Ithaca Energy said it has completed its planned semi-annual reserves based lending facilities review and continues to maintain its excess of $100million of funding headroom ahead of production from the Greater Stella area in the third quarter of 2016.
The company commenced delevaraging the business last year with net debt reducing from $800million in the first half of the year to $630million in March this year.
Following the RBL redetermination process the Company’s available bank debt capacity is over $430 million prior to Stella start-up.
When combined with its $300 million senior unsecured notes this takes available debt to over $730 million, providing funding headroom in excess of $100 million.
Graham Forbes, chief financial officer, said:”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.”