Delek Group to acquire Ithaca Energy | Oil & Gas Journal

Delek Group, Tel Aviv, has agreed to buy shares of North Sea producer Ithaca Energy Inc., Aberdeen, it doesn’t now own for $555 million.

Ithaca has interests throughout the UK North Sea and soon will start production from Stella oil and gas condensate field in the Central Graben area of the Central North Sea (OGJ Online, Aug. 2, 2016).

Ithaca’s production last year averaged 9,300 boe/d. The company expects average production this year of 19,000-22,000 boe/d, reflecting the Stella start-up.

The company also expects to complete development drilling at Harrier field, which is near Stella, this year.

Ithaca is a partner with privately owned Dyas and Petrofac in development of the Greater Stella Area production hub.

Through a subsidiary, Delek now owns 19.7% of Ithaca, the board of which has approved the takeover.

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