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Gulf Keystone Petroleum Share News (GKP)

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Share News for Gulf Keystone Petroleum (GKP)

Share Price: 1.26Bid: 1.26Ask: 1.27Change: 0.00 (0.00%)No Movement on Gulf Keystone
Spread: 0.01Spread as %: 0.79%Open: 1.27High: 1.29Low: 1.20Yesterday’s Close: 1.26

Gulf Keystone sees up to $500 mln from oil stake

Mon, 16th Jan 2012 07:34

LONDON, Jan 16 (Reuters) - UK-based oil explorer Gulf Keystone told a conf
erence last week it expected to raise $350-$500 million from the sale of its stake in a Kurdish oil block, according to an analyst's note.

John Gerstenlauer, Chief Operating Officer told a Morgan Stanley investor conference that a data room on the Akri Bijeel block is to be opened next week, and that he expected 10-12 interested parties to participate.

'Gulf Keystone estimates a sale would be finalized by April, with its interest sold for $350-$500m,' analysts at the investment bank said.

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

Hungary's MOL operates the Akri Bijeel block.

(Reporting by Tom Bergin; Editing by Erica Billingham) Keywords:

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