Last year was one of significant events for Ithaca, and one in which the
Company achieved a significant growth in reserves, more than making
up for the sale of assets to Dyas in mid-year.
Proved reserves have more than doubled since the Dyas transaction,
and Probable reserves are up 2.7x. On a year-over-year basis, Proved
reserves are up 10% to 16 million barrels equivalent, Probable reserves
increased 49% to 21 million barrels equivalent, and Possible reserves are
up by 60% to 42 million barrels equivalent.
The present value of the 37.2 million barrels equivalent of the Proven
and Probable reserves, discounted at 10%, is US$768.4 million or $5.00
per share; we estimate that cash in the Company could be worth
another
.30 per share, for an approximate asset value of $5.30 per
share. Adding in Possible reserves brings total reserves to 79.2 million
barrels, with a present value of US$1.8 billion or $11.45 per share; $11.75
after including an estimate for cash.
Reserves at Beatrice and Jacky had a positive revision, reflecting their
better-than-expected production performance. In addition, new reserves
were added at Stella, Carna Hurricane and Harrier. All reserves are
royalty free.
Drilling of an appraisal well at Stella is anticipated this quarter.
Ithaca is debt-free.