Gulf Keystone Calls In Advisers To Help With Iraq Asset Sale
February 09 2012 - 3:25AM
Dow Jones News
Iraq-focused oil company Gulf Keystone Petroleum Ltd. (GKP.LN)
Thursday said it has appointed corporate advisers to help it sell
its 20% stake in the Akri-Bijeel block in Kurdistan, northern Iraq,
almost five months after putting it on the market.
In September, Chief Executive Todd Kozel told Dow Jones
Newswires he expected a quick sale due to the high level of
interest from large oil companies in this highly prospective
region.
Gulf Keystone's partner in Akri-Bijeel and the operator, MOL
Nyrt. (MOL.BU), holds the remaining 80% stake. MOL estimates that
the Akri-Bijeel discovery contains around 2.4 billion barrels of
oil and the Hungarian firm is continuing an exploration and
appraisal program to find more oil prospects in the block.
Gulf Keystone has been trying to sell its stake to focus on its
Shaikan oil discovery, which is estimated to contain around 8
billion barrels of oil. Gulf Keystone holds 75% of Shaikan, MOL has
20% and U.S.-based Texas Keystone Inc. has the remaining 5%.
The firm appointed Strand Hanson Ltd. and Perella Weinberg
Partners UK LLP as joint corporate advisers to help with the
Akri-Bijeel disposal.
Shares closed Wednesday at 316.25 pence.
-By Iain Packham, Dow Jones Newswires; 44-20-7842-9269;
iain.packham@dowjones.com
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