Kurdistan focused independent Gulf Keystone said Wednesday that it is holding preliminary talks with multiple parties to sell all or a portion of its assets in response to oil market volatility.
The Bermuda-based company’s stock shot up by as much 60.7 percent on the London Stock Exchange after news of the talks broke, Reuters said.
The company has tapped Deutsche Bank and Perella Weinberg Partners to serve as its financial advisers.
Gulf Keystone said talks are still in the preliminary stage.
The company, along with its partner Hungary-based MOL, halted all trucked crude exports from its Shaikan oilfield in Northern Iraq earlier this month until it receives outstanding payments from the Kurdistan Regional Government.
Gulf Keystone said it is actively working towards an early pipeline access solution for Shaikan crude to improve its profit margins.
The company has a current market value of about $492 million and a cash balance of $69.3 million that will be bolstered by an expected $20.8 million payment from the KRG for crude sales from Shaikan.