LONDON, UK: Ithaca Energy announced the successful pricing of its initial public offering (IPO) at 250 pence per Ordinary Share.

Based on the Offer Price, Ithaca Energy’s market capitalisation will be approximately £2.5 billion ($2.9 billion) at the commencement of conditional dealings on the main market of the London Stock Exchange.

Gilad Myerson, Executive Chairman of Ithaca Energy said: “I am delighted with the outcome of our IPO. We have received great support from a high-quality selection of institutional investors and I am excited to welcome them on board as we continue to create value in the public markets.

Ithaca Energy has undergone a transformation over the past three years to become one of the UK’s leading independent oil and gas companies and I am very excited for what lies ahead as we continue our journey in the public markets.”

Offer Highlights

· The Offer Price has been set at 250 pence per Ordinary Share.

· Ithaca Energy’s total market capitalisation at the commencement of conditional dealings on the main market of London Stock Exchange will be approximately £2.5 billion ($2.9 billion) based on the Offer Price.

· The Offer comprises 105,000,000 new Ordinary Shares being sold by the Company. This equates to a total offer size of £262.5 million ($303.6 million) and represents approximately 10.4 per cent of Ithaca Energy’s issued share capital on Admission. The Company will retain no net proceeds from the Offer, with all net proceeds ultimately being received by Delek Group Ltd (“Delek”).

· In addition, a further 15,000,000 Ordinary Shares in the Company are being made available by DKL Energy Limited (“DKL Energy”), the Company’s immediate shareholder and an entity ultimately owned by Delek, pursuant to the over-allotment option, which, if exercised in full, would increase the number of shares in public hands to 120,000,000 Ordinary Shares in total and approximately 11.9 per cent of Ithaca Energy’s issued share capital.

· Immediately following Admission, the Company’s issued share capital will be 1,005,162,217 Ordinary Shares.