Published On: Sun, Dec 25th, 2016

Yitzhak Tshuv’s Delek Group buys stake in UK energy Faroe

Delek Group will be the largest single shareholder in Faroe.

The Leviathan gas field (Photo Albatross Aerial Photography)



Delek Group, led by Yitzhak Tshuva, announced today that as part of its strategy to extend its international activities in the energy field, it had bought from Dana Petroleum all the Faroe Petroleum shares it owned (13.18%). The company valuation approx £360 million.

The deal is for £0.89 per share, or a total of £42.77 million (some NIS 200 million).

Faroe is operating in the North Sea. The shares of Faroe are traded on the AIM stock exchange in London under the FPM symbol.

Faroe has no controlling shareholder and upon completion of the acquisition Delek Group will be the largest single shareholder in Faroe. To the best of the Company’s knowledge, several institutional investors each hold smaller amounts of shares.

According to Faroe’s official reports, its portfolio of gas and oil assets includes about 60 drilling, evaluation, development and production licenses for oil and gas in the North Sea, in Norway and the UK, in some of which it acts as operator.

As of January 1, 2016 resources stood at 61 million barrels of oil equivalent, and following completion of a transaction for the acquisition of additional assets in December 2016, proven resources are expected to increase by 20 million barrels of oil equivalent (MMBOE).

In the first half of 2016 Faroe produced from the assets it owns 9, 000 BOEPD (barrels of oil equivalent per day), and following acquisition of the additional assets mentioned above, the daily production output is expected to grow to between 17, 000 to 18, 000 BOEPD (barrels of oil equivalent per day).


Read more about: , , ,

Wordpress site Developed by Fixing WordPress Problems