3rd May 2016 08:33
LONDON (Alliance News) - Ithaca Energy Inc on Tuesday said it has successfully completed its semi-annual reserves-based lending facilities review.
Following the review, Ithaca said it continues to maintain in excess of USD100 million of funding headroom ahead of its planned first hydrocarbons from the Greater Stella area in the North Sea in the third quarter of 2016.
Ithaca commenced deleveraging the business in 2015 and on Tuesday said its net debt has reduced from over USD800 million in the first half of 2015 to USD630 million at March 31, 2016.
"We are pleased to have efficiently completed the planned RBL redetermination process, reaffirming Ithaca's robust financial position and ensuring continued financial flexibility to manage future risks and opportunities," Chief Financial Officer Graham Forbes said in a statement.
Shares in Ithaca were trading down 0.6% at 44.50 pence on Tuesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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