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Gulf Keystone Petroleum Share News (GKP)



Share News for Gulf Keystone Petroleum (GKP)


Share Price: 65.00Bid: 65.00Ask: 66.25Change: 0.00 (0.00%)No Movement on Gulf Keystone
Spread: 1.25Spread as %: 1.92%Open: 62.50High: 67.00Low: 61.25Yesterday’s Close: 65.00




UPDATE 1-Exxon spoils Genel's plans for Kurdistan

Thu, 23rd Feb 2012 17:43

By Sarah Young

LONDON, Feb 23 (Reuters) - Genel Energy Plc dropped p
lans to buy oil explorers in Kurdistan after U.S. major Exxon Mobil arrived in the region, pushing valuations up, and is looking to spend its $1.9 billion cash pile elsewhere in the Middle East and in Africa.

The London-listed firm was formed three months ago when former BP Chief Executive Tony Hayward and financier Nathaniel Rothschild's bid vehicle bought Genel Enerji, a Turkish company focused on the semi-autonomous Kurdistan region of Iraq.

Genel had previously said it would be interested in buying Norway's DNO, a company which also has assets in Kurdistan.

'We are not intent on doing another big deal in Kurdistan. Anyone who thinks we're going to go and buy DNO is wrong, we're not,' Genel's chief executive Tony Hayward told reporters at a media briefing on Thursday.

'We don't need any more Kurdistan,' Hayward said, adding that the company was not going to buy British firm Gulf Keystone , another Kurdistan oil explorer which is regularly the subject of takeover rumours.

Hayward said the U-turn was due to Exxon Mobil's entry into the region, the first of the big Western oil groups with a Baghdad contract to invest in Kurdistan.

Exxon's arrival has stoked takeover speculation, pushing up the price of other oil companies.

'The thing that changed it most is Exxon arrived. 100 percent inflation in six months. DNO has doubled, GKP has doubled,' Hayward said.

Hayward said Genel wanted to diversify geographically within the Middle East and Africa and that more than one deal was likely.

'I think we'd be competitively advantaged because of our Turkish brand and our Turkish background in North Africa, because of the role that Turkey's playing in helping those countries create a new future,' he said.



AWAY FROM THE DEALS

Hayward, who was chief executive of BP at the time of the Gulf of Mexico oil spill, won't be distracted by a legal battle involving his former company over damages and liabilities connected to the disaster in 2010.

'I have no involvement, I know nothing about it,' Hayward said when asked about a trial which starts on Monday in New Orleans.

Back in Kurdistan, Genel does not export oil from its giant fields in the northern most part of the region, due to a feud between the Kurdistan Regional Government and the Arab-dominated central government of Iraq over territory and oil rights.

As a result it is restricted to selling into Kurdistan's domestic market, where oil is sold for around $60 per barrel, half the current price of Brent crude, reducing the firm's potential revenues by between $50 million and $100 million.

Hayward said he was not worried by Genel's reliance on Kurdistan's domestic market for oil sales, although he noted that the political situation in Iraq had worsened in recent months, potentially pushing out the timeframe for agreement between Baghdad and Kurdistan over oil exports.

'We are planning our business on the basis of domestic sales for 2012. The domestic market is deep, robust, and is providing us with a very significant source of revenue,' Hayward said.

Genel said it was expecting revenues of between $250 million and $300 million from its Kurdistan oil sales in 2012.



(Additional reporting by Tom Bergin; Editing by Neil Maidment) Keywords: GENEL/

(sarah.young@thomsonreuters.com)(+44 20 7542 1109)(Reuters Messaging: sarah.young.thomsonreuters@reuters.net)

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UPDATE 2-Iraqi Kurdistan says oil exports could total 800,000 bpd next year

* Oil minister Hawrami "hopeful" on final Baghdad deal* Exports of 800,000 bpd include Kirkuk crude, 500,000 bpd Kurdish (Adds detail on pipeline ex
[Wed 14:20]

Kurdistan sees spike in Iraqi oil sales via Turkey

LONDON, Dec 17 (Reuters) - Iraqi crude oil exports to the Turkish port of Ceyhan could reach 800,000 barrels per day (bpd) next year, Kurdistan region
[Wed 12:24]

Iraq's Kurdistan sees oil exports reaching 500,000 bpd in Q1

LONDON, Dec 17 (Reuters) - Iraq's semi-autonomous Kurdistan region will export 500,000 barrels per day (bpd) of oil by the end of the first quarter of
[Wed 10:52]

UPDATE 2-Iraqi government reaches deal with Kurds on oil, budget

(Adds context, analyst comment)By Isabel Coles and Dominic EvansARBIL/BAGHDAD, Dec 2 (Reuters) - Iraq's government reached a temporary agreement with
[2 Dec '14]

Oil firms' shares jump on Iraqi Kurdistan export deal

Dec 2 (Reuters) - Shares in Iraqi Kurdistan-focused oil producers rallied by 7 to 15 percent on Tuesday after Baghdad and the Kurdish capital Arbil re
[2 Dec '14]

UPDATE 1-Oil producers in Iraqi Kurdistan paid for exports

(Recasts to add GKP statement, adds details, background)LONDON, Dec 2 (Reuters) - Oil producers including Genel and Gulf Keystone Petroleum, have rec
[2 Dec '14]

BUZZ-Gulf Keystone: Up on Kurdistan region, Baghdad deal on oil exports

** The oil producer's shares surged as much as 11.8 pct, a day after the government of Iraq and the semi-autonomous region of Kurdistan reached a deal
[14 Nov '14]

WRAPUP 1-Oil producers in Iraqi Kurdistan expect export payments this month

(Recasts to wrap Kurdistan oil producers' results, updates share prices)LONDON, Nov 13 (Reuters) - Three of Iraqi Kurdistan's main oil producers said
[13 Nov '14]



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