Le Lézard
Classified in: Oil industry, Business
Subject: TNM

Ithaca Energy Completes the Purchase of Chevron North Sea Ltd


TEL AVIV, Israel, Nov. 11, 2019 /PRNewswire/ --  Delek Group (TASE: DLEKG) (US ADR: DGRLY) ("the Company") is pleased to announce that Ithaca Energy, its fully-owned North Sea E&P subsidiary, has completed the $2 billion acquisition of Chevron North Sea Limited ("CNSL"). The transaction provides a material and important step up in the scale and breadth of Ithaca's asset base, adding ten additional producing field interests to the existing portfolio, along with a wider portfolio of investment opportunities from which to grow the future cashflows of the business and accelerate monetisation of the Ithaca's existing UK tax allowances.

Taking into account the interim period cashflows generated by CNSL since the transaction's effective date of 1 January 2019, the $200 million deposit paid at signing of the transaction, and conventional working capital adjustments, the price payable at completion of the acquisition was $1.5 billion. The net drawn debt of Ithaca as of the completion date was $1.6 billion, which takes into account the refinancing of existing debt that has been completed in association with the transaction.

The following table summarises the producing field interests that have been acquired as part of the transaction.

Field

Operator

Acquired Interest

Hydrocarbons

Captain

CNSL

85%

Oil

Alba

CNSL

23.37%

Oil

Erskine

CNSL

50%

Gas-Condensate

Alder

CNSL

73.68%

Gas-Condensate

Britannia

Chrysaor

32.38%

Gas-Condensate

Brodger

Chrysaor

6.25%

Gas-Condensate

Callanish

Chrysaor

16.5%

Oil

Enochdhu

Chrysaor

50%

Oil

Elgin / Franklin

TOTAL

3.90%

Gas-Condensate

Jade

Chrysaor

19.93%

Gas-Condensate

Asi Bartfeld, Delek Group CEO, commented:

"With completion of the acquisition, we are delighted to have made a significant step towards our strategic objective of building the Delek Group's position as a world class E&P business. The acquisition has established Ithaca Energy as a leading UK North Sea oil and gas company with a strong outlook and the opportunity set from which to deliver material value to the Delek Group and enhance its presence in the global energy markets."

Les Thomas, Ithaca Energy CEO, commented:

"Completion of the CNSL acquisition marks a major milestone in the long term development of Ithaca Energy. The significantly enlarged operations provide an excellent platform from which to maximise the value of our high-quality asset portfolio and establishes the Company as a leading UK North Sea oil and gas producer. We have a highly experienced organisation that is well set-up to deliver upon our investment plans and secure the future success of the business. With this exciting backdrop, we look forward to contributing to the industry's objective of maximising economic recovery for the UK North Sea over the years to come".

About The Delek Group

Delek Group is an independent E&P and the pioneering visionary behind the development of the East Med. With major finds in the Levant Basin, including the Leviathan (21.4 TCF) and Tamar (11.2 TCF) reservoirs and others, Delek is leading the region's development into a major natural gas export hub. In addition, Delek has embarked on an international expansion with a focus on high-potential opportunities in the North Sea and North America. Delek Group is one of Israel's largest and most prominent companies with a consistent track record of growth. Its shares are traded on the Tel Aviv Stock Exchange (TASE:DLEKG) and are part of the TA 35 Index.

For more information on Delek Group, please visit www.delek-group.com

Contact:

Investors
Yonah Weisz
Head of Investor Relations
Delek Group Ltd.
Tel: +972-9-863-8443
[email protected]

 

SOURCE Delek Group Ltd.


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