Shares in Gulf Keystone (GKP.L) rise 18 percent, making the oil explorer one of London’s top risers, on positive sentiment after Iraq approves a Kurdish oil exports deal which could allow oil exports to resume from the semi-autonomous region. [ID:nLDE64H1NN]
“The agreement shouldn’t really do much to Gulf Keystone because they don’t plan on exporting this year but it would help to derisk the country,” says Richard Nolan at Daniel Stewart.
Analysts also says the prospect of fundraising is helping to boost shares.
“These guys have to be talking to people,” Nolan says, noting that the company needs to raise around $100 million to cover the costs of future drilling
( Reuters )