A rough timeframe has been given for North Sea operator Ithaca Energy’s planned IPO in London.
Parent firm Delek Group revealed in its second quarter results that it is aiming to list the company during the second half of 2022.
It stated that it continues to “promote an equity transaction” in Ithaca, including by way of an IPO on the London Stock Exchange.
To that end, Ithaca is “making progress with the relevant authorities” with the preparation of the documents needed for the listing.
Estimates have not been given on the firm’s targeted market valuation.
Ithaca is growing to one of the largest players in the UK North Sea.
In the last few months alone it has completed high-profile deals for Marubeni, Summit Exploration and Siccar Point Energy, which owns the controversial Cambo oil field.
Delek said: “As part of its strategic plan to list its shares on the London Stock Exchange, and to expand and extend its production profile, on June 30, 2022, Ithaca finalised the acquisition of the entire share capital of Siccar Point Energy, which owns rights at different rates in producing oil and gas assets and commercial discoveries in the North Sea region.
“According to the report prepared by NSAI, as at December 31, 2021, Siccar Point has proved and probable reserves and a quantity of contingent resources in a best estimate amount to 256 million barrels of oil equivalent.
“Siccar Point also has substantial tax carry forwards in the amount of $3 billion.”
Israeli firm Delek has also provided an update on appraisal drilling at Isabella, previously dubbed “one of the most exciting prospects in the UK’s Central North Sea.”
Neptune Energy, which has a 50% non-operated stake in the prospect, confirmed plans earlier this year to commit £76 million to the appraisal well.
Operator TotalEnergies (30%), Ithaca (10%), and Euroil Exploration (10%) hold the reaming stakes in the prospect.
Delek has confirmed that drilling at Isabella, about 165 miles south-east of Aberdeen, should commence in August or September.
Work is expected to continue for around 165 days.
Delek said: “Depending on the findings of the drilling, about 100 more days may be needed in order to carry out further actions to collect more data and conduct production tests, if a decision is made to carry them out.
“These dates may be updated, inter alia, depending on the availability of the drilling rig, pending approvals by various authorities, according to onsite conditions, the drilling’s findings etc.”