Market reaction: slightly positive. While the borrowing base under the RBL has been reduced from US$515 mm to US$430 mm, the Company continues maintaining healthy headroom of US$100 mm (US$125 mm previously). Net Debt also continues to drop to US$630 mm (US$665 mm at the end of December) in line with previous indications of US$635 mm. This implies US$35 mm Free Cash Flow in 1Q16. In a rising oil price
environment, Ithaca is one of our preferred international E&P names.
03 May 2016
RBL REDETERMINATION COMPLETED
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RBL REDETERMINATION COMPLETED
Market reaction: slightly positive. While the borrowing base under the RBL has been reduced from US$515 mm to US$430 mm, the Company continues maintaining healthy headroom of US$100 mm (US$125 mm previously). Net Debt also continues to drop to US$630 mm (US$665 mm at the end of December) in line with previous indications of US$635 mm. This implies US$35 mm Free Cash Flow in 1Q16. In a rising oil price
environment, Ithaca is one of our preferred international E&P names.