Delek Drilling, the upstream subsidiary of Israel’s Delek Group, is moving forward with plans to spin off its 45.34% stake in Israel’s giant Leviathan field as well as 30% of Cyprus’ Aphrodite field into a new company that will be listed on both the London and Tel-Aviv Stock exchanges.

The new firm, to be called NewMed Energy, as such essentially accounts for all of Delek Drilling’s assets once the firm completes the sell-off of its 25.8% stake in Israel’s second largest gas field, Tamar. (CONTINUED - 314 WORDS)