Ithaca Energy

Today we’re excited to launch our Annual Report and Accounts for 2024.   2024 has been a truly transformational year for Ithaca Energy, with the successful completion of our Business Combination with Eni UK, creating a dynamic growth player.   We enter 2025 in a position of significant strength and as a transformed business having made material progress against our strategic objectives in the year.   Our increased scale of operations, enhanced cash flows and robust capital allocation policy underpins material sustainable shareholder distributions, with the Group successfully delivering against its dividend target of $500 million for 2024.   With significant optionality across the portfolio, a strong track record in value-accretive M&A and material financial firepower, our focus for the year ahead remains on high-grading investment across our range of growth opportunities to maximise sustainable shareholder value. Read our Annual Report and Accounts here - https://lnkd.in/e5rWaYu9

💜 155 years of VSA 🍰 We recently held a special birthday celebration in our Aberdeen office to mark 155 years of our charity partner, VSA. Our catering team, ESS, made a fantastic feast of three showstopping cakes and a spread of sweet treats, and our colleagues raised money for VSA's vital services. Our CEO, Luciano Vasques, said: "VSA provide vital services to the city of Aberdeen, changing the lives of many vulnerable children and adults, and I am incredibly proud to lead a business so committed to supporting our local community." The cakes were also donated between three VSA Services; Broomhill Care Home, Mental Health Service and Young Adults Service.

❗ Last chance to apply for our Summer Internship programme - the applications close tomorrow! Cameron Stewart, who interned as an Electrical & Instrumentation Engineer last year said of his experience: "From day one, everyone on the team was very welcoming and always willing to share their knowledge. The internship helped me develop both technical and professional skills, with plenty of opportunities for growth through engaging activities which encouraged communication and collaboration with fellow interns. Overall, the experience was very beneficial to both my professional and personal development, and I’d highly recommend Ithaca Energy to any aspiring students looking to gain real-world experience in a friendly and supportive workplace." Apply now ➡️ https://lnkd.in/eBFsEsrF

We are proud to announce our new charity partnership with Mental Health Aberdeen (MHA), supporting their goal to break the stigma around mental health. MHA provides free counselling and information services to children, young people and adults experiencing difficulties related to their mental health and wellbeing. Members of our Charity Committee had the pleasure of meeting the fantastic team at their HQ in Aberdeen and shared the news of our initial partnership donation. We look forward to working closely with MHA, supporting them to achieve their mission and raising vital funds through fundraising initiatives and sponsorship of their events throughout the year.

Our Summer Internship Programme is now open but don't delay - the deadline for applying is Monday 7 April! Liam Scorgie joined us last year and said: "Time flies when you're having fun - that's true of my summer spent as Process Intern at Ithaca, working in the Technical Excellence department. It was a journey filled with learning, collaboration and growth and I'm truly grateful to have shared it with such an incredible team."  We have a range of opportunities available, from engineering to environmental, so check out the vacancies below and please share with anyone you think might be interested ⬇️ https://lnkd.in/eBFsEsrF

Sharing our story is always an enjoyable experience. An agile independent, with the capabilities of a Major - delivering on our promises and focused on value creation and sustainable shareholder returns. Yesterday, we took the opportunity to provide an investor update alongside our FY 2024 results. The message - Scale. Stability. Strength. A powerful platform for value-accretive growth. Thank you to the Ithaca Energy leadership team for joining me to share our compelling growth story, to Rothschild & Co for hosting us in such a stunning setting, and finally to everyone that joined our event. Yaniv Friedman (Executive Chairman) A recording of the event is available here: https://lnkd.in/eQV5SiAY

Today we have announced our 2024 Full Year Results in what has been a truly transformational year for the Group. We were also delighted to announce a third interim dividend of $200 million for 2024, delivering against our 2024 dividend target of $500 million. At 9am this morning we will host our FY 2024 Results and an Investor Update outlining our strategy to deliver long-term value creation following the recent Business Combination with Eni UK. To join the webcast please register via our website Read more here: https://lnkd.in/e5rWaYu9

Ithaca Energy announced this morning that it has signed a Sale and Purchase Agreement to acquire the entire issued share capital of JAPEX UK E&P Limited (“JUK”), based on an effective date of 1 January 2024, adding a further 15% working interest in the Seagull Field, increasing Ithaca Energy’s working interest in the field to 50%, equal to operator bp. The Transaction is in line with the Group’s strategy to pursue value-accretive M&A, adding high-quality assets in its core UKCS market and demonstrates the range of inorganic growth options available for the Group. The acquisition represents a low risk, accretive acquisition of an additional working interest of an asset which we know well with a long life of field (mid-2030s) at attractive $/boe metrics. We look forwarding to presenting our FY 2024 results and Investor Update tomorrow, 26 March. https://lnkd.in/eni7ab3s

We've officially opened our Summer Internship Programme, which will kick off in May 2025 🎉 Based in our Aberdeen office for 12 weeks, our summer internships will give students the opportunity to apply their learning in a practical setting, learn from a skilled and experienced workforce and make a real contribution to what we do at Ithaca.   We've got a range of opportunities available, from engineering to environmental, so check out the vacancies below and please share with anyone you think might be interested ⬇️ Applications close on Monday 7 April. https://lnkd.in/eBFsEsrF

Yesterday, our Executive Chairman, Yaniv Friedman and our CFO, Iain Lewis, presented at the J.P. Morgan Global Leveraged Finance Conference in Miami together with our Deputy CFO, Manik Gupta. This marked our first conference presenting to Bond holders following our successful $2.25bn refinancing completed in October 2024. With a strong Balance Sheet and significant available liquidity of over >$1bn, Ithaca Energy has the financial capacity and flexibility to support our future growth aspirations alongside distributing back to our shareholders. It was great to meet with many of our Bond holders and share our vision for our future.   Thank you to J.P. Morgan for hosting Ithaca Energy at this event.