Exxon Mulls Gulf Keystone Bid
The world’s largest oil company Exxon Mobil Corp, is mulling a $10.9-billion takeover of Bermuda’s Gulf Keystone Petroleum, which concentrates on oil exoloration in Iraq’s Kurdistan region, a British newspaper reported yesterday [Dec.18].
A report in the UK’s “Independent On Sunday” said Texas-based Exxon is planning to offer $12.50 per share bid for UK’s Gulf Keystone, which has made huge oil finds in the semi-autonomous Kurdistan region of Iraq.
According to the report though Exxon has “sounded out” Gulf Keystone about the possible deal, the Bermuda oil company would not accept an offer at the $12.50 per share level. Gulf Keystone currently has a market value of about $2.33 billion.
AIM-listed Gulf Keystone is an independent oil and gas exploration and production company with operations in the Kurdistan Region of Iraq.
An independent oil and gas exploration and production company with operations in the Kurdistan region of Iraq, Gulf Keystone was originally founded by United Arab Emirates, Kuwaiti, Saudi and US private equity.
The company was incorporated in Bermuda in 2001 and listed on the Alternative Investment Market of the London Stock Exchange on 8 September 2004.
