Gulf Keystone stokes rumour mill

30th Aug 2011 08:46

Iraq-focused oil firm, Gulf Keystone Petroleum, has denied reports that it is putting itself up for sale.However, in a statement that read more like an advert, Keystone said it noted "increasing interest in the region in which Gulf Keystone operates".It said it was "committed to creating value for shareholders, via the continuing 2011/2012 drilling programme on its world-class assets in the Kurdistan Region of Iraq".The Sunday Times had reported that chief executive, Todd Kozel, was looking to set up a deal that could value the firm at up to £1.4bn.The paper said he had told investment banks he would launch a "beauty parade" for advisers next month to help evaluated the company's options.In today's statment Kozel said Gulf Keystone had built an "enviable asset base in Kurdistan, with significant further upside potential". "We consider the true value of the company to be significantly above any figures quoted in recent press articles," he said.