Ithaca Energy plc

Good morning everyone.

Those of you who are unfortunately not on holiday and joined us and those who are welcome to our first half 2026 result presentation. My name is Yanni Friedman. I'm the executive chairman of Thaca Energy and with me on the call today Luciano Vasquez our CEO and Ian Lewis our CFO. First slide as you can see delivering on our strategy This is a perfect example of a first half of the year that we've been executing all pillars of our strategy and what we'll cover today in our agenda as you can see on slide to its first half 2026 highlights our strategic operational review financial updates and then we'll open it up for questions and answers If you please move this like for a high level again our vision for scale stability and strength well demonstrated in our first half 2026 record quarterly production of 131 000 barrels per day of barrels of oil equivalent with an improved post health look that supports our robust cash flow generation I could say that we had as we said last quarter you know we saw the trend going into q2 We're seeing this trending into Q3, which is a heavy tar quarter for us, but we're recovering very well from this tar season. We're seeing this strong production trending into the third quarter as well. Stability, Rosebank nearing final stages of execution, and we're moving our organic portfolio forwards. with a pipeline of projects to enable us to take final investment decision on through the end of 26 and into 2027 and strengths significant available liquidity we have 1.9 billion dollars of available liquidity we also have an accordion that we can expand in our reserve-based lending facility of above 400 million dollars so significant liquidity We're also tuned to the market and taking advantage of opportunities. So we've done a private bond cap of our euro bond, 155 million euros as 5.5% to further support our growth ambitions and optimize our balance sheets. And with that, we value distributions. We understand that this is important to our shareholders. And we're announcing today our first interim dividend for 2026 of $265 million. And we're upgrading our management guidance of our dividends to $500 to $530 million. And Ian will talk through that later as well. If you look at slide five, and what we did in slide five, we were focusing on stability. And we wanted to show that this is not a one-off quarter or one or first half of the year And what you see here is really a snapshot of the last 24 months since the effective date of our business combination And these are the type of charts that we that we like scale the production going up OPEX going down and stable Castro production and and distribution. I could also say, and Luciano will speak to that, that safety is obviously paramount to us, and we're seeing improved metrics there as well. So if you look at this slide, so first half production in 2026 of 128,000 barrels, OPEX going down from $22 a barrel in 2024 to about $18 in the first half of 2026. and as we said distributions are important for us and as you can see we've to date announced over 1.65 billion dollars in the course of the last three years and upgrading our dividend guidance range for 2026.

will cover strategic and operational review I'll hand over to Luciano to talk about safety production and projects Luciano please all right good morning everybody and if we now move to slide number seven our performance in the first half is fully consistent with the pillars of our strategy that we've presented several times I'll take you through the first two this morning extracting value from our versatile portfolio in UK progressing discipline organic flow a growth opportunities which are strengthening our business for the future the operational momentum from 25 carried strongly into a h126 delivering clear progress across safety environmental performance production efficiencies in each state and cost discipline and this of course reflects our focus on the operational excellence which we've done through our perfect day safer stronger reliability and a lower operating cost per barrel on the growth side we've continued selecting investment across the producing portfolio prioritizing fast cycle value opportunities from captain sickness and also jr and angel franklin as i'll speak through and at the same time our organic growth pipeline is moving forward with purpose with fortla tornado and cambo progressing towards readiness for fid Rossbank has also reached a major milestone with the FPSO now on location ahead of the expected product first production in H1 2027 and following the round-up. If we can now move to slide 8 and I want to stress that our excellent overall performance in H1 2026 was underpinned, as Yaniv said, by strong health, safety and environmental results. for the third quarter on a roll we recorded tier 1 or tier 2 zero process safety vent and sustained again a positive total recordable incident rate trend at 1.2 cases per million hours in H1 and 1.7 on a one-year rolling basis well below the UK North Sea Basin average of 3.95 This is particularly notable given that two operated assets reached cessation of production and this required greater focus to safely execute non-routine end-of-life life activities. Both the SPF1 and ALBA FSU were removed from their locations, transferred to the commissioning yards as planned without any recordable incident. The emission performance also remains strong with emission intensity now at 16.4 kilograms CO2 per barrel equivalent, which is substantially below the batting average of around 25 and continuing to trend downwards. And this reflects the increased weighting towards lower emission assets and the retirement, of course, of the higher intensity ALBA and GSA fields. If we move now to slide eight, sorry to slide number nine with with production we achieved as we said record production in Q2 26 averaging 131 thousand bar per day as operations rebounded strongly from the weather related challenges experienced in Q1 confirming the robustness of our portfolio despite the challenges both in the operated and the non-operated assets this performance supported an average production of 128 thousand barrels per day in first half and production operations continue strong as we said beyond q2 which provides us confidence in our production outlook for the year still appropriately allowing for the planned impact of the q3 turnaround season and the production mix also strengthened with gas now representing 48 percent of h1 volumes versus 41 in h1 2025 and the shifts Reflects the strategic portfolio reshaping that were delivered through the M&A activities in 2025 particularly increased contribution from Cygnus and Segal gas fields if we move to slide 10 now a Captain the deployment of the PDLJ is already demonstrating the value of our industry collaboration model unlocking near-term production and through three-month drill program on well B15 which is progressing well and expected to be on stream from early Q4. The wider captain 13th well campaign remains on schedule. The well C75 was successfully brought on stream in Q2 and following the current ongoing maintenance activity the final well of the campaign which is an injector will be executed. Captain continues to deliver fast cycle high return opportunities with the 14th campaign plan to fall immediately after the 13th one and in parallel sanction of the captain subsea well campaign which comprises two wells and will leverage it again the PDLJ capacity is expected to be to be reached in q4 this year The first production from the subsea campaign is targeted for 28, adding further depth to Captain's long-term production outlook, which is underpinned by the EOR Stage 1 and Stage 2 initiatives that are delivering in line with their field development plans. If we now move to slide 11, we talk about thickness, where the infill drilling program continues to make strong operational progress, The C-13 well, which was brought on stream in May, is performing ahead of expectations thanks to a successful completion, design and execution of the hydraulic factoring program. C-14 has since been spotted and remains on track to prefer gas in November. before then the campaign progresses to C15. On completion of C16, the rig then is expected to move to the Bravo area in Q2 2027 for the C16 and C17 two-world campaign, which we expect to sanction in the second half of this year, subject to the required field development plan approvals. C16 is a clear example of production-led exploration, reinforcing our commitment to maximize value from sickness. so timely regulatory approval is essential to maintain momentum and support continued delivery of domestic gas from one of the UK's most significant fields if we move to slides 12 now we turn to two key assets in our non-operated portfolio J area continues to provide a stable low-cost production contribution Supported by strong performance from Jocelyn South and Talbot which continue to be ahead of expectation The operator performance remains high underpinned by an open and constructive partnership and the assets offer further upside through well interventions new and few wells as well as production and infrastructure led exploration and appraisal opportunities such as courageous and peach with the potential to replicate the Jocelyn South success And, frankly, with the new operator Neonex Plus, we have sanctioned a two-wall program comprising EIJ and EIH, which was an opportunity previously deferred in response to the energy profit levy. And the campaign is scheduled to start in Q4 this year and represents a short cycle, again, high return investment, targeting 4.5 thousand barrels per day of net incremental production in 2028. with EIJ expected on stream in January and EIH in August. And then, if we move to slide 13, we talk about Rossbank, which continues to move into its final stages of execution, with the operator now narrowing first production in first half 2027 and ramp up to plateau from summer next year, subject to regulatory approvals. A major milestone was achieved in June with the FPSO arriving and being moved on location after a short dock phase in Bergen and at this moment hookup activities are ongoing which will be followed by the commission prior to first oil. Following the April equipment handling incident the drilling rig returned to service at the end of July after a period of hire and has responded well activities focused now on delivering the minimum wealth stock required for the planned ramp-up. 2026 capital spending now expected to be lower than previously guided reflecting the refacing of this drilling activity and associated costs into 2027 including the final FPSO commissioning. Rosbank remains attractive as a project with expected post-tax capex below $4 per barrel equivalent reducing to below 3.5 with the anticipated high value A12 and an overall cost performance within project contingency envelope and to close we go in slide 14 our key organic growth projects FOTLA, Tornado and Campbell have all progressed materially and now are technically assured with front-end engineering design and tendering largely complete. Fortla is moving towards execution, supported by the successful farm down and rig sharing agreement with Harbour Energy. The key long-lead items including installation vessels and PBLJ drilling rig capacity have been secured, reducing development risk and increasing confidence in reaching FAD in 2026. The West of Shetland remains central to our strategy and an important growth basin Tornado will be a key gas enabler for future tiebacks and have advanced towards FID following the obtaining of 18 months license extension to March 2028 with critical long lead items and vessels secured alongside our partner Aduara subject to regulatory approvals and Campbell the largest Free FID and developed discovery of the UK continental shelves remains a strategically important option for both Ithaca and the UK indeed. With front-end engineering and tendering substantially complete, major contracts ready for award, value engineering, re-tendering, commercial and financial work streams progressing, the project is increasingly de-risked as it moves towards sanction and equity front-down. With that, I pass the word again to Gianni Riffa.