05 Oct 2015
VERY STRONG 3Q15 UPDATE
Market Reaction: Positive. The US$30 mm capex reduction represents a £0.06 per share boost to valuation (18% of current share price). The reduction of the Company's net debt supports our view that the Company has entered a phase of deleveraging the balance sheet. Our ReNAV for Ithaca is very leveraged to oil price movement and we continue viewing Ithaca shares as one of the most attractive vehicles to play an oil price bounce back.