Delek Drilling aims to hive off its stakes in the huge Leviathan gas project off Israel and the Aphrodite gas discovery in Cyprus into a new company set to be listed in London.
This new company will also hold Delek Drilling's interests in future exploration interests, and its shares could also be traded on the Tel Aviv Stock Exchange.
Delek Drilling believes more value will be accrued to the Leviathan and Aphrodite assets by overseas investors, much as Energean Oil & Gas — which operates the Karish-Tanin project off Israel — realised through a London listing last year.
