Tillkännagivande • Jun 19
BP Reportedly Holds Talks to Sell North Sea Oil and Gas Production Portfolio to Ithaca Energy BP p.l.c. (LSE:BP.) held talks to sell its North Sea business has been seized on by critics of the oil and gas windfall tax although it made clear some firms remain keen to invest in the area. BP was reported this month to have held talks about the sale of its entire North Sea oil and gas production portfolio to Ithaca Energy plc (LSE:ITH) for £2 billion. The sale would have been loaded with symbolism amid fears the once mighty North Sea industry is on a path of decline that will leave it playing only a minor role in the global energy ecosphere. London-based BP has been active in the North Sea since the early days of the basin. The group employs 1,000 people in Aberdeen and offshore operations run from the city. These include stakes in the Clair field West of Shetland, which is the biggest on the UK Continental Shelf. Ithaca is a relative newcomer compared to BP. It is owned by an Israeli corporation. The talks between the firms were reported by the FT, which said new BP chief executive Meg O'Neill had expressed concern about the North Sea fiscal regime. A veteran of the US oil business, Ms. O'Neill was recruited to shake-up BP following a period in which the firm invested heavily in low carbon energy projects only to decide it could make more money in the hydrocarbon production business. The report of the talks between BP and Ithaca provided ammunition for opponents of the windfall tax, who have claimed it has made the North Sea ‘uninvestable’. But those who try to use the talks between BP and Ithaca to justify attacks on the levy ignore the fact the discussions indicate serious players are keen to take the place of firms that quit the North Sea. Ithaca was probably confident about funding a £2 billion deal because the company is in the happy position of generating huge amounts of cash in the North Sea, where it has become a major player on the back of a series of acquisitions. Reported Earnings • May 23
First quarter 2026 earnings released: EPS: US$0.041 (vs US$0.16 loss in 1Q 2025) First quarter 2026 results: EPS: US$0.041 (up from US$0.16 loss in 1Q 2025). Revenue: US$881.9m (up 25% from 1Q 2025). Net income: US$67.4m (up US$326.1m from 1Q 2025). Profit margin: 7.6% (up from net loss in 1Q 2025). The move to profitability was primarily driven by higher revenue. Revenue is expected to decline by 4.1% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 6.7%. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Tillkännagivande • May 22
Ithaca Energy plc Reaffirms Production Guidance for the Fiscal Year 2026 Ithaca Energy plc reaffirmed production guidance for the fiscal year 2026. For the year, the company expects production to be in the range of 120 kboe/d to 130 kboe/d. New Risk • May 22
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 7.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 7.4% per year for the foreseeable future. Minor Risks High level of debt (48% net debt to equity). Paying a dividend despite being loss-making. Tillkännagivande • May 15
Ithaca Energy plc to Report Q1, 2026 Results on May 20, 2026 Ithaca Energy plc announced that they will report Q1, 2026 results on May 20, 2026 Tillkännagivande • Apr 15
Ithaca Energy plc, Annual General Meeting, May 13, 2026 Ithaca Energy plc, Annual General Meeting, May 13, 2026. Location: p and j live, east burn road, ab21 9fx, aberdeen United Kingdom Tillkännagivande • Mar 12
Ithaca Energy plc to Report Fiscal Year 2025 Results on Mar 18, 2026 Ithaca Energy plc announced that they will report fiscal year 2025 results on Mar 18, 2026 Tillkännagivande • Nov 20
Ithaca Energy plc Announces Second Interim Dividend for 2025, Payable on 18 December 2025 Ithaca Energy plc announced its second interim dividend for 2025 of $133 million, representing $0.0804 per ordinary share. The second interim dividend will be paid on 18 December 2025 to shareholders on the share register on 28 November 2025. The dividend is payable in cash in Sterling to holders of the ordinary shares. Tillkännagivande • Jul 03
Ithaca Energy plc to Report First Half, 2025 Results on Aug 20, 2025 Ithaca Energy plc announced that they will report first half, 2025 results on Aug 20, 2025 Tillkännagivande • May 21
Ithaca Energy plc Reaffirms Production Guidance for the Full Year 2025 Ithaca Energy plc reaffirmed production guidance for the full year 2025. For the period, the company expects production in range of 109-119 kboe/d. Tillkännagivande • May 16
Ithaca Energy Limited Proposes Settlement of Litigation This Notice is directed to all persons and entities, excluding certain persons associated with the Defendants, wherever they may reside or be domiciled, who purchased or otherwise acquired Ithaca Energy Inc., now known as Ithaca Energy Limited ("Ithaca") common shares in the secondary market, on or after October 9, 2014, and held some or all of those securities until after the close of trading on February 24, 2015. A class action brought on behalf of Class Members has been settled, subject to approval from the Court. This Notice provides Class Members with information about the Settlement and their rights to participate in the Court proceedings considering whether to approve the Settlement (including each putative Class Member's right to attend the hearing to approve the Settlement, or to object to the Settlement ("Approval Hearing")). On May 26, 2015, a proposed class action was commenced on behalf of investors who purchased Ithaca common shares in the secondary market during the Class Period, against Ithaca in the Alberta Court of King's Bench: Stevens v. Ithaca Energy Inc.(now, Ithaca Energy Limited) Court File no. 1501-05830 (the " Action"). The Plaintiff in the Action alleges that the Defendant made misrepresentations during the Class Period related to Ithaca's offshore oil and gas business and operations concerning: (1) material modifications to its floating production facility the FPF-1; and (2) corresponding 2015 pro forma production and revenue projections for the Greater Stella Area in the Central North Sea. Ithaca denies all such allegations. The parties have reached a proposed settlement of the Action, without an admission of liability on the part of the Defendant, subject to approval by the Court. Ithaca's insurer will pay CAD $9 million (the "Settlement Amount"), in full and final settlement of all claims against Ithaca in the Action. The Settlement Amount, less administration expenses, class counsel fees, interest, taxes and any other costs or expenses related to the Action or the Settlement (the "Net Settlement Amount"), if approved by the Court, will be distributed to the Class in accordance with a court-approved Plan of Allocation. If the Settlement is approved, a further notice will be published which will include instructions on how Class Members can file Claim Forms to participate in the distribution of the Net Settlement Amount and the deadline for doing so. The Settlement provides that if it is approved by the Court, the claims of all Class Members which were asserted or which could have been asserted in the Action, will be fully and finally released and the Action will be dismissed. The Court will be asked to approve the proposed Settlement and the lawyers' fees, disbursements, expenses and taxes at a hearing to be held on August 7, 2025 at 2:00 p.m. by videoconference. Class Members who do not oppose the proposed Settlement are not required to appear at the hearing or take any other action at this time to indicate their desire to participate in the proposed settlement. Class Members who oppose the proposed Settlement may have their opposition heard by filing an Objection (see "Objections" below). Class Members who consider it desirable or necessary to seek the advice and guidance of their own lawyers may do so at their own expense. Class Members may attend the Approval Hearing whether or not they deliver an objection. The Court may permit Class Members to participate in the Approval Hearing whether or not they deliver an objection. Class Members who wish for a lawyer to speak on their behalf at the Approval Hearing may retain one to do so at their own expense. Tillkännagivande • May 03
Ithaca Energy plc to Report Q1, 2025 Results on May 21, 2025 Ithaca Energy plc announced that they will report Q1, 2025 results on May 21, 2025 Tillkännagivande • Apr 11
Ithaca Energy plc, Annual General Meeting, May 14, 2025 Ithaca Energy plc, Annual General Meeting, May 14, 2025. Location: p and j live, east burn road, ab21 9fx, scotland, aberdeen United Kingdom Tillkännagivande • Mar 25
Ithaca Energy plc (LSE:ITH) has signed a sale and purchase agreement to acquire 15% stake in Japex Uk E&P Limited from Japan Petroleum Exploration Co., Ltd. (TSE:1662) in a transaction valued at approximately $190 million. Ithaca Energy plc (LSE:ITH) has signed a sale and purchase agreement to acquire Japex Uk E&P Limited from Japan Petroleum Exploration Co., Ltd. (TSE:1662) in a transaction valued at approximately $190 million on March 25, 2025. he Transaction, which is subject to the satisfaction of certain conditions including regulatory approval, will increase Ithaca Energy's WI in Seagull from 35% to 50%, equalling bp's interest as the field operator. The transaction is expected to be completed on June 30, 2025. Tillkännagivande • Feb 20
Ithaca Energy plc to Report Fiscal Year 2024 Results on Mar 26, 2025 Ithaca Energy plc announced that they will report fiscal year 2024 results at 8:00 AM, GMT Standard Time on Mar 26, 2025 Tillkännagivande • Dec 24
Ithaca Energy plc Announces the Results of Recent Exploration Drilling at the Jocelyn South Prospect Ithaca Energy plc announced the results of recent exploration drilling at the Jocelyn South prospect (P032) in Block 30/07a, located in the Central North Sea of the UK Continental Shelf. Upon entering the reservoir, Harbour Energy (as " Operator") informed Ithaca EF Limited, a subsidiary of Ithaca Energy plc, holding a 33% working interest in the prospect that signs of hydrocarbons were present. The top of the Joanne Reservoir was encountered in the well at the depth of 12,620ft TVDSS (17,763ft MD). Gas condensate (not sampled) was encountered in the Joanne sandstone reservoir, with a provisional net pay thickness in the well of 434ft MD (or 307.6ft TVT). Logging while drilling data, cuttings and pressures were recorded during drilling to establish reservoir quality and fluid parameters. The Operator intends to complete data gathering and evaluate the drilling results to establish commerciality of the reservoir. Jocelyn South forms part of the Harbour Energy operated J-Area, where Ithaca Energy is a partner in the Jade field (32.5% working interest), Judy field (33.0% working interest), Jasmine field (33.0%. working interest) and the Talbot field (33.0% Working interest) which recently achieved first production in November 2024. Tillkännagivande • Nov 21
Ithaca Energy plc Announces Special Dividend for 2024, Payable on 20 December 2024 Ithaca Energy plc announced a special dividend for 2024 of $200 million, representing $0.1209 per ordinary share. The special dividend will be paid on 20 December 2024 to shareholders on the share register on 29 November 2024. Tillkännagivande • Nov 06
Ithaca Energy plc to Report Q3, 2024 Results on Nov 21, 2024 Ithaca Energy plc announced that they will report Q3, 2024 results on Nov 21, 2024 Tillkännagivande • Oct 08
Ithaca Energy plc Announces Appointment of Tamir Polikar as A Non-Executive Director Ithaca Energy plc is announced the appointment of Mr. Tamir Polikar as a non-executive director to its board of directors as nominee of Ithaca Energy's majority shareholder, Delek Group Ltd. Mr. Polikar previously served as a director of Ithaca Energy plc from 2020 to 2022 prior to the Group's listing on the London Stock Exchange. Subsequent to the Group's listing, he acted as an observer on the Board on behalf of the Delek Group. Mr. Polikar was appointed the Principal Chief Financial Officer of the Delek Group Ltd. in August 2020. Alongside this role, he serves as a director of the Delek Group Ltd. subsidiaries, as well as a director and business consultant of Polikar Holdings Ltd, a company engaged in real estate development in Israel and Bulgaria. In the past five years, Mr. Polikar has served as the Deputy CEO of the Delek Group Ltd, and previously held the position of CEO of the Aspen Group. Mr. Polikar brings with him a deep level of expertise in business and management, especially in the energy and real estate sectors. He is a Certified Public Accountant and holds an MBA from Heriot-Watt University in Scotland. New Risk • Oct 06
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 62% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 8.8% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (62% increase in shares outstanding). Minor Risks Dividend is not well covered by cash flows (95% cash payout ratio). Share price has been volatile over the past 3 months (8.5% average weekly change). Large one-off items impacting financial results. Tillkännagivande • Oct 04
Ithaca Energy plc (LSE:ITH) completed the acquisition of substantially all of its upstream assets in the UK from Eni UK Limited. Ithaca Energy plc (LSE:ITH) reached an agreement to acquire substantially all of its upstream assets in the UK from Eni UK Limited for approximately £750 million on April 23, 2024. Under the terms, Eni will transfer the Eni UK Business to Ithaca Energy in exchange for the issuance of such number of new Ithaca Energy shares to Eni UK as is equal to 38.5% of the fully diluted issued share capital of Ithaca Energy at Completion. Using the number of Ithaca Energy shares outstanding as at April 23, 2024, 635,013,542 Consideration Shares valued at £754 million would be issued to Eni UK to reflect the Merger Ratio. The transaction excludes East Irish Sea assets and CCUS activities. In 2023, the Eni UK Business generated £623 million of EBITDA. From Completion, it is anticipated that Eni will be entitled to recommend the nomination of the next proposed CEO of the Combined Group in accordance with the policies and processes of Ithaca’s Nomination and Governance Committee. The Ithaca Energy Board have determined that the Combination is in the best interests of Ithaca Energy based on a number of factors and intend unanimously to recommend that shareholders vote in favour of the relevant resolutions at the shareholder meeting to be held to approve the Combination and the allotment and issue of the Consideration Shares to Eni UK, amongst other things. The Completion expected to occur in Q3 2024, subject to Ithaca Energy shareholder approval at a general meeting convened pursuant to an FCA-approved circular, FCA and London Stock Exchange approval of the admission of the Consideration Shares, satisfaction of certain regulatory approvals in the UK, completion of certain pre-sale reorganization steps in relation to the Eni UK assets and other customary conditions precedent. As on August 22, 2024, Ithaca Energy is pleased to announce that the following receipt of approval from the Financial Conduct Authority, published its prospectus and its shareholder circular in relation to the proposed combination with substantially all of Eni S.p.A.'s UK upstream oil and gas assets. The Group is making good progress with the required regulatory approvals and the Combination is expected to complete in Q4.Paul Wheeler, Sam Barnett, Philip Clausen-Thue, and Will Soutar of Jefferies International acted as Financial Advisor to Ithaca Energy. Morgan Stanley International Limited acted as financial advisor to Eni UK Limited. Rosalie Chadwick and Jonathan Woolf and Julian Stanier of Pinsent Masons acted as legal advisors to Ithaca Energy plc (LSE:ITH).
On September 11, 2024, Ithaca Energy is pleased to announce that the resolution put to the General Meeting voted on by way of a poll was duly approved without amendment by the requisite majority of shareholders, shareholder approval for the Combination has now been received.
Ithaca Energy plc (LSE:ITH) completed the acquisition of substantially all of its upstream assets in the UK from Eni UK Limited on October 3, 2024. As a part of closing, Ithaca Energy is pleased to announce the formal appointment of Luciano Vasques as Chief Executive Officer and the appointment of two new non-executive directors to its board of directors, MrFrancesco Gattei, theChief Transition & Financial Officer, Chief Operating Officer and General Manager of Eni S.p.A. and MrGuido Brusco, theChief Operating Officer Global Natural Resources and General Manager at Eni S.p.A., as nominees of Ithaca Energy's second largest shareholder, Eni UK Limited. Mr. Brusco will also join the Company's Nomination and Governance Committee. Paul Wheeler, Sam Barnett, Philip Clausen-Thue and Will Soutar of Jefferies International Limited acted as financial advisor to Ithaca Energy. New Risk • Sep 27
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 4.4% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.2% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Sep 09
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €1.29, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 5x in the Oil and Gas industry in Europe. Total loss to shareholders of 9.7% over the past year. Declared Dividend • Aug 25
First half dividend of US$0.099 announced Shareholders will receive a dividend of US$0.099. Ex-date: 5th September 2024 Payment date: 27th September 2024 Dividend yield will be 15%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is not covered by earnings (247% earnings payout ratio). However, it is covered by cash flows (58% cash payout ratio). The dividend has increased by an average of 22% per year over the past 2 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 174% to bring the payout ratio under control. EPS is expected to grow by 93% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Aug 23
Second quarter 2024 earnings released: EPS: US$0.063 (vs US$0.001 in 2Q 2023) Second quarter 2024 results: EPS: US$0.063 (up from US$0.001 in 2Q 2023). Revenue: US$361.6m (down 40% from 2Q 2023). Net income: US$63.0m (up US$61.8m from 2Q 2023). Profit margin: 17% (up from 0.2% in 2Q 2023). Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 1.1% decline forecast for the Oil and Gas industry in Europe. Tillkännagivande • Aug 22
Ithaca Energy plc Announces First Interim Dividend for 2024, Payable on 27 September 2024 Ithaca Energy plc announced its first interim dividend for 2024 of $100 million, representing $0.0986 per ordinary share. The first interim dividend will be paid on 27 September 2024 to shareholders on the share register on 6 September 2024. Tillkännagivande • Aug 15
Ithaca Energy plc to Report First Half, 2024 Results on Aug 22, 2024 Ithaca Energy plc announced that they will report first half, 2024 results on Aug 22, 2024 Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €1.31, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 5x in the Oil and Gas industry in Europe. Total loss to shareholders of 22% over the past year. Tillkännagivande • Jun 28
Ithaca Energy plc Announces Board of Directors Changes Ithaca Energy plc announced the appointment of Yaniv Friedman as Executive Chairman. This appointment follows the announcement on 28 May 2024 of a number of changes to the Company's Board of Directors and Executive Management team, including that of Yaniv Friedman's appointment, to strengthen the Company's executive leadership as it embarks on its next phase of growth, having recently announced its proposed transformational business combination with substantially all of the upstream assets of Eni in the UK. Yaniv Friedman has significant global executive experience working in the energy and infrastructure sectors and brings considerable strategic, commercial, public company and M&A expertise. Yaniv most recently held the role of CEO of Modiin Energy LP, an oil and gas partnership listed on the Tel Aviv Stock Exchange with operations including development projects in the US as well as exploration offshore Israel. Prior to this, Yaniv served as Deputy Chief Executive Officer of Newmed Energy LP, Israel's leading energy partnership in the exploration, development, production and sale of natural gas. Yaniv has also held other senior executive positions in public and private energy companies. Dave Blackwood, CBE having temporarily served as non-executive Chairman will return to his role as a non-executive director. Valuation Update With 7 Day Price Move • Jun 04
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €1.56, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 6x in the Oil and Gas industry in Europe. Total returns to shareholders of 7.6% over the past year. Tillkännagivande • May 30
Ithaca Energy plc to Report Q1, 2024 Results on May 28, 2024 Ithaca Energy plc announced that they will report Q1, 2024 results on May 28, 2024 Reported Earnings • May 30
First quarter 2024 earnings released: EPS: US$0.042 (vs US$0.16 in 1Q 2023) First quarter 2024 results: EPS: US$0.042 (down from US$0.16 in 1Q 2023). Revenue: US$480.3m (down 26% from 1Q 2023). Net income: US$42.7m (down 73% from 1Q 2023). Profit margin: 8.9% (down from 25% in 1Q 2023). Revenue is forecast to grow 1.0% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to remain flat. Tillkännagivande • May 29
Ithaca Energy plc Announces Management Changes Ithaca Energy plc announced a number of changes to its Board of Directors and Executive Management team to strengthen the Company's leadership as it embarks on its next phase of growth, having recently announced its proposed transformational business combination with substantially all of the upstream assets of Eni in the UK (the "Eni UK Business") (the "Business Combination"). Having guided the Company through its acquisition-led growth strategy since 2019, culminating in the recent Business Combination with ENI UK, Gilad Myerson will now be stepping down from his role as Executive Chairman with immediate effect. Gilad has been an instrumental part of Ithaca Energy's growth, increasing its footprint, production, reserves and cash flows significantly through the integration of Chevron North Sea, the acquisitions of Mitsui UK, Marubeni UK, Summit E&P (UK) and Siccar Point Energy, the milestone sanctioning of the Rosebank development, the Company's listing on the London Stock Exchange and the recent announcement of the transformational Business Combination. Gilad will be available as an advisor to the Company to provide assistance as required for a limited period of time. Dave Blackwood, CBE will serve as non-executive Chairman until his successor is formally appointed then returning to his role as non-executive director. Dave Blackwood joined Ithaca Energy's Board in October 2022 as non-executive director and Chair of the Health, Safety, Environmental and Security committee, after a distinguished career spanning 47 years in the global energy sector, including heading up bp's upstream business in the UK and Norway. Dave brings considerable leadership and Board experience and a deep understanding of the oil and gas industry with significant technical and commercial expertise. The Company is also announced the appointment of Odin Estensen as Chief Operating Officer. With more than 35 years' experience in the oil and gas sector, Odin brings a wealth of operating experience and joins Ithaca Energy from Neptune Energy where he served as Managing Director of its Norwegian and UK businesses. Prior to this Odin held various senior roles at Shell across Europe, the Middle East, Africa and Asia. Odin will join the Company immediately. Tillkännagivande • May 19
Ithaca Energy plc, Annual General Meeting, Jun 24, 2024 Ithaca Energy plc, Annual General Meeting, Jun 24, 2024. Tillkännagivande • May 18
Ithaca Energy plc Announces Appointment of Zvika Zivlin as Senior Independent Director, Member of Audit and Risk Committee; Nomination and Governance Committee and Remuneration Committee Ithaca Energy plc announced the appointment of Zvika Zivlin as Senior Independent Director, following the announcement on 2 April 2024 of John Mogford's intention to formally step down from the role. Zvika Zivlin will step into the role with immediate effect, and will stand for election at the Company's upcoming Annual General Meeting to be held on 24 June 2024. Zvika brings a wealth of board experience, currently holding the position of non-executive director of Afcon Holdings Ltd. and having previously held the position of non-executive director, over a five-year tenure, for London Stock Exchange listed 888 plc, including roles as chair of the Remuneration Committee and member of the Audit, Nominations and Compliance committees. Zvika is the Founder and Managing Partner of Tulip Capital Partners, Wells Fargo's former exclusive Israeli partner firm, with deep experience in cross border transactions across a variety of sectors including energy and infrastructure. Zvika also currently acts as advisory Board member of Infinidat Limited. Zvika has previously served as Senior Advisor to Mediobanca and Strategic Partner to Alias Tech Investments (venture capital fund sponsored by JB Capital Markets of Javier Botin and Jose Miguel Garcia Venture Capital). Zvika will serve on Ithaca Energy's Audit and Risk Committee; Health, Safety, Environment and Security Committee; Nomination and Governance Committee and Remuneration Committee. Tillkännagivande • Apr 04
John Mogford Steps Down from Position of Senior Independent Director of Ithaca Energy plc Ithaca Energy plc announced that John Mogford has informed the Board of his intention to step down from his role of Senior Independent Director. John will support a managed transition to his successor and will formally step down from the Board at the Company's Annual General Meeting in May. The Board will shortly commence a search to identify and appoint a successor as soon as possible, and a further announcement will be made when appropriate. Tillkännagivande • Mar 29
Ithaca Energy plc Provides Production Guidance for the Year 2024 Ithaca Energy plc announced that the company expects full year 2024 production in range of 56-61 kboe/d reflecting: A reduction in investment in near-term projects as a direct result of the Energy Profits Levy including deferred or cancelled projects at the Greater Stella Area, Montrose Arbroath Area, Elgin Franklin Area and Alba, Longer path to Captain EOR II polymer well driven peak production, which is now expected in 2026. Ultimate reserve recovery of EOR Phase I and II remains unchanged, and Operational issues at non-operated Pierce and Schiehallion fields and compressor issues at Erskine's host facility (Lomond) impacting production in First Quarter 2024. Reported Earnings • Mar 27
Full year 2023 earnings released: EPS: US$0.21 (vs US$1.03 in FY 2022) Full year 2023 results: EPS: US$0.21 (down from US$1.03 in FY 2022). Revenue: US$2.32b (down 11% from FY 2022). Net income: US$215.6m (down 79% from FY 2022). Profit margin: 9.3% (down from 40% in FY 2022). Revenue is forecast to stay flat during the next 2 years compared to a 1.2% growth forecast for the Oil and Gas industry in Germany. Tillkännagivande • Mar 21
Ithaca Energy plc Announces its Third Interim Dividend, Payable on 17 April 2024 Ithaca Energy plc announced its third interim dividend of $134 million, representing $0.1321 per ordinary share. The third interim dividend will be paid on 17 April 2024 to shareholders on the share register on 2 April 2024. The dividend is payable in cash in Sterling to holders of the ordinary shares. Sterling dividends payable will be converted from US dollars at the average of the mid-point of the market exchange rate on 27 March, 28 March and 2 April 2024. Accordingly, the Group will confirm the foreign exchange rate and the amount of the Sterling dividend payable in pence per share on 4 April 2024. Tillkännagivande • Feb 17
Ithaca Energy plc to Report Fiscal Year 2023 Results on Mar 21, 2024 Ithaca Energy plc announced that they will report fiscal year 2023 results on Mar 21, 2024 Buy Or Sell Opportunity • Jan 25
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to €1.56. The fair value is estimated to be €2.00, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Meanwhile, the company became loss making. Buying Opportunity • Jan 09
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be €2.02, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Meanwhile, the company became loss making. Tillkännagivande • Jan 05
Ithaca Energy plc Announces Chief Executive Officer Change Ithaca Energy plc announced that Alan Bruce, Chief Executive Officer has agreed with the Board that he will step down from his role as Chief Executive Officer to pursue new opportunities. The Board will progress with a formal search process to appoint a new Chief Executive Officer as soon as possible and will update the market in due course. Until a new Chief Executive Officer is appointed, Iain Lewis will fulfil a dual role of Interim Chief Executive Officer with immediate effect, as well as continuing as Chief Financial Officer, working alongside Gilad Myerson, Executive Chairman and the Company's experienced Leadership Team. Reported Earnings • Nov 24
Third quarter 2023 earnings released: EPS: US$0.078 (vs US$0.17 loss in 3Q 2022) Third quarter 2023 results: EPS: US$0.078 (up from US$0.17 loss in 3Q 2022). Revenue: US$571.5m (down 14% from 3Q 2022). Net income: US$78.9m (up US$244.3m from 3Q 2022). Profit margin: 14% (up from net loss in 3Q 2022). Revenue is expected to decline by 2.7% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 3.6%. Tillkännagivande • Nov 02
Ithaca Energy plc (LSE:ITH) completed the acquisition of remaining 40% stake in Fotla Discovery and three exploration licences from Spirit Energy Resources Limited. Ithaca Energy plc (LSE:ITH) signed a sale and purchase agreement to acquire the remaining 40% stake in Fotla Discovery and three exploration licences from Spirit Energy Resources Limited on July 12, 2023. The licenses are P.213 Area C, P.345 Area A and P.2536. The total transaction consideration comprises two capped contingent payments, which are payable approximately two thirds on final investment decision and a third on first production. The Acquisition, which is subject to the satisfaction of certain conditions precedent including regulatory approval, and with limited near-term cash outflow, will bring the Group's working interest in the Fotla Discovery to 100% at completion, providing Ithaca Energy with full control over pre-final investment decision work and timing. Ithaca Energy plc (LSE:ITH) completed the acquisition of remaining 40% stake in Fotla Discovery and three exploration licences from Spirit Energy Resources Limited on November 1, 2023. New Risk • Aug 13
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 10.0% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (10.0% average weekly change). Minor Risks Short dividend paying track record (less than a year of continuous dividend payments). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (17% net profit margin). Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to €1.94, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 5x in the Oil and Gas industry in Europe. Tillkännagivande • Jul 12
Ithaca Energy plc (LSE:ITH) signed a sale and purchase agreement to acquire the remaining 40% stake in Fotla Discovery and three exploration licences from Spirit Energy Resources Limited. Ithaca Energy plc (LSE:ITH) signed a sale and purchase agreement to acquire the remaining 40% stake in Fotla Discovery and three exploration licences from Spirit Energy Resources Limited on July 12, 2023. The licenses are P.213 Area C, P.345 Area A and P.2536. The total transaction consideration comprises two capped contingent payments, which are payable approximately two thirds on final investment decision and a third on first production. The Acquisition, which is subject to the satisfaction of certain conditions precedent including regulatory approval, and with limited near-term cash outflow, will bring the Group's working interest in the Fotla Discovery to 100% at completion, providing Ithaca Energy with full control over pre-final investment decision work and timing. Reported Earnings • Jun 01
First quarter 2023 earnings released: EPS: US$0.16 (vs US$0.012 in 1Q 2022) First quarter 2023 results: EPS: US$0.16. Revenue: US$644.3m (down 14% from 1Q 2022). Net income: US$158.4m (down 80% from 1Q 2022). Profit margin: 25% (down from 104% in 1Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 3.1% growth forecast for the Oil and Gas industry in Germany. Tillkännagivande • May 26
Ithaca Energy plc to Report Q1, 2023 Results on May 31, 2023 Ithaca Energy plc announced that they will report Q1, 2023 results on May 31, 2023 Recent Insider Transactions • Apr 09
Independent Non Executive Director recently bought €160k worth of stock On the 5th of April, Assaf Ginzburg bought around 90k shares on-market at roughly €1.78 per share. This transaction increased Assaf's direct individual holding by 5x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €209k more in shares than they have sold in the last 12 months. Reported Earnings • Mar 31
Full year 2022 earnings released: EPS: US$1.03 (vs US$0.007 in FY 2021) Full year 2022 results: EPS: US$1.03 (up from US$0.007 in FY 2021). Revenue: US$2.60b (up 77% from FY 2021). Net income: US$1.03b (up 117% from FY 2021). Profit margin: 40% (up from 32% in FY 2021). Revenue is forecast to stay flat during the next 3 years compared to a 4.3% growth forecast for the Oil and Gas industry in Germany. Board Change • Mar 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Senior Independent Director John Mogford was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. 
