North Sea explorer and producer Ithaca Energy has outlined plans for a London listing, as the soaring price of oil and gas spurs renewed interest in the region.
Ithaca said in a statement on Tuesday that the cash raised through the float would allow it to become a “key player in providing energy security to the UK”, at a time when Russia’s reduction of gas flows has sent shockwaves through Europe.
Gas represented 35 per cent of Ithaca’s production over the first nine months of the year.
Ithaca, previously listed in Toronto and London, was acquired by Tel Aviv-listed Delek in 2017. It has since bought assets in the North Sea to form one of the country’s largest independent oil and gas groups.
Ithaca’s acquisitions include a $2bn buyout of Chevron’s North Sea operations in 2019, and the more recent $1.5bn deal for private equity-backed Siccar Point Energy.
Ithaca said it had proven or probable reserves of 244mn barrels of oil equivalent, as of June 30 this year.
As part of the listing, Delek will reduce its stake in Ithaca but will remain a controlling shareholder.