Delek Drilling Buys 20% Stake in North Sea Operator Ithaca Energy

DKL Investments, a wholly owned subsidiary of Delek Group, has acquired a 19.9% stake in Ithaca Energy for US$66 million. 

Ithaca Energy is a North Sea oil and gas operator focused on the delivery of lower risk growth through the appraisal and development of UK undeveloped discoveries.

"We are pleased to have secured Delek’s investment in the Company at a significant premium to the prevailing share price at this time of uncertain oil prices”, Les Thomas, Chief Executive Officer, commented in a note released on Friday.

Ithaca’s shares plunged over the last 14 months, falling by more than 60%. Delek agreed on a 19% premium to the closing price on the Toronto Stock Exchange on 8 October 2015.

After the discoveries of Tamar and Leviathan, through the acquisition, Delek is developing a diversified portfolio of exploration, development and production assets.