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Genel Energy shares drop 40% after oilfield's value slashed by $1bn

Discussion in 'Market News' started by Lily, Feb 29, 2016.

  1. Lily

    Lily Forum Member

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    Company, chaired by former BP boss Tony Hayward, revised down reserves held within Taq Taq to 356m barrels from 683m

    Shares in the former BP boss Tony Hayward’s Kurdistan-focused oil company Genel Energy have plunged more than 40% after it slashed the estimated value of its largest oilfield by $1bn (£720m).

    Genel said it had revised down reserves held within Taq Taq to 356m barrels from a 683m-barrel figure given in 2011.

    Related: Carrots to Kalashnikovs: the dangers faced by oil workers abroad

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