Gulf Keystone Calls In Advisers To Help With Iraq Asset Sale

Iraq-focused oil company Gulf Keystone Petroleum Ltd. (GKP.LN) Thursday said it has appointed corporate advisers to help it sell its 20% stake in the Akri-Bijeel block in Kurdistan, northern Iraq, almost five months after putting it on the market.

In September, Chief Executive Todd Kozel told Dow Jones Newswires he expected a quick sale due to the high level of interest from large oil companies in this highly prospective region.

Gulf Keystone's partner in Akri-Bijeel and the operator, MOL Nyrt. (MOL.BU), holds the remaining 80% stake. MOL estimates that the Akri-Bijeel discovery contains around 2.4 billion barrels of oil and the Hungarian firm is continuing an exploration and appraisal program to find more oil prospects in the block.

Gulf Keystone has been trying to sell its stake to focus on its Shaikan oil discovery, which is estimated to contain around 8 billion barrels of oil. Gulf Keystone holds 75% of Shaikan, MOL has 20% and U.S.-based Texas Keystone Inc. has the remaining 5%.

The firm appointed Strand Hanson Ltd. and Perella Weinberg Partners UK LLP as joint corporate advisers to help with the Akri-Bijeel disposal.

Shares closed Wednesday at 316.25 pence.

-By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; [e-mail]