A rough schedule was given for the planned IPO of the North Sea operator Ithaca Energy in London.
Parent company Delek Group announced in its second-quarter results that it intends to list the company in the second half of 2022.
It said it continues to sponsor “a stock transaction” in Ithaca, including through an initial public offering on the London Stock Exchange.
To that end, Ithaca is making “progress with the relevant authorities” in preparing the documents required for listing.
Estimates of the intended market valuation of the company were not given.
Ithaca is growing into one of the biggest players in the British North Sea.
In the last few months alone, it has closed high-profile deals for Marubeni, Summit Exploration and Siccar Point Energy, owner of the controversial Cambo oil field.
Delek said: “As part of its strategic plan to list its shares on the London Stock Exchange and to grow and expand its production profile, Ithaca completed the acquisition on June 30, 2022 of the entire share capital of Siccar Point Energy, which it owns rights at varying rates to the advancement of oil and gas assets and commercial discoveries in the North Sea region.
“According to the report prepared by NSAI, as of December 31, 2021, Siccar Point has proven and probable reserves and a quantity of contingent resources totaling 256 million barrels of oil equivalent at best estimate.
“Siccar Point also has significant tax carryforwards of $3 billion.”
Israeli company Delek has also provided an update on appraisal drilling at Isabella, previously described as “one of the most exciting wells in the UK central North Sea”.
Neptune Energy, which has an unoperated 50% interest in the property, confirmed plans earlier this year to allocate £76m for the appraisal well.
The operator TotalEnergies (30%), Ithaca (10%) and Euroil Exploration (10%) hold the clearance interests in the property.
Delek has confirmed that drilling at Isabella, approximately 165 miles southeast of Aberdeen, should begin in August or September.
The work is expected to last around 165 days.
Delek said, “Depending on the results of the drilling, approximately 100 additional days may be required to complete further actions to collect further data and conduct production testing if a decision is made to proceed.
“This data may be updated depending on, among other things, rig availability, pending permits from various agencies, site conditions, drilling results, etc.”
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