CORRECTED-UPDATE 2-Iraqi Kurdistan-focused oil shares hit by IS advance

Thu Aug 7, 2014 2:04pm EDT
 
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(Corrects units to barrels per day in paragraph 8)

* Islamic State advance raises fears for Kurdistan oilfields

* DNO Petroleum shares down as much as 24 percent

* Gulf Keystone Petroleum down as much as 13 percent

By David Sheppard

LONDON, Aug 7 (Reuters) - Shares in energy companies operating in Iraqi Kurdistan plummeted on Thursday after Islamic State militants advanced closer to oilfields in the semi-autonomous region.

Oil producers, including Oslo-listed DNO Petroleum and London-listed Gulf Keystone Petroleum saw double-digit declines in their share prices as the radical Sunni militants seized at least three more towns near Kurdish-controlled territory.

While the firms said their Kurdish fields continued to operate, there are growing concerns about the security risks faced by firms active in Iraqi Kurdistan, seen as a beacon of relative stability in the region.

Shares in Oslo-listed oil producer DNO fell up to 24 percent and London-listed Gulf Keystone Petroleum was down 13 percent at their lowest point on Thursday, before paring losses.   Continued...