Genel 'in talks' for Kurdistan field stake

Eyes on Kurdistan: Tony Hayward

Reuters

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By Steve Marshall & News reports

 21 December 2011 09:37 GMT

London-listed Genel Energy has confirmed it is in talks with Longford Energy about the possible acquisition of a substantial stake in an oilfield in Iraqi Kurdistan.

The company was responding to press speculation, including a Sky News blog report stating that Genel was likely to seal a deal worth “tens of millions of pounds” for the Chia Surkh oilfield before Christmas.

Kurdistan-focused Genel confirmed in a statement issued on Wednesday that it was in negotiations with the Canadian company to acquire an additional 40% stake in the field, in which it already holds a 20% working interest.

However, it added “there can be no certainty these discussions will result in a transaction”.

Genel was formed earlier this year in a…

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