Gulf Keystone looking to sell itself-paper

Gulf Keystone looking to sell itself-paper

Kurdistan-focused explorer Gulf Keystone Petroleum is looking to sell itself in a deal that could value it at up to 1.4 billion pounds ($2.3 billion), the Sunday Times newspaper reported, citing sources.

August 28, 2011 2:49 by Reuters

The paper said Chief Executive Todd Kozel had told investment banks he will launch a “beauty parade” for advisers next month to help assess the company’s strategic options.

The Sunday Times cited bankers as saying the search for advisers amounted to “hanging a ‘for sale’ sign” up at the company.

Gulf Keystone was not immediately available for comment.

The company said in May it was preparing to export oil from Kurdistan after a long argument over payments between the semi-autonomous region of Iraq and Baghdad looked to be easing, after it more than doubled oil estimates for its key exploration block in Kurdistan in April.

Shares in Gulf Keystone closed at 130.5 pence on Friday, valuing the business at just under 1 billion pounds.