LONDON, Oct 9 (Reuters) - The investment arm of Israeli gasfirm Delek Group has acquired a near 20 percent stakein North-Sea focused oil producer Ithaca Energy for $66million, the companies said on Friday.
The deal underlines investors still see value in North Searelated businesses, despite a slump in oil prices and highoperating costs in one of the world's most mature oil and gasbasins.
Ithaca, whose London-listed shares have sunk more 60 percentsince the oil price started to decline in June 2014, said itwould use Delek's investment to strengthen its balance sheet andreduce debt.
Ithaca's London-listed stock was up 13.5 percent at 1030GMT.
"The investment provides a solid vote of confidence in thelong term value of Ithaca by a successful oil and gas investor,"said Ithaca chief executive Les Thomas in a statement.
(Reporting by Karolin Schaps; Editing by Keith Weir)
