Businessman Yitzhak Tshuva, the controlling shareholder of Delek Group, is not satisfied with oil drilling operations in the Mediterranean and the North Sea alone. Recently, it was reported that North Sea-focused Ithaca Energy is purchasing producing oil assets in Canada for $860 million, in a deal involving 103 million barrels at an average price of $8 per barrel."
In addition, contingent consideration of up to $250 million may be paid, depending on actual oil prices over the next 27 months. Ithaca will finance the transaction through a reserves-based lending facility, along with local financing in Canada secured against the acquired assets. The deal will boost Ithaca's daily production rate by 30,000 barrels per day during the 2027–2031 period. Following the transaction, Ithaca is expected to revise its production forecast upward to 140,000–150,000 barrels per day.
Idan Wallace, CEO of Delek Group, said: "This is a milestone in Ithaca's development, opening a new chapter of growth for it outside the North Sea. Ithaca is acquiring a high-quality portfolio of producing assets at an opportunistic price - an acquisition that will strengthen cash flow and serve as a significant engine for its continued growth."
"The transaction represents an additional step in deepening operations in the Canadian energy market, alongside the holding in InPlay, and reflects the implementation of the strategy to enhance the core assets of the group," Wallace added.