Why Nat Rothschild and Tony Hayward are not celebrating today
So Nat Rothschild and Tony Hayward won't be raising a glass just yet over Genel Energy.
The billionaire financier, former BP chief and other founders were thought to be heading towards a bumper bonus payout, as shares in the Kurdistan-focused oil explorer hit a record high of £11.13 last week.
If the shares close higher than £12.50 for 20 trading days out of 30, the founders will receive around £100m in total – Rothschild would be in line for around £50m.
But today’s trading update was a little disappointing. 2014 production guidance was set at 60,000 to 70,000 barrels of oil per day, falling short of some analysts’ expectations, while revenue guidance of $500m (£305m) to $600m also missed forecasts.
Investors did not respond well to the update and shares edged further away from the elusive £12.50 mark, falling 0.7 per cent to £10.77.
