Ithaca Energy completes RBL redetermination (Scandinavian Oil-Gas Magazine)

Ithaca Energy completes RBL redetermination

Published Nov 3, 2015

Ithaca Energy Inc. has successfully completed its planned semi-annual reserves based lending (RBL) facilities review and continues to maintain in excess of $125 million of funding headroom ahead of planned first hydrocarbons from the Greater Stella Area at the end of the second quarter of 2016.

As anticipated the Company commenced deleveraging the business in the second half of 2015, reflecting the benefit of strong operating cashflow generation, lower capital expenditures and the cash received from sale of the non-core Norwegian business. The reduction in debt has been further accelerated by $66 million from the recently completed equity investment in the Company by Delek Group Ltd.

Tags: Ithaca Energy Inc.

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