Aug. 7, 2014, 10:58 AM
- 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.
Aug. 4, 2014, 9:55 AM
- Shares tumble in explorers of oil in Iraq's Kurdistan region after Islamic militants seized two oilfields in the region.
- DNO International (OTCPK:DTNOF), which produces about two-thirds of its from the Kurdish region, posted its biggest drop in Oslo trading in more than six months; while Genel Energy (OTCPK:GEGYF -1.8%) and Gulf Keystone (OTCPK:GUKYF -3.3%) also are falling sharply.
- The recent progress made by ISIS in advancing toward Kurdish areas is creating fear among investors, says a Carnegie analyst.
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