Q: What is the expected timeline for regulatory approvals on Rosebank's production startup, and what happens if approval doesn't come? Are there variables in the government's decision? A: CFO Ian Lewis stated that the regulatory process for Rosebank is "relatively straightforward," with Scope 3 emissions data already provided. He declined to speculate on outcomes, emphasizing that the approval processes for wells and fields are "well-worn regulatory paths" and that nothing has changed, aside from the Scope 3 emissions change last year. He framed the process as "regular business" under existing licenses.

Q: Can you give an update on Cambo and the key milestones before FID in 2027? Also, with increased M&A activity in the North Sea, do you see competition for resources increasing, and how does that affect your inorganic growth plan? A: Executive Chairman Yaniv Friedman said Cambo continues to be de-risked across technical, commercial, financial, and environmental workstreams, targeting FID in 2027, with regulatory and partner pieces progressing on timeline. On M&A, he noted that companies are better understanding the regulatory regime, and with the proposed implementation of the successor to the Energy Profits Levy, there is movement on the M&A front. He expects the four large UKCS players to continue dominating the market.

Q: What are the remaining critical path items for Rosebank to reach first production and plateau? Also, what are the core reasons driving the OpEx per BOE decline, and can that trend continue once Rosebank comes on stream? A: COO Odin Essenson highlighted two key items: efficiently completing remaining installation hours and progressing well construction, which has resumed after the April incident. CFO Ian Lewis attributed the OpEx decline to a culture of cost control, supply chain relationships, and FX hedging savings of nearly $20 million. He emphasized there is "no silver bullet" but rather discipline across the business, with the $18 per barrel result reflecting significant effort.

Q: Can you discuss the expected timeline for regulatory approval on Rosebank and the variables that could influence the government's decision? A: CFO Ian Lewis reiterated that the process is straightforward, with emissions data provided and answers given. He avoided speculation, stating that the approval processes are well-established and unchanged, aside from the Scope 3 emissions change. He framed the situation as normal business under existing licenses, expressing confidence in the path forward.

Q: Regarding the dividend upgrade, is there an implicit CFO upgrade, and what are the other components besides the OpEx reduction? A: CFO Ian Lewis confirmed the upgrade is driven by pricing and cost control, with production stable. He noted that while specific price assumptions aren't given, the hedge book indicates 85% downside protection on oil at $60 for the next six months, with gas having significant upside exposure on unhedged barrels. He added that the dividend range could potentially go higher as prices and costs evolve.

Q: How are you seeing the UK M&A landscape with elevated commodity pricing, and do you view reports of BP's $2.6 billion divestment package as reasonable value? A: Executive Chairman Yaniv Friedman declined to comment on specific valuations, stating "nice try," but noted that extreme volatility makes pricing assets difficult. He reiterated that the UKCS landscape is seeing movement with four large players controlling most production and future projects, and that Ithaca remains focused on high-grading its portfolio rather than diluting it.

Q: Can you elaborate on the partnerships that are in place for future M&A, and is that an additional angle to consider for potential acquisitions? A: Executive Chairman Yaniv Friedman clarified that Ithaca is focused on value-accretive acquisitions, not just any deal. He noted that the named partners are large UKCS players following a wave of consolidation, and that Ithaca aims to high-grade rather than dilute its portfolio. CFO Ian Lewis added that partners are critical for field-level equity support and that the right assets at the right price are key.

Q: What are the key milestones for the Captain and Cygnus infill drilling programs, and how are they progressing? A: CEO Luciano Vasquez reported that the Captain PBLJ deployment is demonstrating value, with the B15 well expected on stream from early Q4. The 13th well campaign is on schedule, with the final injector well to be executed after rig maintenance. At Cygnus, the C-13 well is performing ahead of expectations, with C-14 on track for first gas in November, and the C-16/C-17 campaign in the Bravo area expected to be sanctioned in H2 2026.

Q: Can you provide an update on the organic growth pipeline, specifically Fotla, Tornado, and Cambo, and their readiness for FID? A: CEO Luciano Vasquez stated that all three projects have progressed materially and are now technically assured, with FEED and tendering largely complete. Fotla is moving towards execution with key long-lead items secured, targeting FID in 2026. Tornado has advanced following an 18-month license extension, and Cambo is increasingly de-risked as it moves towards sanction and equity front-down in 2027.

For the complete transcript of the earnings call, please refer to the full earnings call transcript .