Sell-Off in Oil Shares following Kurdistan Export Ruling

By John Lee.

There has been a sharp sell-off in the shares of oil companies with interests in Iraqi Kurdistan on Monday, following the arbitration ruling that has stopped oil exports from the Kurdistan Region of Iraq via pipeline to the Turkish port of Ceyhan:

Genel Energy, which has interests in the Tawke, Taq Taq and Sarta fields, was off by 7.7 percent, having been down as much as 17 percent in early trading;

DNO, which operates the Tawke and Peshkabir sites, was down more than ten percent at lunchtime;

Gulf Keystone Petroleum (GKP), which operates the Shaikan field, was down 16 percent.

Statements from the companies can be found here.

(Source: Genel Energy, DNO, GKP, Shamaran)

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