Royal Dutch Shell Plc has revealed plans to sell its 36.8% interest in Danish Underground Consortium (DUC) for approximately $1bn, according to two sources.
DUC operates 16 offshore oil and gas fields covering an area of approximately 1,635.7km² on the Danish shelf, North Sea, Denmark.
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Shell has appointed Bank of America Merrill Lynch as financial advisor for the transaction, sources said.
Shell will exit Denmark upon completion of the acquisition.
Delek Group Ltd has offered a purchase consideration of approximately $996m to acquire the remaining 80.3% stake in Ithaca Energy Inc.
The purchase consideration is intended to be funded by Delek Group through its independent sources.
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By GlobalDataDelek Group will become 100% stake holder in Ithaca Energy upon completion of the transaction.
Delek Group has appointed UBS Limited as financial advisor, while Pinsent Masons LLP and Burstall Winger Zammit LLP have been appointed as the legal advisors to Ithaca for the transaction.
The transaction forms part of Delek Group’s strategy to extend its international energy business.
