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Investing.com -- Delek Group (TASE:DLEKG) and Italy’s Eni (BIT:ENI) have sold shares worth around £106 million ($143 million) in Ithaca Energy (LON:ITH), trimming their stakes in the London-listed oil and gas producer.
The move sent Ithaca shares tumbling more than 12% in London trading on Tuesday by 07:50 GMT.
The two largest shareholders placed 49.6 million ordinary shares through their U.K. subsidiaries at 213.75 pence each in an accelerated bookbuild, according to bookrunner Peel Hunt.
The sale represents about 3% of Ithaca’s share capital.
Following the transaction, Delek will retain a 50.5% interest in Ithaca, while Eni’s holding will stand at roughly 36%.
The move comes just weeks after Ithaca lifted its 2025 production guidance for the second time in three months.
Output in the first half more than doubled to 123,600 barrels of oil equivalent per day, from 53,000 a year earlier, boosted by acquisitions including Eni’s U.K. portfolio and a larger stake in the Cygnus gas field.
The company reported adjusted EBITDAX of $1.1 billion for the first half, up from $533 million a year earlier, and now expects annual production in the range of 119,000 to 125,000 boepd, compared with an earlier forecast of 109,000 to 119,000.