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1045 GMT [Dow Jones] Gulf Keystone Petroleum (GKP.LN) shares slump 12% to 298p, with traders attributing the slide to the recent outperformance of the shares. A London-based trader says Gulf Keystone’s shares have rallied massively on bid speculation for weeks with the stock trading about 100p higher than most analysts valuation of the company. “[Investors are] taking profits in a stock that’s totally the wrong price,” the trader adds. Gulf Keystone, an oil explorer focused on Iraqi Kurdistan, has been touted as a takeover candidate recently with Exxon Mobil (XOM) having been mentioned. Earlier, a spokesman for Iraq’s energy minister said Exxon’s asked the Iraqi central government to give it “few more days” to decide whether or not it will cancel an exploration deal with Iraqi Kurdistan, a deal which Baghdad strongly opposes
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