Delek Drilling files for London IPO for spin-off

Yossi Abu  / Photo: Delek Drilling

Delek Drilling has filed with the Financial Conduct Authority to list a spin off on the London Stock Exchange that would own the Leviathan and Aphrodite fields.

Delek Drilling LP (TASE: DEDR.L) notified the Tel Aviv Stock Exchange (TASE) this morning that it plans spinning of most of its assets into a new company, which it plans to list on the London Stock Exchange. Delek Drilling reported that it had filed a request with the Financial Conduct Authority in London to list the new company on the London Stock Exchange.

Delek Drilling said that the new company would own the rights to the Leviathan (45.3%) offshore Israeli gas field and the Aphrodite (30%) offshore Cypriot field as well as part ownership of the Israel - Egypt gas pipeline. Delek Drilling will retain its 22% stake in the Tamar gas field, which it must sell by 2021 as part of the Israeli government's outline plan to prevent the monopolization of the sector.

This is not the first time that Delek Drilling has spoken about a London IPO and CEO Yossi Abu said, "At this time there is no certainty that the spin off process will be implemented. The spin off process and its different components depend, among other things, on the receipt of regulatory approvals in Israel and abroad and obtaining commercial agreements and approvals from third parties.

Published by Globes, Israel business news - en.globes.co.il - on November 29, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Yossi Abu  / Photo: Delek Drilling
Yossi Abu / Photo: Delek Drilling
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