forecast by Barclays.

Posted at 09/11/2022 12:30 by m0g
Cant see this doing much, which is a shame, the market/investors wont like that only a max of 11.8% of the company is listed, whilst the hedge fund retains the balance.
Posted at 09/11/2022 07:15 by pro_s2009
Announcement of Offer Price

Offer Price Set at 250 pence per Ordinary Share

Following the announcement made by Ithaca Energy on 25 October 2022 of its intention to float, Ithaca Energy today announces the successful pricing of its initial public offering (the "IPO" or the "Offer") at 250 pence per Ordinary Share (the "Offer Price"). Based on the Offer Price, Ithaca Energy's market capitalisation will be approximately £2.5 billion ($2.9 billion) at the commencement of conditional dealings on the main market of the London Stock Exchange.

Gilad Myerson, Executive Chairman of Ithaca Energy said:

"I am delighted with the outcome of our IPO. We have received great support from a high-quality selection of institutional investors and I am excited to welcome them on board as we continue to create value in the public markets.

Ithaca Energy has undergone a transformation over the past three years to become one of the UK's leading independent oil and gas companies and I am very excited for what lies ahead as we continue our journey in the public markets."

Posted at 14/9/2010 11:19 by biggest bill

I am glad to see that someone else is following this share. There have been virtually no postings at all this year.

There must be a fair number of private investors who refused to sell up before the de-listing. It's possible that most of them don't know of the bid approach.

Posted at 13/9/2010 10:15 by biggest bill
Going from previous experience of having a share delisted and then being taken over for a derisory amount, I would expect any offer to be about the 30p mark. I know that this is a pathetic figure but small private investors in a delisted company have absolutely no influence.

The offerer will make the point that their ridiculous offer is much higher than the share price at delisting, but this ignores the fact that the company is now in a much better position and that the 8p price was a ridiculous price at the bottom of a bear market.

Posted at 11/9/2010 13:09 by jab118

I hold a few and about 6 months ago contacted the broker dealing in ITH, he informed me then he was dealing in shares at between 11p and 12p due to interested investors. Was this letter sent to you by IHT ? Postman delivers late here so am waiting.. would you mind posting it please..tia

Posted at 06/9/2010 11:07 by biggest bill
I see that the annual results for 2010 are out.

There has been a big turn around from loss to over £800,000 operating profit. This profit is after a bad debts charge of £400,000. I anticipate an operating profit of about £2m for the current year because the overseas business finally seems to be taking off and some interesting overseas contract wins have been achieved.

However, there is no mention of any intention of re-quoting the shares and there is still no way for private investors to achieve a reasonable price for their shares.

Posted at 26/11/2008 19:44 by lucky punter
Itis business model is exposed to tough times and the revenue drop off was to be expected. They were very slow in responding to the obvious with attempts to reduce costs only in the last two months, I guess it took them six months to think about it.
The company need to organise their direction with regards to the rest of the world, clearly the product has some appeal and that is where the value should lay for new investors. The benchmark has been set low in terrible market conditions, once the true share price reflects that fact then this looks value.
With regards to the cash situation the company have recognised the need to protect themselves in uncertain times.
I made a very small buy a couple of days ago but will wait to see where this goes before adding further.

Posted at 07/7/2008 11:16 by utterly pointless
interesting post, hew, thanks... One could, of course, always ask ITIS Investor Relations dept. They tend to be quite helpful to PIs where the co. has a small cap and is illiquid (basically because they know that PIs make the market)...
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