Dec 21 2011 |
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UPDATE: Genel, Longford Confirm Talks Over Iraqi Kurdistan Deal
Wednesday, Dec 21, 2011
-- Genel and Longford confirm both sides in talks on Genel acquiring extra 40% of North Iraq oil field
-- Talks may not result in agreement, both sides caution
-- Kurdistan-focused Genel recently formed by merger of ex- BP CEO's investment vehicle and Turkey's Genel Enerji
LONDON (Dow Jones)--London-listed oil and gas company Genel Energy PLC (GENL.LN) is in talks with Canada's Longford Energy Inc. (LFD.V) about potentially buying an additional 40% stake in an oil field in the Kurdistan region of Iraq, both firms said Wednesday.
Both Longford and Genel said they were responding to recent speculation about a deal, but cautioned that there was no certainty that a deal would result from their discussions.
Genel is the product of a recent merger by Vallares PLC, the investment vehicle headed by Hayward and financier Nathaniel Rothschild, and Turkey's Genel Enerji.
At 1258 GMT, Genel shares were up 7 pence, or 0.8%, at 800p.
-By Alexis Flynn, Dow Jones Newswires; +44 207842 9471, alexis.flynn@dowjones.com
(END) Dow Jones Newswires
21-12-11 1343GMT
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