North Sea oil producer Ithaca Energy to rejoin the London Stock Exchange
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Boost for UK energy supply as North Sea oil producer Ithaca prepares to return to London Stock Exchange
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Ithaca Energy will rejoin the London Stock Exchange and provide a major boost to the UK’s energy supply.
The North Sea oil producer – owned by Israeli energy conglomerate 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 possible blackouts in the wake of Russia’s curtailment 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 major 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 percent was natural gas.
Executive Chairman Gilad Myerson said it has “significant growth potential” and that its plans are in line with those of the government.
He said: ‘We are proud to invest in the UK at a time when domestic energy security couldn’t be more important.’
Chief executive Alan Bruce said: ‘Our mission is to help meet the UK’s energy needs while operating in a sustainable way.’
Ithaca was taken off the London junior AIM market by Delek in February 2017 in a £1 billion deal.