One of the largest players in the UK North Sea, Ithaca Energy, is moving ahead with plans to float on the London Stock Exchange within the next few months.
The firm’s parent is Delek Group - Israel's leading integrated-energy business.
Delek said in its latest results that the aim is to list Ithaca during the second half of 2022. Ithaca was reported to be "making progress with the relevant authorities" with the preparation of required documents.
No estimates have been given yet on a possible market valuation.
Energy Voice says that, in the last few months alone, Ithaca has completed high-profile deals for Marubeni, Summit Exploration and Siccar Point Energy.
Delek said in its results: "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."
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.
Appraisal drilling
Delek has also provided an update on appraisal drilling at Isabella, previously described "one of the most exciting prospects in the UK's central North Sea".
Neptune Energy, which has a 50% non-operated interest in the prospect, confirmed plans earlier this year to commit £76million to the appraisal well.
Operator TotalEnergies (30%), Ithaca (10%), and Euroil Exploration (10%) hold the remaining stakes.
Delek has confirmed that drilling at Isabella, about 165 miles south-east of Aberdeen, should start this month or next.
Ithaca, which has offices in Aberdeen, was founded in Canada in 2004. Following an initial public offering in 2006, its shares were listed on the Toronto Stock Exchange and the Alternative Investment Market of the London Stock Exchange.
In 2017, the 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.
Chevron deal
At the end of 2019, it completed a deal for Chevron North Sea - establishing Ithaca as the second-largest UK North Sea independent operator and fifth-largest producer.
FTSE 100
The UK's top share index, the FTSE 100, was up 47 points at 7,518 shortly after opening this morning, following yesterday's 16-point loss.
Brent crude futures were 0.41% higher at $101.64 a barrel.
Companies reporting today
- Half-year results: Harbour Energy, Grafton Group, CRH