Gulf Keystone Likely Takeover Target: COO

According to a report from Reuters, oil explorer Gulf Keystone sees itself increasingly as a potential takeover target, but has not received any serious takeover approaches so far.

“As the political situation between Iraq and Kurdistan gets more and more stable… you have to think that somewhere along the line there’ll be some kind of wave of consolidation so that people who aren’t in there are going to want to be in there,” Chief Operating Officer John Gerstenlauer (pictured) said in an interview with Reuters.

The company will spend the next eighteen months focusing on exploration and appraisal to verify oil reserves in the Kurdistan region of Iraq, said Gerstenlauer, to ensure any takeover approach reflects the company’s value.

“There are going to be people coming in to buy assets and one of the things we owe to ourselves and our shareholders is to make sure that … if it does happen, that we don’t get bought cheaply,” he said.

The company reported on Monday that additional third party analysis confirmed original estimates of oil in place resources at its Shaikan discovery.

(Source: Reuters)

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