Genel Energy, the oil and gas giant led by former-BP frontman Tony Hayward, has said the Chia Surkh 10 exploration well, the first to be drilled on the Chia Surkh block, started drilling on Sunday, October 7th.
The block, in which Genel holds a 60% operating interest, covers an area of 984 square kilometres in the southern part of the Kurdistan Region of Iraq and has prospective resources estimated at more than 300m barrels of oil equivalent.
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Despite the news, investors appeared unimpressed, with the share price down 1.34% to 735p by 10:00.
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Inflation holds steady at 3.8% ahead of BoE meetingThe rate of inflation did not rise in August, but the Bank of England is still expected to keep interest rates on hold tomorrow
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Thousands of savers with £250k pensions take cash over tax-free money and IHT fearsWith a record £70 billion withdrawn from pensions in the year to March, experts are concerned savers are making knee-jerk decisions without advice that could affect their long term wealth
