Ithaca Energy is to list on the London Stock Exchange next Wednesday, with a market value of up to £3.15billion.

Such a value means it could be a contender to join the FTSE 100 index of Britain's biggest companies.

Ithaca, one of the largest players in the UK North Sea, Is owned by Delek Group - Israel's leading integrated-energy business.

The initial public offering (IPO) has been marketed at a range of 250p to 310p - which equates to a company value of £2.54billion to £3.15billion.

Ithaca, which has made several high-profile acquisitions in recent years, is seeking to raise as much as £310million through the flotation.

in the last few months alone, Ithaca has completed deals for Marubeni, Summit Exploration and Siccar Point Energy.

Undeveloped oil discoveries

The deal for Siccar included 70% of Cambo and 20% of Rosebank - thought to be the two largest undeveloped oil discoveries in the North Sea.

Ithaca is the sixth-largest company in the UK North Sea by production volume, behind Harbour Energy, Total, BP, Shell and Neo Energy.

The firm said in a statement last month that the cash raised from the IPO would help it become a "key player in providing energy security to the UK", at a time when cuts in Russian gas supplies are causing shortages in Europe.

"I am incredibly proud of the transformation Ithaca Energy has undergone over the past three years to become one of the UK's leading independent oil and gas companies," said executive chair Gilad Myerson.

After the listing, Delek will remain the controlling shareholder.

Ithaca, which has offices in Aberdeen, was founded in Canada in 2004.

Listings

Following an IPO in 2006, its shares were listed on the Toronto Stock Exchange and the Alternative Investment Market of the London Stock Exchange.

In 2017, largest shareholder Delek acquired all the shares, and the company was delisted.

Ithaca has been an active UK offshore operator and producer since 2008, growing its portfolio of assets through both organic investment programmes and acquisitions.

At the end of 2019, it completed a deal for Chevron North Sea - establishing Ithaca as the second-largest UK North Sea independent operator.

More like this…

View all