Renewed Gulf Keystone Speculation
Shares in Gulf Keystone Petroleum Ltd., the Bermuda-headquartered independent oil and gas explorer in the Kurdistan region of northern Iraq, rose to a record high on renewed speculation that the company will be sold.
Shares climbed as much as 12 percent in London this morning [Jan. 10], the highest since Gulf Keystone’s listing in 2004.
The stock rose 8.6 percent yesterday when the firm released the latest analysis of proven reserves in the fields it is developing.
The Bermuda-based company also confirmed that the Kurdistan regional government had the right to buy into the Shaikan and Akri-Bijeel blocks.
The UK’s “Daily Mail” newspaper reported that speculation the company will be taken over had been revived after Gulf Keystone last month denied it was in talks with Exxon Mobil Corp.
“Gulf Keystone will sell up, that’s the consensus,” said Alex Ogbechie, an oil analyst at Fox-Davies Capital Ltd. in London. “It’s just a matter of time. The agreement on provisions of the contracts makes investors a bit more comfortable.”
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