Ithaca Energy PLC Credit Rating Upgrade Reviews
08 May 2024 - 4:00PM
RNS Regulatory News
RNS Number : 5081N
Ithaca Energy PLC
08 May 2024
8 May 2024
Ithaca
Energy plc ("Ithaca Energy" or the "Company")
Credit
Rating Upgrade Reviews
Ithaca Energy, a leading independent oil and gas
operator in the UK North Sea, is pleased to note
that two leading international credit ratings agencies have decided
to review for an upgrade to the Company's corporate family
rating.
Moody's Ratings ("Moody's") and
Fitch Ratings ("Fitch") have each announced that they are
considering an upgrade following the announcement that Ithaca
Energy has agreed a proposed combination with substantially all of
Eni S.P.A.'s UK upstream oil and gas assets ("Eni").
The factors influencing the decision
to place the Company's on review for upgrade include, but are not
limited to:
I.
|
a material increase in Ithaca's
average daily production and reserve base from
completion;
|
II.
|
the Company's retention of robust
financial metrics and liquidity, supported by the
cashflow-generative nature of the enlarged producing asset base and
the de-leveraging effect of the transaction at
completion;
|
III.
|
continued commitment to conservative
financial policies and leverage, notwithstanding the Company's
ambition to distribute up to $500 million to shareholders in each
of 2024 and 2025; and
|
IV.
|
greater diversification within
Ithaca's shareholding structure and board composition following
completion.
|
Completion of the Combination with Eni is subject to
certain conditions and is expected to occur in Q3 2024.
Ithaca Energy
|
|
Kathryn Reid - Head of Investor
Relations, Corporate Affairs & Communications
|
kathryn.reid@ithacaenergy.com
|
FTI
Consulting (PR Advisers to Ithaca Energy)
|
+44 (0)203
727 1000
|
Ben Brewerton / Nick Hennis / Rosie
Corbett
|
ithaca@fticonsulting.com
|
|
|
Note to
editors:
About Ithaca Energy plc
Ithaca Energy is a leading UK
independent exploration and production company focused on the UK
North Sea with a strong track record of material value creation. In
recent years, the Group has been focused on growing its portfolio
of assets through both organic investment programmes and
acquisitions and has seen a period of significant M&A driven
growth centred upon two transformational acquisitions in recent
years. Today, Ithaca Energy is one of the largest independent oil
and gas companies in the United Kingdom Continental Shelf (the
"UKCS"), ranking second by resources.
With stakes in six of the ten
largest fields in the UKCS and two of UKCS's largest
pre-development fields, and with energy security currently being a
key focus of the UK Government, the Group believes it can utilise
its significant reserves and operational capabilities to play a key
role in delivering security of domestic energy supply from the
UKCS.
Ithaca Energy serves today's needs
for domestic energy through operating sustainably. The Group
achieves this by harnessing Ithaca Energy's deep operational
expertise and innovative minds to collectively challenge the norm,
continually seeking better ways to meet evolving
demands.
Ithaca Energy's commitment to
delivering attractive and sustainable returns is supported by a
well-defined emissions-reduction strategy with a target of
achieving net zero by 2040.
Ithaca Energy plc was admitted to
trading on the London Stock Exchange (LON: ITH) on 14 November
2022.
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