This is likely the section that initiated the selling.....PRODUCTION OUTLOOK
"Based on proforma production in H1 2013 and a balanced view of the opportunities and challenges for H2 2013, the Company anticipates that full year production will be at the lower end of the pro‐forma annual guidance range of 14,000 to 16,000 boepd. Production is expected to benefit from recent operational activities and planned work programmes, notably on the Dons and the Causeway fields. The key risks relate to the timely completion of the works on the Causeway and Cook fields and the results of the on‐going evaluation on the Athena P4 well. Substantial delay to completion of the works on these fields, including any rig or vessel work required as an outcome of the Athena P4 diagnostic testing, has the potential to reduce full year production below the guidance range. "
Because the market has a low confidence level in Ithaca at this point, holders may be over-reading this risk and concluding that P4 fix will drag (400 bbs per day to Ithaca lost) on causing a guidance miss in H2. During the operations update in June McKendrick was more upbeat on H2 indicating increased production from a couple of Valiant fields would actually boost production in the second half of the year. Ithaca is a patience tester for sure. They need to surprise to the upside for once, not hover on slipping below guidance. In other words they need to build investor confidence not keep the market guessing.