We reiterate our Top Pick recommendation on Ithaca Energy with a target price of £0.90/C$1.80 per share following Delek investing US$66 mm in Ithaca to hold 19.9% of the Company with two representatives at the board. This cash injection will boost the Company’s balance sheet and ease concerns around the imminent Reserves Based Lending Redetermination. The Company is looking to use the proceeds to acquire assets in the Greater Stella area. While we recognise the transaction is some
12 Oct 2015
A New Strategic Shareholder to Boost the Balance Sheet
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A New Strategic Shareholder to Boost the Balance Sheet
We reiterate our Top Pick recommendation on Ithaca Energy with a target price of £0.90/C$1.80 per share following Delek investing US$66 mm in Ithaca to hold 19.9% of the Company with two representatives at the board. This cash injection will boost the Company’s balance sheet and ease concerns around the imminent Reserves Based Lending Redetermination. The Company is looking to use the proceeds to acquire assets in the Greater Stella area. While we recognise the transaction is some