STOCKS NEWS EUROPE-Ithaca Energy falls on high capex outlook

Wed Jan 15, 2014 5:04am EST
 
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Shares in Ithaca Energy fall as much as 7 percent after the company's capital expenditure target overshoots analysts' estimates.

The North Sea oil and gas operator anticipates capital expenditure of $295 million this year.

"2014 capex is expected to be $295 million, about $100 million higher than we had forecast," Liberum analyst Kate Sloan says.

Ithaca's shares were down about 6 percent at 146.8 pence at 0930 GMT, making the stock one of the biggest percentage losers on the London Stock Exchange.

"The production growth story is largely intact but the delays to production and the increased capex is probably disappointing," Peel Hunt analyst Werner Riding says.

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Reuters messaging rm://karen.rebelo.thomsonreuters.com@reuters.net