Newbie reminder from LSE...FYIIn 2016 production is forecast to more than double to approximately 25,000 barrels of oil equivalent per day ("boepd") after Stella start-up
Average production in 2015 totalled approximately 12,100 boepd – exceeding full year guidance of 12,000 boepd
Base production in 2016, excluding any contribution associated with start-up of the Stella field during the year, is anticipated to be approximately 9,000 boepd (95% oil)
Sail-away of the “FPF-1” from Poland is expected to be delayed by six to twelve weeks due to slippage in completion of certain commissioning milestones
Forecast first hydrocarbons from the Greater Stella Area (“GSA”) now anticipated in the third quarter of 2016, increasing production by approximately 16,000 boepd net to Ithaca
The Company has strengthened its GSA position with the acquisition of a strategic non-operated interest in the high quality “Vorlich” discovery from TOTAL E&P UK Limited
Acquired an approximate 17% interest in the Vorlich discovery, located ten kilometres from the GSA hub – estimated gross proven and probable reserves of 20-30 million barrels of oil equivalent (“MMboe”)(1)
Minimal initial consideration, with potential contingent payments upon future milestones
Vorlich appraisal programme was completed in 2014, with submission of the Field Development Plan (“FDP”) scheduled for late 2016
Deleveraging process underway, with strong hedging position and falling unit operating cost base supporting future cashflow generation
Net debt at 31 December 2015 of $665 million, reflecting the benefits of the deleveraging measures taken during the year
Forecast 2016 capital expenditure of approximately $50 million, a reduction of over 40% on the previous year
Average volume of 10,000 boepd (52% oil) hedged until mid-2017 at approximately $61/boe
Forecast 2016 unit operating expenditure associated with base production volumes of approximately $30/boe, reducing to sub $25/boe upon Stella start-up