Ithaca Energy Completes Reserves-Based Lending Redetermination

LONDON (Alliance News) - Ithaca Energy PLC on Monday said it has completed its semi-annual reserves-based lending review and intends to keep USD125.0 million in funding headroom ahead of the planned first oil from the Greater Stella Area in the North Sea in the second quarter of 2016.

Ithaca said it has cut its net debt to under USD690.0 million at the end of October, from USD800.0 million in the first half of 2015.

"We are pleased to have efficiently completed the RBL redetermination process and be able to re-confirm the solid funding headroom of the business," said Chief Financial Officer Graham Forbes.

"The company has taken a number of proactive measures over the year to maintain a robust financial position during this period of lower and more volatile oil prices, ensuring it has the financial flexibility to manage downside risks and pursue potential opportunities within our core Greater Stella Area," Forbes added.

Shares in Ithaca were down 4.5% to 42.75 pence on Monday.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

Copyright 2015 Alliance News Limited. All Rights Reserved.