Ithaca, which produced about 66,700 barrels of oil equivalent per day (boed) in the first half of the year, is targeting a free float of at least 10% of its issued share capital and expects to be eligible for inclusion in the FTSE UK indices.

The company, owned by Tel Aviv-listed Delek Group said it expected that up to a further 15% of the total number of ordinary shares being sold in the offer would be made available as part of an over-allotment option.

Proceeds of the share sale will be deployed to pay down the company's debt, with owner Delek looking to cut its stake based on the overall amount of the gross proceeds raised while remaining a controlling shareholder.

Goldman Sachs and Morgan Stanley are joint global co-ordinators on the deal while HSBC, Jefferies and Bank of America are joint bookrunners, with ING acting as co-lead manager.

(Reporting by Pamela Barbaglia, Editing by Louise Heavens)