Investors in Kurdistan oil companies such as Genel Energy PLC (LON:GENL) and Gulf Keystone Petroleum Limited (LON:GKP) are somewhat accustomed to political risk which is likely to be underscored by a controversial referendum taking place today.
Today, Kurds in Northern Iraq cast ballots in a referendum on whether to support independence from Iraq.
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Genel Energy shares dropped 2.3% to 153.75p in Monday’s early deals, whereas GKP was slightly higher to 0.6%, trading at 111.93p.
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Brendan Long, analyst at stockbroker WH Ireland, said in a note: “Watch this closely for macro implications on crude oil prices and at the micro level for oil & gas companies operating in the country such as DNO, Genel, Gulf Keystone, ShaMaran, and Oryx.”