Fresh from raising IS3.1mn ($935mn) following the sale of assets deemed ‘non-core’ in the first nine months of 2020 (see table), Israel’s Delek Group is now eying London listings for the two assets that constitute almost all of what it has left: East Med-focused upstream firm Delek Drilling (in which it owns 54.7%), and North Sea producer Ithaca Energy (100%).
Delek’s crown jewel is its 54.7% Delek Drilling stake, and in particular Delek Drilling’s 45.34% majority stake in Israel’s giant 23tcf Leviathan field (see chart). Delek Drilling’s current market capitalization of IS 5.22bn ($1.60bn) is more than three times the IS 1.66bn ($510mn) value of its debt-laden parent company. (CONTINUED - 964 WORDS)
