Ithaca Energy planning London listing
By Michele Maatouk
Date: Tuesday 18 Oct 2022
(Sharecast News) - North Sea oil and gas producer Ithaca Energy said on Tuesday that it is planning to list on the London Stock Exchange.
The company said its ambition was to become a "key player" in providing energy security to the UK.
Ithaca, which has access to flagship assets, with stakes in six of the top 10 largest fields in the UK Continental Shelf, said its goal is to continue to increase value while generating "attractive and sustainable" shareholder distributions.
Ithaca said it plans to have a free float of at least 10% of issued share capital and expects that it would be eligible for inclusion in the FTSE UK indices.
Ithaca was bought by Israel's Delek in 2017. As part of the IPO, Delek would reduce its current ownership stake in Ithaca, based on the gross proceeds raised, but would remain as a controlling shareholder.
Chief executive Alan Bruce said: "With the opportunities we have ahead of us, there has never been a more exciting time to be leading Ithaca Energy.
"Our mission is to help meet the energy needs of the UK while operating in a sustainable manner. Our goal is to maximise value through the safe, efficient and responsible development and production of our assets."
Delek chief executive Idan Wallace said: "Delek has invested a large amount of capital in Ithaca Energy since we acquired it in 2017, delivering significant value for our shareholders.
"A London listing is the natural next step, allowing Ithaca Energy to flourish as an independent company with its own capital allocation policy and the potential to generate substantial value for all its shareholders."
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