• Dec. 13, 2016, 10:59 AM
    • Sinopec (SNP +2%) is considering a takeover of Kurdistan-based oil producer Gulf Keystone Petroleum (OTCQX:GUKYF +3.6%), Bloomberg reports.
    • Gulf Keystone is said to have been approached by the Chinese group, and may also attract other bidders.
    • Gulf Keystone was taken over by creditors in September after missing a bond payment and was forced to restructure its debt.
    Dec. 13, 2016, 10:59 AM
  • Jul. 29, 2016, 12:27 PM
    • Kurdistan-focused oil explorer DNO (OTCPK:DTNOF) offers to pay $300M to acquire regional peer Gulf Keystone Petroleum (OTCQX:GUKYF), which just completed a debt restructuring deal with bondholders.
    • DNO’s cash and share offer represents a 20% premium to the price at which Gulf Keystone proposed issuing shares to bondholders on July 14; the cash element of the proposal totals $120M.
    • DNO owns a 55% stake in Kurdistan's Tawke field, which produced an average of ~117.7K bbl/day of oil in May, while Gulf Keystone has a 75% interest in the Shaikan field, which has a production capacity of 40K bbl/day of oil.
    Jul. 29, 2016, 12:27 PM | 2 Comments
  • Aug. 15, 2013, 3:59 PM
    • Gulf Keystone (GUKYF.PK, GFKSY.PK), sitting on Iraqi's Kurdistan's giant Shaikan discovery that could produce 250K bbl/day by 2018, is seen as a takeover target as the world’s biggest oil companies look for untapped fields.
    • Gulf Keystone has spent $780M so far toward completion of a pipeline for direct exports to Turkey; analysts say offers could come soon because the new pipeline may boost the company's value by 40%, and a ruling is expected in a London lawsuit brought by a former associate claiming 30% of the pipeline.
    • Exxon Mobil (XOM), Chevron (CVX) or an Asian national oil company are considered candidates to snap up the company.
    Aug. 15, 2013, 3:59 PM | 1 Comment
  • Dec. 18, 2011, 6:33 PM

    Exxon (XOM) has reportedly approached Gulf Keystone Petroleum (GUKYF.PK) about a purchase that could value the company at about £7B, nearly 5X its current market cap, according the The Independent. Gulf is sitting on a huge crude discovery in Kurdistan, but the government is thought to want an oil giant involved to develop the field. Other majors - including Chevron (CVX) and Sinopec (SNP) - may have interest as well.

    Dec. 18, 2011, 6:33 PM | 10 Comments