Gulf Keystone Denies Exxon Report
Bermuda’s Gulf Keystone oil exploration company yesterday [Dec. 19] denied a weekend report in a British newspaper that Exxon was considering buying the firm for $10.8 billion.
The UK’s “Independent On Sunday” had suggested the Texas-based petroleum giant had started talks with Gulf Keystone with a view to acquiring the Bermuda firm.
“Gulf Keystone notes the continued unfounded press speculation regarding a potential offer for the company,” Gulf Keystone said in a statement. “The board of Gulf Keystone does not normally comment on speculation, but confirms that it remains committed to creating value for shareholders, via the continuing 2011/2012 exploration and appraisal programme on its world-class assets in the Kurdistan Region of Iraq.
“Whilst there is clearly increasing interest in the region in which Gulf Keystone operates, the Board is not in discussions with regard to a sale of the company.”
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 in 2004.
