(Reuters) -

Gulf Keystone Petroleum (GKP.L), the Iraqi Kurdistan-focused oil explorer, said on Wednesday it would split its chief executive and chairman roles as the company attempts to move from AIM to London's premium listing.

The divided roles will be more compatible with the corporate governance of the Official List, the company said in a statement, adding that the search for an independent non-executive chairman would begin immediately.

The company said it intends to apply for a premium segment listing when it meets all necessary regulatory requirements. A premium listing requires a company to meet the highest standards of regulation and corporate governance.

The explorer has been embroiled in a lawsuit over its ownership of giant oil fields in Kurdistan after its former partner Excalibur claimed it was legally entitled to a stake of the assets.


"AIM has served Gulf Keystone well, however, for some time we have been of a size where we would be better suited to the Main Market," Todd Kozel, executive chairman and CEO, said in a statement.

Shares in the group have lost 68 percent of their value since February 2012.

(Reporting by Stephen Eisenhammer; editing by Kate Holton)