Delek Group (USOTC:DLKGF) and Italy’s Eni (BIT:ENI) have sold shares worth approximately £106 million ($143 million) in Ithaca Energy (LSE:ITH), reducing their holdings in the London-listed oil and gas producer. The announcement triggered a drop of over 12% in Ithaca’s share price during London trading by 07:50 GMT on Tuesday.
Through their U.K. subsidiaries, the two major shareholders sold 49.6 million ordinary shares at 213.75 pence each via an accelerated bookbuild, arranged by Peel Hunt. The transaction represents roughly 3% of Ithaca’s total share capital. Following the sale, Delek retains a 50.5% stake, while Eni holds around 36%.
The share disposal comes shortly after Ithaca raised its 2025 production guidance for the second time in three months. Production in the first half of the year more than doubled to 123,600 barrels of oil equivalent per day, up from 53,000 boepd a year earlier, driven by acquisitions including Eni’s U.K. portfolio and an increased stake in the Cygnus gas field. The company reported adjusted EBITDAX of $1.1 billion for H1, up from $533 million, and now forecasts full-year production between 119,000 and 125,000 boepd, compared with the previous guidance of 109,000–119,000 boepd.
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