February was when shareholders in Ithaca Energy (IAE) had earmarked for confirmation of first oil from the Stella field. Instead, six days into the month, the North Sea producer informed the market of a C$841m (£518m) all-cash offer for the company courtesy of 20 per cent shareholder Delek.
The deal, which has been unanimously recommended to the group's investors, prices Ithaca at a fairly modest 11 per cent premium to the 3 February closing price. But the offer gives Ithaca an enterprise value of $1.24bn, including the Aim-listed company's debts, and sits towards the top end of a valuation scale drawn up by one of Ithaca's independent financial advisers.
The news was also positive for investors in fellow North Sea producer Faroe Petroleum (FPM). Shares in the company, 13.8 per cent of which Delek acquired in late December, rose 5 per cent on speculation that the Israeli conglomerate may increase its stake in the region even further.
