GKP hires advisers for Iraqi sale
IRAQ-FOCUSED oil company Gulf Keystone Petroleum yesterday said it had appointed corporate advisers to help it sell its 20 per cent stake in the Akri-Bijeel block in Kurdistan, northern Iraq, almost five months after putting it on the market.
The group is taking on Strand Hanson and Perella Weinberg to assist its advisory team, which also includes broker Mirabaud Securities.
Gulf Keystone’s partner in Akri-Bijeel and the operator, MOL, holds the remaining 80 per cent stake. MOL estimates that the Akri-Bijeel discovery contains around 2.4bn barrels of oil and the Hungarian firm is continuing an exploration and appraisal programme to find more oil prospects in the block.
Gulf Keystone has been trying to sell its stake to focus on its Shaikan oil discovery. Its shares rose 8.3 per cent to close at 342.5p.
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.