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Ithaca Energy Inc
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Post Fund Raising & Acquisition Update
| Lawrence H. Payne | Page 10 of 11 |
April 29, 2024
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"Post Fund Raising & Acquisition Update"
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Aug u s t 2010 10 UK Gas Basin Assets Acquisition Headlines The Company has signed an agreement to acquire 4 UK gas basin assets from GDF SUEZ E&P UK Limited 2 producing fields (Angl i a and Topaz) and 2 undeveloped d i s c overies (Garnet and Opal) Cash consideration of US$16.9M (£11.25M) Addit i o n al pro d uct i on o f ~1,000 boepd n et in 2010 to Ithaca wit h signif icant remaining field l i fe in management’s estimate ~20% addit i on to exis ting 2010 aver age net production of the Company Operator* of Anglia, Garnet & Opal Proceeds from 1 st Jan 2010 effectiv e start date expected to of fs et approx 50% of the consideration by completion (Upo n completion expect to pay ~US$8.6M) Diversification of prod uction portfol i o Securing future cashflow from additional production and access to undeveloped reserves * Su bject to partner and regulato ry a p pro v al Note : Produ c tio n and R e serves estimates us ed fo r valuatio n by man a gem e nt, J u ly 20 1 0