Shares in Ophir Energy fell over eight per cent on Thursday after Credit Suisse confirmed that it has sold 36m shares on behalf the investment funds of two stakeholders, Och-Ziff Capital Management and Mittal Investments.
The shares, which made up around 9.0% of the issued share capital, were sold at 475p each, raising proceeds of £171m.
Both Och-Ziff and Mittal Investments have consented to a lock-up of 90 days in relation to their respective remaining shareholdings, which make up another 9.0% of the company.
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The share price had fallen 8.76%, equal to 45.50p, by 474p by 14:30.
The news overshadowed a positive update from the company out the same day, in which the group said that its 40% owned Mzia-2 appraisal well in Tanzania had been a success, with the Mzia-1 and Mzia-2 columns confirmed to be in direct pressure communication.
The results confirmed a vertical gas column of at least 200m for the Mzia field.
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