News Column

Fuel shares fall as Isis militants escalate action

August 10, 2014

By Ben Harrington, Financial Mail on Sunday, London

Aug. 10--Shares in oil explorers with significant operations in Kurdistan came under severe pressure last week as the conflict in northern Iraq moved closer to the region.

Genel Energy and Gulf Keystone Petroleum fell 20 per cent and 15.9 per cent respectively over the course of last week.

Genel Energy, run by former BP chief executive Tony Hayward, is looking for oil throughout Kurdistan, while Gulf Keystone Petroleum has licences in the northern part of the region, near where the Isis militants have been fighting.

By Friday, reports suggested that Isis militants had seized the Mosul dam and territory close to the Kurdistan border. One report even suggested that the militants were close to Erbil, the region's capital.

As a result, President Obama ordered air strikes on Friday afternoon against the insurgents.

Traders and investors are worried that violence in Iraq could escalate and have an impact on oil explorers' operations in Kurdistan region.


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Source: Daily Mail (London, England)

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