Register
Login:
Share:
Email Facebook Twitter

Stock Market news at lse.co.uk - RSS News Feeds

Gulf Keystone Petroleum Share News (GKP)



Share News for Gulf Keystone Petroleum (GKP)


Share Price: 62.75Bid: 62.75Ask: 63.25Change: -0.25 (-0.40%)Faller - Gulf Keystone
Spread: 0.50Spread as %: 0.80%Open: 63.00High: 69.00Low: 62.25Yesterday’s Close: 63.00




UPDATE 3-Gulf Keystone not talking to Exxon on $11 bln sale

Mon, 19th Dec 2011 17:09

By Tom Bergin

LONDON, Dec 19 (Reuters) - Explorer Gulf Keystone Petr
oleum said it was not in talks with U.S. oil major Exxon Mobil Corp about a 7 billion pounds ($11 billion) sale, scotching a newspaper report that sent the Kurdistan-focused group's shares 24 percent higher.

The Independent on Sunday newspaper reported Exxon was considering making an estimated 800 pence per share bid -- five times Gulf Keystone's closing share price on Friday.

But Gulf Keystone said in a statement on Monday it was 'not in discussions with regard to a sale of the company'.

Exxon declined to comment.

The Kurdistan Regional Government (KRG) said last month Exxon had signed contracts for six exploration blocks, the latest in a list of ever-larger corporations investing in the area.

The increased investment reflects signs the semi-autonomous Kurdish region of northern Iraq may be about to agree a deal with Baghdad on oil revenue sharing and licensing.

Gulf Keystone, which says it has found billions of barrels of oil at its Shaikan discovery, has frequently been the subject of takeover rumours and said in September it was seeking a buyer for its 20 percent interest in the Akri-Bijeel block to help finance ongoing development of other assets.

Industry sources said the company has mulled a possible sale of other parts, or all, of its interests in Kurdistan.

On Monday the company acknowledged the 'increasing interest' in the region but said it was committed to continuing its exploration and appraisal of its assets itself.

Dealers and analysts had earlier dismissed the prospect of an usually high bid from the notoriously financially disciplined Texas-based oil giant.

'We fear an element of yuletide wishful thinking may also be playing a part,' said Richard Savage, oil analyst at brokerage Mirabaud.

Acquirers rarely make offers at more than a 50 percent premium to a target's pre-bid share price.

Gulf Keystone shares opened 24 percent higher before falling back to close up 7.7 percent at 178.25 pence following the company's denial of talks.

One dealer said he was especially surprised by the report's claim that Gulf Keystone's board would not accept the estimated 800 pence per share bid and that chief executive Todd Kozel wanted a price tag over 10 billion pounds in total.

'I bet the shareholders would jump for anything over 250 pence a share,' the dealer said.

Exxon's Kurdistan deal prompted criticism from the Baghdad government, which has challenged the regional government's right to issue licences.

The deal would make Exxon the first company in the top tier of the industry to move into the Kurdish region, but Exxon has not confirmed it and declines all comment on the matter.

Industry sources said that many big western oil companies have been mulling an entry into Kurdistan, by either buying existing players in the region, many of whom are small independents, or by buying new licensing blocks.



(Additional reporting by Sarah Young; Editing by Jon Loades-Carter, Mike Nesbit and Mark Potter) Keywords: GULFKEYSTONE/EXXON

(tom.bergin@thomsonreuters.com)(+44 207 542 1029 Reuters Messaging: tom.bergin.thomsonreuters.com@reuters.net)

COPYRIGHT
Copyright Thomson Reuters 2011. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.







UPDATE 2-Iraqi Kurdistan says oil exports could total 800,000 bpd next year

* Oil minister Hawrami "hopeful" on final Baghdad deal* Exports of 800,000 bpd include Kirkuk crude, 500,000 bpd Kurdish (Adds detail on pipeline ex
[Yesterday 14:20]

Kurdistan sees spike in Iraqi oil sales via Turkey

LONDON, Dec 17 (Reuters) - Iraqi crude oil exports to the Turkish port of Ceyhan could reach 800,000 barrels per day (bpd) next year, Kurdistan region
[Yesterday 12:24]

Iraq's Kurdistan sees oil exports reaching 500,000 bpd in Q1

LONDON, Dec 17 (Reuters) - Iraq's semi-autonomous Kurdistan region will export 500,000 barrels per day (bpd) of oil by the end of the first quarter of
[Yesterday 10:52]

UPDATE 2-Iraqi government reaches deal with Kurds on oil, budget

(Adds context, analyst comment)By Isabel Coles and Dominic EvansARBIL/BAGHDAD, Dec 2 (Reuters) - Iraq's government reached a temporary agreement with
[2 Dec '14]

Oil firms' shares jump on Iraqi Kurdistan export deal

Dec 2 (Reuters) - Shares in Iraqi Kurdistan-focused oil producers rallied by 7 to 15 percent on Tuesday after Baghdad and the Kurdish capital Arbil re
[2 Dec '14]

UPDATE 1-Oil producers in Iraqi Kurdistan paid for exports

(Recasts to add GKP statement, adds details, background)LONDON, Dec 2 (Reuters) - Oil producers including Genel and Gulf Keystone Petroleum, have rec
[2 Dec '14]

BUZZ-Gulf Keystone: Up on Kurdistan region, Baghdad deal on oil exports

** The oil producer's shares surged as much as 11.8 pct, a day after the government of Iraq and the semi-autonomous region of Kurdistan reached a deal
[14 Nov '14]

WRAPUP 1-Oil producers in Iraqi Kurdistan expect export payments this month

(Recasts to wrap Kurdistan oil producers' results, updates share prices)LONDON, Nov 13 (Reuters) - Three of Iraqi Kurdistan's main oil producers said
[13 Nov '14]



Sign up for Live Prices
Home  |  Contact Us  |  About Us  |  Careers  |  Advertise with Us  |  Sitemap  |  Terms & Conditions  |  Cookies  |  Privacy


Datafeed and UK data supplied by NBTrader and Digital Look. While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.