BUYOUT OF LFD...WOW!!!!Hello Everyone:
With Exxon entering Kurds land, the fear of God has entered into Vallares, which owns Genel. I always maintained taht Vallares would never allow LFD to drill since they have neither the funds nor expertise to drill. Bravo to Longford, they thought of their shareholders for once.
Here is the article in full:
The Sunday Times.. Hayward seeks new Iraq deal[link] former BP chief is advancing plans to consolidate oil exploration in northern Iraq after big new finds in KurdistanBen Marlow and Danny Fortson Published: 20 November 2011Tony Hayward is rebuilding his reputation after leaving BP (Julian Andrews)Tony Hayward has opened takeover talks with several oil explorers in Kurdistan as his first deal in the region closes.Shares in his new firm, Genel — the result of a merger of his cash shell Vallares and Genel Energy, the largest Kurdish producer — start trading in London tomorrow.The former BP chief wants to lead a consolidation in the semi-autonomous region of northern Iraq. Kurdistan has become a hot new oil province after big finds in recent years. Interest was piqued this month when oil giant Exxon bought the rights to half-a-dozen fields. Hayward has drawn up a shortlist thought to include Aspect Energy and Longford Energy, two small firms with Kurdish operations. He has also held informal talks with DNO, a Norwegian producer and joint-venture partner of Genel. Sources said another candidate is Heritage Oil, the FTSE 250 firm run by Tony Buckingham, a former mercenary.Hayward has described Kurdistan as one of the last great oil frontiers, but the prospectus to the Genel deal lists 53 separate risk factors for investors, including the possibility that the Iraqi oil ministry may dispute Genel’s rights to its assets.