www.gulfkeystone.com
Gulf Keystone Petroleum Ltd. (AIM: GKP) is an independent oil and gas exploration and production company focused on exploration in the Kurdistan Region of Iraq. It holds a majority working interest in the Shaikan, Sheikh Adi and Ber Bahr exploration blocks and a further interest in the Akri-Bijeel block. Gulf Keystone is the Operator of the Shaikan and Sheikh Adi Production Sharing Contracts. Following a major discovery at Shaikan in 2009 and a discovery at Akri-Bijeel in 2010, the Company is undertaking an ambitious 2011-2012 exploration and appraisal programme across the four adjacent blocks. Gulf Keystone is also focused on continuing domestic oil sales and increasing oil export operations in order to move towards the Company’s production target of over 5,000 barrels of oil per day (“bopd”), increasing to 10,000 bopd thereafter.
Gulf Keystone says it is not in bid talks
Gulf Keystone Petroleum (LON:GKP) told investors that it is not in talks to sell the company.
The statement comes after a weekend report claimed that US giant Exxon Mobil was lining up a bid for the company. The report claimed that the American oil firm had sounded out GKP over a £7 billion takeover, which would price the AIM-quoted stock at 800p a share.
Subsequently GKP shares gained as much as 30 per cent to reach an all time high of 219.75p a share.
However this afternoon the firm put out a response to what it called ‘unfounded press speculation’ regarding a potential offer for the company.
"The Board of Gulf Keystone does not normally comment on speculation, but confirms that it remains committed to creating value for shareholders, via the continuing 2011/2012 exploration and appraisal programme on its world-class assets in the Kurdistan Region of Iraq,” it said.
“Whilst there is clearly increasing interest in the region in which Gulf Keystone operates, the Board is not in discussions with regard to a sale of the company.”
