Gold Oil jumps as annulled pact permits Cuba business
Published on Saturday, November 3, 2007
By Andrew Rummer
NEW YORK, USA (Bloomberg): Shares of Gold Oil Plc, the UK oil producer
granted a Cuban exploration licence in June, rose the most in two months
in London trading after the termination of a joint venture left it free
to operate on the Caribbean island.
Ending the venture, agreed in February with Ireland's Minmet Plc, leaves
Gold Oil "free to pursue its plans," the Leatherhead, England-based
company said today in a Regulatory News Service statement.
"Opportunities in the US and Cuba could not be pursued by the same
company due to the longstanding US embargo on doing business in Cuba,"
Minmet said in a separate statement.
Gold Oil will sell its 25 percent stake in Minmet, which will in turn
sell its 4.9 percent Gold Oil holding, the companies said.