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.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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.
-
Scammers steal over £600 million from Brits - how to protect yourselfFraud cases in the first half of the year surged by 17% compared to the same period in 2024. Is your money at risk?
-
Financial support for carers: what can you get?Unpaid carers miss out on an average £6,400 a year in annual salary by cutting work to support loved ones. We explore benefits that can plug the financial gap.
