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| Version 1 | Version 2 |
|---|---|
| Shares in Tony Hayward oil firm slump 40% | Shares in Tony Hayward oil firm slump 40% |
| (about 2 hours later) | |
| Shares in Genel, the oil explorer chaired by former BP boss Tony Hayward, slumped to a record low after it reduced the estimated value of a key field by $1bn. | Shares in Genel, the oil explorer chaired by former BP boss Tony Hayward, slumped to a record low after it reduced the estimated value of a key field by $1bn. |
| Genel cut the amount of oil it expects to recover from its Taq Taq oil field in Iraqi Kurdistan. | Genel cut the amount of oil it expects to recover from its Taq Taq oil field in Iraqi Kurdistan. |
| It now forecasts "recoverable proven and probable reserves" will reach 356 million barrels of oil for 2015. | It now forecasts "recoverable proven and probable reserves" will reach 356 million barrels of oil for 2015. |
| Genel had expected the area to yield 683 million barrels of crude. | Genel had expected the area to yield 683 million barrels of crude. |
| It also blamed falling oil prices for the writedown on the value of Taq Taq. The price of Brent crude has fallen by 70% since June 2014 and is now $35.58 a barrel. | It also blamed falling oil prices for the writedown on the value of Taq Taq. The price of Brent crude has fallen by 70% since June 2014 and is now $35.58 a barrel. |
| Analysts said the cut was much larger than expected. | Analysts said the cut was much larger than expected. |
| "I was expecting perhaps a 10, maybe 20% cut in reserves and obviously this is more akin to a 50% cut," said Arden Partners analyst Daniel Slater. | "I was expecting perhaps a 10, maybe 20% cut in reserves and obviously this is more akin to a 50% cut," said Arden Partners analyst Daniel Slater. |
| Genel's shares tumbled over 40% to a record low of 74p and have fallen 87% over the past 12 months. | |
| Mr Hayward stepped down as chief executive of BP in 2010 following the Gulf of Mexico oil disaster that claimed 11 lives and caused damage to the coastline. | Mr Hayward stepped down as chief executive of BP in 2010 following the Gulf of Mexico oil disaster that claimed 11 lives and caused damage to the coastline. |