The board of Gulf Keystone, the operator of the Shaikan field in the Kurdistan Region of Iraq, has entered into discussions to put the company up for sale.
As part of the move, Gulf Keystone has appointed Deutsche Bank and Perella Weinberg Partners as financial advisers.
In a statement, the company said: “Stakeholders are advised that these discussions are preliminary and, as such, there can be no certainty that any offers will be received and any transaction concluded, or any certainty as to the terms on which any offer might be made.
“Further announcements will be made by the company as and when appropriate.”
The company cash balance is $69.3mn and it has been informed that a further US$26mn gross payment (US$20.8mn net to Gulf Keystone) for Shaikan crude oil sales is expected to be credited to the company’s account shortly.
