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Delek moves for all of Ithaca’s shares

cnooc uk
The CNOOC Buzzard platform

Israel’s Delek Group has given notice of its compulsory share purchase of the remaining shares in Ithaca Energy it does not currently own.

Delek already owns 94.2% of Aberdeen-based North Sea oil producer Ithaca, whose assets include the giant Buzzard oilfield.

The acquisition of the remaining shares by Delek, which has its headquarters in the popular tourist resort of Netanya, is worth about £27million.

Delek’s takeover values its new Aberdeen business at around £1billion.

Following completion of the compulsory acquisition, the admission of Ithaca’s shares to trading on the City’s Alternative Investment Market will be cancelled and the shares will be delisted from the Toronto Stock Exchange.

In March, Delek revealed it was already eyeing new acquisition targets in the North Sea.

The company said its mission to become a major player in international oil and gas exploration and production was just starting.

And it identified the North Sea and North America as areas of special interest.

Last December, it emerged Tel Aviv-listed Delek had taken a 13.18% stake in Aberdeen company Faroe Petroleum from Dana Petroleum in a £42.77million deal to boost its North Sea presence.

That acquisition saw Delek become the largest single shareholder in Faroe.

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