Ithaca Energy
- Company overview
- Ithaca Energy is a Canadian oil and gas exploration, development and production company, focused on the UK segment of the North Sea. Its portfolio comprises oil in inner and outer Moray Firth (Central North Sea), gas condensate in the Central North Sea and dry gas in the Southern North Sea.
| Date | Reports available | Download |
|---|---|---|
| Feb 05 2010 |
Reserves upgrade Ithaca has announced a substantial increase in its 2P reserves of c 115% to 37.2mmboe. Jacky is providing good news with production slightly ahead of expectations and is generating solid cash. Increasing its stake in the Stella field was a key milestone for Ithaca, potentially unlocking a new development hub in conjunction with its two developed assets Harrier and Hurricane. We increase our Core NAV to 114p. Catalysts to watch are the appraisal of Stella and launch of Athena in Q110. Research type: Update |
Log in to download 4 page note available |
| Nov 25 2009 |
Stella appraisal next With net production on track to average over 4,000bbl/d for the full year, Ithaca is set to reap the rewards of historically high oil price levels in the $70-80/bbl range. The new Jacky field is exceeding expectations and contributes to a cash flow from operations of $24m in Q3, before working capital movements. This is a solid base from which to expand the development portfolio, with the undeveloped Stella field likely to play a key role after the Maersk transaction. Research type: Update |
Log in to download 2 page note available |
| Sep 09 2009 |
A turning point With operations purely focused in the North Sea, over the last 12 months Ithaca has achieved a number of milestones culminating in current production of 5,600bopd (net) from two fields (Beatrice and Jacky). This will allow Ithaca to continue its capital expenditure programme on Carna and Stella that could add a further 4,500boepd by 2012. Our valuation points to a RENAV 65p and with the market slowly reacting to newsflow the current discount could provide material return for shareholders. Research type: Outlook |
Log in to download 12 page note available |
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