12th Oct 2026 09:07
Ithaca Energy PLC - oil exploration and production offshore UK - Extends its reserve-based lending facility to the end of 2032, giving a six-year remaining term. The USD1.80 billion facility is composed of a USD1.30 billion loan facility and a USD500.0 million letter of credit. The amended lending facility includes an accordion mechanism for up to an additional USD1.00 billion. It comes with "improved pricing terms", Ithaca says, without specifying these. "The support received from our global banking syndicate reflects the strength of Ithaca Energy's asset base, cash flow generation and long-term strategy," says Chief Financial Officer Iain Lewis. "The improved pricing and extended maturity profile lowers our cost of capital, enhances our financial flexibility."
Current stock price: 283.60 pence
12-month change: up 50%
By Tom Waite, Alliance News editor
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