Ithaca, the activity arm of Delek Group
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in the North Sea, announces significant signs of petroleum in drilling at the Isabella oil property in the North Sea, and a decision to conduct exploration drilling at the K2 oil property, in the center of the North Sea.
The Isabella oil property includes a geological structure that covers an area of approximately 72 square kilometers. The drilling that was carried out is at a depth of 4,502 meters for a target layer with a thickness of approximately 45 meters. The operator now intends to evaluate the data, in order to establish the existence of a commercial potential for production and conducting tests future production. The cost of drilling amounted to about 67 million pounds, with Ithaca’s share being about 6.7 million pounds. According to the best estimate, the Isabella oil property has C2 contingent resources amounting to about 49.3 million barrels of oil (MMBBL) and about 98.6 BCF (billion cubic feet) of natural gas (100%). The property is held by Ithaca (10%), the Total Energy Company, which serves as the drilling operator (30%), and other partners.
At the same time, Ithaca updated that a decision was made to conduct exploratory drilling in the 2K oil property, which is held by Ithaca (50%) and by Dana Petroleum (50%). Drilling is expected to begin in June-July 2023. The total cost of drilling (100%) in case of success is estimated at approximately 34 million pounds. According to the best estimate (which is accepted for the examination of oil and gas resources), the 2K oil property has predicted resources (U2) in the amount An estimated 74.6 BCF (billion cubic feet) of natural gas and about 3 million barrels of oil (MMBBL).
About two weeks ago, the analysts of the investment banks Goldman Sachs and Morgan Stanley published recommendations for the Ithaca stock: Goldman Sachs gave the stock a “buy” recommendation at a target price of 284 pence – which represents an upside of 51% compared to its price today (60% compared to the day the recommendation was issued). The Goldman analysts noted, among other things, that Ithaca is “one of the stocks with the most attractive investment return of 18.5%-19.4% in the years 2023-2024”. Morgan Stanley gave Ithaca an “overweight” recommendation, with a target price of 260 pence per share – representing an upside of 38% in relation to the current share price (50% in relation to the day the recommendation was issued).
Over the course of last week, the chairman of Ithaca, Gilad Meirson, increased his holdings in the Ithaca company to the extent of approximately 3 million dollars through the exercise of stock options, which were granted to him in accordance with Ithaca’s option plan which was included in the prospectus. After the exercise, Meirson owns approximately 0.3% of the issued capital of Ithaca.
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