I found out why Gazprom won. They offered a side deal of 1 billion Euros to the Cypriot government so they could avoid ratifying austerity measures in some bailout package. In effect the Gas licence was a sweetener for a Russian loan.
Israel is quite peeved that not one of it's companies got a look in. However, they got a 30% extension of existing fields. The Israelis were the frontrunners before the Russian offer. I think knowing this improves WPLs chances for the field in Israel together with Israel. I suspect that any Russian bid in Israel will suffer as a result of what has played out in Cyprus. Bit like a Bond film.
WPL Price at posting:
$34.21 Sentiment: Buy Disclosure: Held
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