Costly case of mistaken identity

first_img Share Costly case of mistaken identity whatsapp Tags: NULL Wednesday 26 January 2011 7:13 pm Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndoSenior Living | Search AdsNew Senior Apartments Coming to Scottsdale (Take A Look at The Prices)Senior Living | Search AdsUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndoElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldUndocenter_img whatsapp More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com Show Comments ▼ KCS-content “THERE’S a whole ocean of oil under our feet! No one can get at it except for me!” So screams Daniel Day Lewis as Plainview in Paul Thomas Anderson’s film There Will be Blood. Until yesterday, Heritage was on the verge of a similarly huge find in the semi-autonomous Iraqi region of Kurdistan. Heritage did find something, but it wasn’t an ocean of oil. Instead, the company has stumbled on one of Iraq’s biggest gas fields. Investors, who had piled into the stock on the expectation of striking crude, have left in their droves. At first glance, it’s not clear why finding so much gas is necessarily bad news, but it is. It is hard to monetise a gas discovery in Kurdistan, which has strict rules on exports and quotas for domestic gas needs – even harder for an oil company. House broker JP Morgan has cut its net asset value from 542p to 381p. If Heritage doesn’t want to monetise the gas itself, it could sell the asset to a more suitable company, although analysts – and the market– clearly think it isn’t worth much. Having lost so much of its market value after yesterday’s shock news, Heritage is looking increasingly vulnerable to predators. Central European gas group OMV is tipped as a potential bidder, as is Hungarian MOL. Both serve markets that want to lessen their reliance on Russian gas. As Plainview found out to his eternal cost, oil exploration is an unpredictable game. last_img read more