Move over Gulf Keystone; there’s a new wannabe supermajor in town.
It’s a small Australian exploration and development company called Linc Energy – tagline ‘Fueling our Future’ – and according to some hysterical media reports down under it’s found oil worth $20 trillion. Read more
According to the Independent on Sunday, Exxon Mobil is contemplating a £7bn ($10.9bn) takeover of Britain’s Gulf Keystone, which has discovered large reserves in Kurdish areas of Iraq. Spokesmen for both companies declined to comment. While Exxon recently made its own move into the region, the deal it struck with the local government angered the central government in Baghdad, that declared that any such deals were illegal. Read more
Just in from Kurdistan, the first pictures of Gulf Keystone’s Shaikan-2 well.
(click for the full slide show). Read more
Presented without comment.
From Hungarian newspaper Napi Gazdasag via Dow Jones: Read more
That will doubtless be the view of some of the more excitable brokers following the latest drilling update from Gulf Keystone Petroleum, the curious Kurdistan-focused oil company that has been causing a bit of stir in London during these quiet summer months.
To recap, a month ago the company hit the headlines following reports that it had received a joint $2.3bn bid from Indian Oil Corporation and Oil India. That was subsequently denied and the cash-strapped company, which has been using an equity line of credit to finance its operations, then went out and raised £6.8m via a placing of new shares at 9p. Read more
There is no $2.2bn bid for Gulf Keystone Petroleum.
Repeat. Read more
