Are they any good..?



currently 150p to buy.

78p +4p (+5.41%)

The spike is now taken place after moving over the last intraday high sp is well a BREAKOUT

See following post from poster on Canada called the Doug, interesting in tanker parking in of North east England:
Oil & Ithaca

Oil

Opec seem determined to maintain the upward momentum and to bring others into the output cutting fold by November. How successful they are probably won't matter that much medium term. IEA data showed demand and production closely matched in the early part of 2016, Q3 data which at this point is part actual part forecast is expected to come in at nearly 1M b/d shortfall in production and Q4 forecast is for over 1M b/d shortfall, deepening from there.

Local North East of England news last week ran a feature on empty, very definately empty, oil tankers parked up offshore to avoid port costs with skeleton crews, the ships owners stating that there was no work for these tankers - the feature covered this from a local eyesore perspective. Similar tanker parking is happening elsewhere also apparently. Not that 1m b/d or just over 1% under production would have that much impact on tanker usage of itself, but the glut of recent years has meant that tankers have been used for storage at sea - reduction in the global oil stocks, which has little or no correlation with US inventories, is resulting in a reduction in global tanker storage.

So how will this impact the oil price. Medium term this will lead to major oil price increases and record highs probably by 2018. Shorter term things are much more unpredictable but the direction of travel is clear.

Ithaca

All good. On the Canada exchange the key break out is above $1.50, could rapidly move to $3 from there. If we assume mid November production we should see the break out, how quickly we move to $3 will depend on the oil price. Also there is a likely trigger price for a probable Delek bid, probably somewhere between $2 and $3.

Doug

The Oil Man: Ithaca, - By Malcolm Graham-Wood | Fri, 7th October 2016 - 12:56

Ithaca Energy

Ithaca (IAE) continues to deliver the goods and is a worthy member of the bucket list; yesterday it delivered third-quarter figures and an operational update that beat market expectations.

Production in the third quarter was 9,900 barrels per day (b/d) giving an average of 9,550 for the year-to-date, neatly above the 9/- b/d guidance. FPF-1 is all hooked up and first production is expected in November; this is key, it will add 16/- b/d of production and - to use an overused word - will indeed be "transformational" to Ithaca.

That will get better when the pipeline comes into operation next year after the initial export by tanker. The increased revenue next year will dwindle the debt and give the company many opportunities to grow; nearby there are such opportunities, which I expect IAE to take advantage of.

82.50p +4.50 (+5.79%)

A very good start of the day as order book is strong on the bid side 36 v 20, we could see the breakout go higher at this rate
Most of the peers on the sector are down, so augurs well for IAE

from TMF yesterday

should-you-be-buying-these-two-growth-stock/

"Low cost production

Ithaca Energy (LSE: IAE) has been recovering well this year after a tough time in 2015. The shares are up 172% since 1 January this year and show no signs of stopping anytime soon. The recently released Q3 operational update shows that Ithaca is continuing to lower costs and work on asset profitability. The company produced 9,900 boepd (47% liquids) which was ahead of the 9,000 boepd target for the quarter.

The key value lever for Ithaca in the short term is first oil at the Stella field in the North Sea. First oil is expected in November and a rapid ramp up in production should see the company reach an annualised production rate of approximately 16,000 boepd. This should drive the operating cost per barrel below the $20 mark and boost revenue and profits. In August, CEO Les Thomas said “production is running ahead of guidance, operating costs have been further reduced and we have continued deleveraging the business.”

Ithaca has performed very well in the first half of 2016 and in the next few months the much anticipated Stella field will come online. First oil has been delayed multiple times but next year should be transformational for Ithaca. It plans to continue to pay off debt and deleverage the balance sheet. This plan should be good for shareholders as the business equity price should increase if oil stays above the $45 per barrel mark. "

Take it as you like.........

from "Roth1" today 10:25

Takeover valuation
Today 10:25 - In 2012 Ithaca was in talks about an offer for the company. Rumor was that around £2 per share was on the table and was turned down because it undervalued the company. In 2012 the company was producing about 5000 boepd with oil priced at $110. Now oil is down to $52, half what it was in 2012, but in a few weeks time Ithaca will be producing 25,000 boepd, five times what it was in 2012.

That's down to FPF1 and the price of that is $600m debt against about $50m (I think) in 2012. FWIW my own calculations give a net present value for Ithaca of about £600m based on $65 per barrel for Brent, that's roughly £1.60 shareprice.

Any premium for a takeover should take us well over £2 and possibly more.
These valuations of Ithaca take no account of the potential that derives from the production platform. As things stands, current reserves will only employ the platform for 6, maybe 7 years. But, for a relatively small outlay Ithaca could double its reserves and extend FPF1 production proportionately.

Ithaca's last acquisition from Vorlich worked out at a cost of about 50 cents per barrel. Even paying $2 per barrel would only cost $100m to double reserves - the platform is potentially hugely valuable once these acquisitions are made. Any buyer will receive the full benefit of that!

86p +4.75p

The rise lately with oil price rising last night got the stock up with a GAP this morning and then a higher Breakout

82p - 8.375p
after moving well up yesterday, bad news got the stock down today.............

Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) ("Ithaca" or the "Company") provides an update on the status of the on-going Stella field commissioning programme and the expected schedule for start-up of production.

Activities on the offshore commissioning programme for the FPF-1 floating production facility are well advanced and preparation for start-up of the Stella field is on-going. During routine inspections, faults on a number of electrical junction boxes on the vessel's processing facilities have been identified and a programme of necessary repairs is underway. All other preparations are on plan. Start-up is now anticipated in early January 2017, upon completion of this additional work.

Les Thomas, Chief Executive Officer, commented:
"The safety and integrity of the facility is paramount and we must ensure that everything is done meticulously in advance of the introduction of hydrocarbons into the facility. Although any delay to start-up at this stage is frustrating, the value of a thorough inspection programme has been proven and we look forward to completion of this work and the imminent start-up of production."

Takeover by Delek announced.

After the recent rise rise and rise, the much expected bid came along
One could say from 20p to 120p in one Year .........


Ithaca Energy's is recommending C$1.95 per share takeover by Delek Group which values the issued share capital of company at C$841m and implied a total enterprise value of approximately US$1.24bn.

Ithaca said the offer provided shareholders with the opportunity to crystallise the value of their holdings in cash and represents a 12% premium to the TSX closing price of C$1.74 per share on 3 February and a 16% and 27% premium to the 30 day and 60 day volume weighted average prices respectively.

Non-executive chairman Brad Hurtubise said: "We are very pleased to announce the Offer, which provides an attractive opportunity for all shareholders to secure a premium cash value for their investment following a sustained period of share price growth and at a favourable point in the company's evolution.

"A special committee of independent directors has fully assessed the Offer, with input from the company's financial advisor and an independent valuator, and believes the offer is fair and in the best interest of the company and its shareholders and unanimously recommends that the shareholders tender their shares to the offer."

I just realised that sometime back I was speculating about the Takeover by - Delek

mentor - 21 Aug 2016 21:33 - 76 of 90 edit this post

Speculation that Delek will again try to bid for the company

Delek's recent Asset Sales:

17th Feb: Attempting to sell Phoenix Holdings.
19th April: Completion of Sale Republic Companies Inc ($140m USD)
31st July: Raised 1,112,000 NIS = Circa $300m USD
17th August: Sale of Tamin & Karish leases sold to Energan ($148.5m USD) Delek's Share 52.94 = $78.61 USD
17th August: Signing of Agreement Sale of Power Station Ashkalon 200m NIS = circa $53m USD

Delek seems to be off loading assets building up its reserves
Is this the plan to launch a takeover?