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Gulf Keystone considering equity raise, expects oil field impairment
March 12, 2015 / 8:14 AM / 3 years ago

Gulf Keystone considering equity raise, expects oil field impairment

LONDON (Reuters) - Iraqi Kurdistan-focused oil producer Gulf Keystone Petroleum (GKP.L) said it was considering raising equity to gain additional funding while it continues discussions about asset sales or the outright sale of the company.

The London-listed firm also said it expected to book an impairment against its Akri-Bijeel oil field which it has been looking to sell.

The company is set to report annual results on April 9.

Gulf Keystone, like other oil producers in Iraqi Kurdistan, is owed money by the regional government for oil exports, putting a strain on its balance sheet.

The firm said on Thursday it was continuing discussions with the Kurdistan Regional Government to establish regular payments for crude oil sales.

In February Gulf Keystone and fellow Kurdistan oil producer Genel (GENL.L) said they had raised oil sales to the domestic market at the expense of exports.

Reporting by Karolin Schaps; editing by Jason Neely

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