Boost for UK energy supplies as North Sea oil producer Ithaca prepares to rejoin the London Stock Exchange
Ithaca Energy will rejoin the London Stock Exchange in a significant boost for British energy supplies.
The North Sea oil producer – owned by Israeli energy group Delek – said it will use the proceeds from a float to become a ‘key player in providing energy security to the UK’.
It comes at a time when households are being warned to prepare for potential blackouts in the wake of Russia’s restriction of gas exports to Europe.
London listing: Ithaca – owned by Israeli energy group Delek – said it will use the proceeds from a float to become a ‘key player in providing energy security to the UK’
Ithaca produced the equivalent of about 66,700 barrels of oil per day in the first half of the year, of which 35 per cent was natural gas.
Executive chairman Gilad Myerson said it has ‘significant growth opportunities’ and its plans are in line with the Government’s.
He said: ‘We are proud to be investing in the UK at a time when domestic energy security could not be more important.’
Chief executive Alan Bruce said: ‘Our mission is to help meet the energy needs of the UK while operating in a sustainable manner.’
Ithaca was taken off London’s junior AIM market by Delek in a £1billion deal in February 2017.