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STOCKS NEWS EUROPE-Ithaca Energy falls on high capex outlook

Reuters - UK Focus

Shares in Ithaca Energy (Other OTC: IACAF - news) 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 (Other OTC: LDNXF - news) .

"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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To see Ithaca's statement, click on

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