Israel's Delek Drilling said on Tuesday it was forming a new company listed in London to manage all of its gas and oil assets and increase its access to foreign investors.
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Delek Drilling, controlled by conglomerate Delek Group, will transfer its ownership to newly formed British firm NewMed Energy and cease its status as a limited partnership.
NewMed will hold and manage 100% of the assets of Delek Drilling, including a 45.34% interest in the Leviathan natural gas reservoir off Israel's Mediterranean coast, where it partners with Chevron, a 22% stake in the nearby Tamar gas field, its rights in two other Israeli gas sites and a 30%
holding in the Aphrodite site in Cyprus.
NewMed is expected to publish a prospectus for an initial public offering in London and once the shares are trading, they would be dual-listed in Tel Aviv, Delek said.
Delek Group would retain a 54.71% stake in NewMed.
