NE Scotland, Orkney & Shetland

Energy firm Delek secures North Sea foothold with Ithaca takeover

Oil platform Image copyright Ithaca Energy

Israel's largest energy firm has gained a major foothold in the UK North Sea with the successful takeover of Aberdeen-based Ithaca Energy.

Delek won sufficient Ithaca shareholder support to see off those who said the valuation was too low.

The firm had secured 76% of the shareholding by the offer deadline on Thursday.

Ithaca Energy is headquartered in Aberdeen while being listed on the Toronto stock exchange.

The deal adds to Delek's stake in Faroe Petroleum, purchased in late 2016.

Having found two large gas fields in the eastern Mediterranean, Delek is now investing in assets elsewhere to balance its portfolio with oil and gas fields that are already producing.

Ithaca is also part of a consortium developing an onshore oil field in southern England.

It is the operator of the Greater Stella field in the central North Sea, which began production at a low flow-rate in February, and is expected to ramp up from this month.

Many of its assets came from the takeover of Valiant Petroleum in 2013.

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