DELEK GROUP Delek Group is an independent E&P and the pioneering visionary behind the development of the East Med.

Delek Group is one of Israel’s largest and most prominent companies with a consistent track record of growth.

Ithaca is a wholly owned subsidiary of the Tel Aviv stock exchange listed Delek Group Limited (“Delek”), Israel’s leading integrated energy company. Delek’s Ithaca to set up infrastructure company for North Sea assets

However, two of Ithaca’s largest shareholders, Artemis Investment Management and Cavendish Asset Management which together own around 8 percent of the stock, said the offer was too low, considering the potential of Ithaca’s newest field, Greater Stella, which comes on stream later this month. The Company has interests in nine producing fields (three operated), and a portfolio of development assets primarily comprising the future satellite feeder field developments for the Ithaca-operated “Greater Stella Area”, from which production commenced in 2017. Delek, with natural gas exploration and production activities in the eastern Mediterranean, already owns 19.7 percent of Ithaca. The deal requires that holders of more than 50 percent of shares not held by Delek accept the offer. “We would like to have a chat with the management of the company to understand why they recommended a bid which we see as disappointing,” Mark Niznik, co-manager of the Artemis UK Smaller Companies Fund, told Reuters.

Delek itself bought a 13.18 percent stake in Faroe Petroleum, another North Sea operator, for 43 million pounds ($53.7 million) in December.

Delek Chief Executive Asaf Bartfeld said the deal would contribute to the company’s growth and to solidifying its position in the international market. ITHACA ENERGY: DELEK GROUP’S OPERATIONAL ARM IN THE NORTH SEA Ithaca Energy Inc. 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 and the exploitation of its existing UK producing asset portfolio. Ithaca Energy Ltd - Update and Dividend Distribution

Ithaca Energy, a North Sea oil and gas operator, is ready to get taken over by the Israeli oil and gas company Delek. Keep up to date with our business news and upcoming events. Delek Group, that already holds a 19.7 percent of the share capital of Ithaca, said the takeover offer is part of its plans to expand its international energy operations. It is planned for further wells to be drilled and tied back to the FPF-1 on the GSA satellite portfolio over the coming years in order to maximise production and cashflow from the area.We use cookies to ensure that we give you the best experience on our website. Its shares are traded on the Tel Aviv Stock Exchange (DLEKG:IT) And its ADRs are traded on the US OTC market (DGRLY:US).

TEL AVIV: Israeli conglomerate Delek Group swung to a big first quarter loss as a fall in oil prices brought an impairment at its North Sea operations, Ithaca Energy. Delek’s main problem is that falling energy prices will reduce the value of the company’s two main assets – its 100%-owned Ithaca Energy unit, a North Sea oil producer that recently acquired assets from Chevron for $2.3 billion, and its 60%-owned Delek Drilling unit, which has …

TEL AVIV, July 1 (Reuters) - Israeli conglomerate Delek Group swung to a big first quarter loss as a fall in oil prices brought an impairment at its North Sea operations, Ithaca Energy.

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