Kurdistan-focused Gulf Keystone and Genel drop on pipeline shut-in

Gulf Keystone Petroleum

27/03/2023 09:30

** Shares of Genel Energy  GENL.L  and Gulf Keystone
Petroleum  GKP.L  fall 7.7% and 19%, respectively  
    ** Iraqi Kurdistan-focused oil firms informed about a
shut-in at Iraq-Turkey pipeline after an arbitration between
Iraq and Turkey was awarded in the former's favour
    ** The shut-in was requested by Turkey until matter is
resolved 
    ** Genel and Gulf Keystone expect shut-in to be temporary,
Genel says it continues to produce oil into storage facilities
    ** Genel shares hit lowest since April 2020 and on track to
log worst day since last October, if losses hold
    ** Gulf Keystone shares hit lowest since August 2021; on
track to log worst day in over three years, if losses hold  
    ** Up to last close, GENL down ~4% and GKP down ~13% so far
this year 

 (Reporting by Prerna Bedi in Bengaluru)
 ((Prerna.Bedi@thomsonreuters.com; +91 98052 24616;))