Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Genel Rises on ‘Significant’ Oil Find in Kurdistan: London Mover

Don't Miss Out —
Follow us on:

April 10 (Bloomberg) -- Genel Energy Plc, an oil explorer run by former BP Plc Chief Executive Officer Tony Hayward, rose to the highest in five months after making a “significant” oil discovery in Kurdistan.

The shares gained 51 pence, or 6.4 percent, to close at 850 pence in London trading, the highest since Nov. 13. That values the Jersey, U.K.-based company at 2.4 billion pounds ($3.7 billion).

Genel, the largest producer in Iraq’s Kurdish region, said the first of five Chia Surkh wells flowed 11,950 barrels of oil a day and 15 million cubic feet of gas during several days of testing, the company said today in a statement. It began drilling a second well this week.

“Whilst it’s early days, we’ve got a reservoir that will bring significant volumes” of oil, Hayward said in a phone interview. “We are only drilling big prospects.”

The field may hold more than 300 million barrels of oil equivalent, Hayward said. Genel operates Chia Surkh and has 60 percent of the license. The rest is held equally by Petoil Inc. and the Kurdish government, according to today’s statement.

Separately, Genel is in talks with as many as four Turkish utilities to sell gas from the company’s Miran field, Hayward said.

To contact the reporter on this story: Nidaa Bakhsh in London at nbakhsh@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.