Kurdistan oil producers plunge as Islamic militants advance on the region


Shares in Kurdistan-focused oil producers plunge as Islamic State militants extend their gains in northern Iraq.

Shares in Gulf Keystone Petroleum (OTCPK:GUKYF -7%) fell as much as 13% to their lowest level since 2010; the company, which is producing oil from the Shaikan field in Kurdistan, says its operations remain "safe and secure" but has stepped up security at its facilities.

Genel Energy (OTCPK:GEGYF -8.3%), headed by former BP boss Tony Hayward and one of the biggest independent oil producers in Kurdistan, also fell sharply; its operations at Taq Taq are more than 60 miles away from the fighting east of Mosul.

Shares in Norway's DNO (OTCPK:DTNOF -9.1%), another Kurdistan-focused oil explorer, continue to fall and have lost ~20% of their value this month.

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Comments (2)
  • Fracjob
    , contributor
    Comments (2295) | Send Message
     
    Opportune time to bomb the massed, advancing forces of ISIS in support of our Kurdish allies. It could be argued that up until this point, taking sides in an Islamic religious war was not in our best interest. Not the case at this point.
    7 Aug 2014, 11:27 AM Reply Like
  • Fracjob
    , contributor
    Comments (2295) | Send Message
     
    So, now they warn ISIS that they are going to bombed and allow them to be able to dig in men and equipment! Obama floating a public opinion poll prior to deciding what should be done. The economy and anything military were not things studied by the current president.
    7 Aug 2014, 07:24 PM Reply Like
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