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Israel's Delek Group sells Faroe stake for 70 mln pounds

Wed, 04th Apr 2018 07:48

TEL AVIV, April 4 (Reuters) - Israeli energy firm DelekGroup said on Wednesday it agreed to sell its entire15.3 percent stake in Faroe Petroleum PLC for 70.44million pounds ($99.1 million) in cash.

Delek said in a statement the deal will close within twobusiness days. It did not name the buyer.

Delek will make a profit of 116 million shekels ($32.9million) from the sale, of which 73 million shekels will berecorded in its 2018 financial results and the rest in 2017.

Faroe is an oil and gas exploration and production companyoperating in the North Sea.($1 = 0.7108 pounds)($1 = 3.5293 shekels)(Reporting by Tova Cohen, reporting by Louise Heavens)

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