Ithaca Energy’s Alba Oil Field (company pic)
Ithaca Energy, a subsidiary of Delek Holdings, held the biggest initial public offering (IPO) on a British exchange for 2022. Unfortunately, after the stock’s debut on the London Stock Exchange, it dropped considerably in value.
The Ithaca Energy IPO was also the 5th largest in Europe so far this year. The IPO left the company with a valuation of 2.5 billion GBP ($2.9 billion). Delek Group offered for sale 105 million ordinary shares in Ithaca Energy, representing 10.4% of the subsidiary’s issued share capital.
However, things went downhill from there. Reuters reported that Ithaca’s shares fell as much as 11.6% below their 250 pence (2.5 GBP or $2.85) issue price, touching a low of 221 pence shortly after midday. At 16:17 GMT, the shares were down 8.1% at 229.70 pence ($2.62).
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Founded in 2004, Ithaca Energy is an independent oil and gas operator in the North Sea. Ithaca Energy is a wholly-owned subsidiary of the Tel Aviv stock exchange listed Delek Group Limited.
Ithaca Energy boasts a solid and diversified producing asset portfolio, generating significant free cashflow, and material upside potential from an attractive pipeline of greenfield development opportunities. Our operated assets are located in the Northern and Central North Sea, West of Shetland and Moray Firth areas of the UK Continental Shelf.
Ithaca Energy reported 113% growth in revenue for the first half of 2022, in comparison with the first half of 2021, to $1.36 billion and a 139% increase in EBITDAX (earnings before interest, taxation, depreciation, amortization, and exploration) to $904 million.
Ithaca Energy’s Alba field lies about 130 miles (210 km) north-east of Aberdeen, Scotland, in the UK Central North Sea, in water depths of approximately 453 feet (138 m).
Discovered in 1984 in Block 16/26, Alba is a heavy oil field and was one of the first shallow Eocene reservoirs to be successfully developed in the North Sea. First oil was achieved in January 1994.And the company has no fewer than 6 other active rigs in the area.
