Delek makes offer for North Sea specialist Ithaca
The board of Ithaca Energy is recommending a takeover offer by Tel Aviv-based Delek Group that values the company at $1.24 billion.
Ithaca, a specialist in UK North Sea E&P, expects to start production later this month from theGreater Stella Area gas/condensate project in the central UK sector.
Here the company says it has made progress on completing remedial work on theFPF-1 platform’s electrical junction boxes, which has delayed start-up.
Delek Group, which already has a 19.7% stake in Ithaca, is best known as Noble Energy’s partner in the Tamar andLeviathan gas field developments offshore Israel.
Recently it also secured its first exploration license offshore Newfoundland.
Asaf Bartfeld, president and CEO, said: “Today, we are taking another significant step which, if successful, will firmly establish Delek Group as a global E&P company, with international oil and gas assets and strong operational capabilities.”