Market Reaction: Slightly positive as the borrowing base of Ithaca had been an area of concern to some investors. However, with the recent US$66 mm equity issue, we anticipate that this concern has already been addressed to a large extent. We continue liking Ithaca as one of the few North Sea Companies having entered a phase of deleveraging.
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BORROWING BASE REDETERMINATION
Market Reaction: Slightly positive as the borrowing base of Ithaca had been an area of concern to some investors. However, with the recent US$66 mm equity issue, we anticipate that this concern has already been addressed to a large extent. We continue liking Ithaca as one of the few North Sea Companies having entered a phase of deleveraging.