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Ithaca Energy Operations Update

Gasoil News - Published on Fri, 14 Feb 2020

Image Source: Ithaca Energy
Ithaca Energy Limited has provided the following operations update ahead of issuance of the 2019 financial results on 31 March 2020. Ithaca’s 2020 strategic focus is centred on execution of the post-acquisition business transformation programme, building out the long term growth profile of the business and exploring options to optimise the Company’s capital structure, including a potential initial public offering

Following completion of the Chevron North Sea Limited acquisition and transition programme in November 2019, the key focus of the on-going business transformation programme for the enlarged business over the coming months is centred on process simplification, operational efficiencies and value creation

The operational strategy of the Company is to deliver a balanced blend of investment programmes to sustain and enhance production through continued expansion of the Captain enhanced oil recovery programme, infill drilling, satellite field developments and near-field exploration and appraisal activities

With the significantly enhanced organic investment opportunity set provided by the CNSL acquisition, a core operational priority for 2020 involves the maturation of additional targets to further enhance long term production and reserves

Opportunities to augment the Company’s existing portfolio and resource base remain a key component of the business plan, with a focus on potential strategic bolt-on acquisitions from which to leverage existing operating capabilities and experience

In line with the corporate objectives of Ithaca’s parent company, the Delek Group Limited, during 2020 the Company anticipates exploring potential options to optimise its capital structure, including a potential initial public offering

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Posted By : Yogender Pancholi on Fri, 14 Feb 2020
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