Ithaca Energy
Delek Group’s
Energy Anchor in the North Sea
Ithaca Energy Plc is a British oil and gas company whose primary operations are located in the UK North Sea. Founded in 2004, the company has built a portfolio of exploration and production assets over the years. Ithaca’s main shareholders include Delek Group (50%), and the global Italian energy company ENI (38%). Ithaca is listed on the London Stock Exchange under the ticker symbol ITH.
The company focuses on the development, management, and production of oil and gas assets as part of an investment in long-term energy infrastructure. Its activity aligns with the Group’s strategy: geographic diversification, responsible asset management, and creating sustainable value in complex and regulated environments.
Core Asset Portfolio with Yields for Sustained Growth
Ithaca Energy maintains a diversified portfolio of oil and gas assets in the North Sea, including producing fields alongside projects in the development and maturation stages. The company’s operations focus on enhancing existing assets and promoting long-term projects, while leveraging existing infrastructure and implementing a phased investment management approach.
The portfolio’s key projects reflect a responsible development approach: integrating industrial partners and managing complex regulatory processes, all within a multi-year framework aimed at creating value over time
Organic and Inorganic Growth for Asset Enhancement as a Foundation for Sustained Stability
The company operates based on a full lifecycle management approach for offshore energy assets: from development, through ongoing production, to extending the lifespan of existing fields. This approach enables economic value extraction over time, adaptation to changing market conditions, and a phased decision-making process. For Delek Group, this is a business model that combines professional expertise, operational control, and long-term planning capability within a dynamic energy environment.
Environmental and Corporate Responsibility as a Part of Business Management
Ithaca Energy’s activities are carried out through the integration of ESG considerations as an integral part of the company’s strategic management. The focus is on reducing environmental impacts, responsible management of natural resources, compliance with regulatory requirements, and generating long-term economic and societal value.
This approach reflects the view that responsible management is not an isolated goal, but a core component in creating sustainable value in developed energy markets.
Platform for Growth and Sustainable Value
Looking ahead, Ithaca Energy continues to serve as a platform in Delek Group’s international energy activities.
The combination of a diversified asset portfolio, long-term projects, and responsible management enables the company to maintain its relevance in the years ahead.
For the Group, Ithaca represents a stable international holding that contributes to business resilience, diversification of value sources, and strengthening the Group’s established position as a significant player in developed energy markets.
Driving growth in energy,
real estate, and financial services
across Israel and around the world.
CONTACT INFO
- 19 Abba Eban Blvd.
- POB 2054 Herzlia 4612001 Israel
- Tel: +972 9 863 8444
- Fax: +972 9 885 4955
- [email protected]
Tamir Polikar
EXECUTIVE VP AND CFO SINCE AUGUST 2020
Before assuming the position of Executive VP and CFO of Delek Group, Mr. Polikar held several senior positions in different sectors such as finance, energy and real estate. During his 25 years of top management experience Mr. Polikar served as the CEO of Aspen Group, CFO of Israel’s Electric Corporation, CEO of Sonol Israel, CFO of Azrieli Group and the CFO of Petrolgaz Group. Education: MBA – Business Administration, BA – Accounting & Business Administration, CPA (Isr)
IDAN WALLACE
CEO SINCE 2020
Mr. Wallace was appointed the new CEO of Delek Group in January 2020, after previously serving as CEO of Tshuva Group, a group of private companies owned by Yitzhak Tshuva, the controlling shareholder of Delek Group (through Tashluz Investments and Holdings Ltd.). In addition, since 2010, Mr. Wallace has served as a strategic advisor to the CEO of Delek Drilling. Mr. Wallace also serves as a director in a number of leading companies in the energy, real estate and media sectors.
NIV SARNE
HEAD OF ENERGY, BUSINESS DEVELOPMENT & M&A SINCE 2017
Mr. Sarne joined Delek Group in 2017 as the Head of its energy business development and international M&A activities. For the previous six years, Mr. Sarne worked at Noble Energy, first in Israel, where he was responsible for Noble’s East Med business development activities, and then in Houston, where he was responsible for on-shore business development activity. Education: B.Sc. in Civil Engineering from the Technion Israel Institute of Technology; MBA from the University of Chicago
IDO ADAR
TREASURER SINCE 2004
Mr. Adar has served as the Treasurer of Delek Group and a number of its subsidiaries since 2004. Previously, Mr. Adar was Treasurer of Delek Israel (Delek, the Israel Fuel Corp.) for approximately 10 years. Education:BA in Economics and MBA from Tel Aviv University
YOSSI BARNEA
CHIEF INVESTMENT OFFICER SINCE 2010
Prior to joining Delek Group, Mr. Barnea held various top management positions with banking and investment firms in the US and Israel for over 15 years. Education:BA in Economics and Businessfrom the Interdisciplinary Centre (IDC), Israel
LEORA PRATT LEVIN
EXECUTIVE VP & CHIEF LEGAL COUNSEL SINCE 2007
Ms. Pratt Levin has been with the Delek Group since 1999, serving as Legal Counsel for the Delek Real Estate Group and other subsidiaries. Previously, she served as legal counsel for the Tshuva Group. Education:BA in Political Science from Tel Aviv University; LLB from the University of Reading. Ms. Levin has been a member of the Israel Bar Association since 1991.
SHIMON DORON
INDEPENDENT AND EXTERNAL DIRECTOR SINCE 2018
Mr. Shimon Doron previously served as VP of Planning and Logistics at Bar-Ilan University and is the owner of a strategic consulting firm. He currently serves as joint CEO of the Island Hotel in Netanya, and as member of administration of the Sephardi Federation in Jerusalem. Board Committees: Committee for reviewing the financial statements, compensation committee, and audit committee Education: MA in Political Science and International Relations, Open University
CARMIT ELROY
DIRECTOR SINCE 2012
Ms. Elroy is active in Israel’s real estate and wholesale/retail trade industries. She is the owner and CEO of Pharmacin Ltd., and Baraka Or Holdings Ltd. She currently serves as a director of Delek Israel Fuel Corp. Ltd. and Delek Drilling Management (1993) Ltd. Education: B.A. in Special Education and Humanities from the University of Tel Aviv.
RONI RON MILO
INDEPENDENT DIRECTOR SINCE 2015
Mr. Milo, an attorney, served as Chairman of the Board of Azorim Investment Ltd. of the IDB Group and Chairman of Cantor Fitzgerald Israel, as well as a board member of Bank Yahav, American Israeli Paper Mills Ltd. Group and Kardan Real Estate. Previously, he was a member of Israel’s Knesset (Parliament) for six terms, serving as Israel’s Deputy Foreign Minister, Acting Minister of the Interior, Minister of the Environment, Minister of Labor and Welfare, Minister of Homeland Security, and a Member of the Ministerial Council on Security, Minister of Health and Minister for Regional Cooperation. He also served as the Mayor of Tel-Aviv-Jaffa from 1993 to 1998. Board Committees: Audit Committee Current Business Directorships: Mr Milo is hosting a TV show about current issues. Education: LL.B from Tel-Aviv University
ITSHAK SHARON TSHUVA
CONTROLLING SHAREHOLDER, DIRECTOR SINCE 2014
Mr. Tshuva is an Israeli entrepreneur and businessman with global business operations. He is responsible for the discovery, beginning in 2000, of major natural gas reserves offshore Israel that enabled the country to become energy independent and to emerge as an international energy player. In 1998, Mr. Tshuva acquired control of Delek Group, leading the company in a substantial expansion of its operations and transforming the company into a diversified global corporation with interests in upstream and downstream energy, insurance and financial services and automotive, among others. In pursuit of Mr. Tshuva’s vision, and in partnership with Noble Energy, since 2000 Delek Group has discovered substantial offshore natural gas reserves in Israel and Cyprus, including the Leviathan field, the world’s largest gas reserve discovered in deep water in the last decade. Other: As an outgrowth of his personal vision and beliefs, Mr. Tshuva promotes economic ventures and partnerships between Israel and its neighbors to enable the advancement of the peace process and to pave the way for important shared achievements between Israel and its regional neighbors.
GABRIEL LAST
CHAIRMAN, DIRECTOR SINCE 2003
Mr. Last is the Chairman of Delek Group and of several of its subsidiaries and affiliates. From 2001 to 2003, Mr. Last served as CEO of Delek Group Ltd., and, from 1998 to 2001, as Managing Director of the Israeli Society of Insurance Companies and the Israeli Association of Life Insurance Companies Ltd. Mr. Last also served as a Commander of Tel Aviv district in the Israeli Police Force between 1993 and 1996, and as a Vice Inspector General of the Israeli Police Force from 1996 to 1998. Board Committees: Investment Committee Education: LL.B from Tel Aviv University; MA in Political Science and Mathematics, with honors, from Haifa University; AMP (Advanced Management Program for Executive Officers) at Harvard University. Awarded a Doctorate Honoris Causa by Netanya Academic College.
ADV. BOAZ M. SCHNITZER
HEAD OF GLOBAL TAXATION & STRUCTURING SINCE 2016. DEPUTY CEO SINCE 2020
Mr. Schnitzer has provided the management teams of the Delek Group and its Energy affiliates with strategic tax and structuring advice in connection with M&A and financing transactions. Mr. Schnitzer has also provided strategic legal and tax advice to the Tshuva Group since 2008 in connection with its global business operations and served as a director in several of its subsidiaries. Prior to joining the Tshuva Group, Mr. Schnitzer was a partner with Ernst & Young Israel and was a tax associate at Sullivan & Cromwell in New York City. Education: Mr. Schnitzer holds an LLM in Taxation from Boston University School of Law and an LLB from the College of Management School of Law, and is admitted to the bars of both Israel and the State of New York.
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