Gulf Keystone bosses' trip to China hints at takeover deal

The bosses of takeover target Gulf Keystone Petroleum have visited China with an army of advisers, leading to speculation that a Far Eastern oil giant could be interested in the company.

In a court transcript from a case over the origin of Gulf Keystone's oil discoveries in northern Iraq, the company's lawyer revealed: "The business trip to China is one which, as your Lordship sees, is market sensitive ... it involves finance advisers, it involves external legal advisers, and it involves a number of counterparties in the Far East who this team is going to see."

The news emerges a day after chief executive Todd Kozel announced an "exit event" scheme, which would see the board granted significant bonuses if they sell the company or a majority of its assets.