2013 AGM Results and Directorate Change

RNS Number : 1972K

Gulf Keystone Petroleum Ltd.

25 July 2013

 



Not for release, publication or distribution in or into the United States or jurisdictions other than the United Kingdom and Bermuda where to do so would constitute a contravention of the relevant laws of such jurisdiction.

25 July 2013

Gulf Keystone Petroleum Ltd. (AIM: GKP)

("Gulf Keystone" or "the Company")

Results of 2013 Annual General Meeting and Directorate Change

The Board of Gulf Keystone, a leading independent E&P operator in the Kurdistan Region of Iraq, is pleased to announce that all the resolutions proposed at the Company's Annual General Meeting ("AGM") held today at 12pm in Bermuda, were duly passed by shareholders.

Resolutions 2.2 and 2.3, relating to the re-appointment of Messrs Mehdi Varzi and Ali Al-Qabandi as Directors of the Company, were withdrawn by the Chairman as they had advised the Company on 20 July 2013 that they had withdrawn their consent to be considered for re-election as directors of the Company. Accordingly, Mr Mehdi Varzi retired by rotation, in accordance with the Company's Bye-laws, with effect from the close of the AGM, after having served as a Non-Executive Director for over five years and Mr Ali al-Qabandi retired by rotation, in accordance with the Company's Bye-laws, with effect from the close of the AGM, after having served as a Director for six years.

Further to the passing of Resolutions 2.4, 2.5, 2.6 and 2.7, Messrs Jeremy Benjamin Gerald Asher, Thomas Counter Shull, John Bell and Philip Anthony Dimmock have been elected to the Board and will take up their positions as Non-Executive Directors of the Company once the AIM mandated due diligence process is complete within the next few weeks. A further announcement will be made at that time.

Further to the passing of Resolution 3, Mr Simon Murray has been re-appointed as Independent Non-Executive Chairman of the Company.

Commenting on today's announcement, Simon Murray, Independent Non-Executive Chairman, said:

"I am pleased to welcome our four new Non-Executive Directors to the Board, and look forward to their contribution as we progress our move to the Standard Segment of the Official List of the London Stock Exchange.

"The Company would like to thank Ali Al-Qabandi, the co-founder and, most recently, Business Development Director of Gulf Keystone, and Mehdi Varzi, a long-standing Non-Executive Director, for their invaluable guidance and significant contribution to finding, establishing and steering what is today a major oil & gas development in the Kurdistan Region of Iraq.

"The Company remains focused on creating further value for shareholders by continuing to develop our world class acreage in the Kurdistan Region of Iraq as we transition to becoming a significant oil producer in the region."

Enquiries:

Gulf Keystone Petroleum:	[phone]
Simon Murray, Non-Executive Chairman
Anastasia Vvedenskaya, Investor Relations
Strand Hanson Limited	[phone]
Stuart Faulkner / James Harris / Rory Murphy
Mirabaud Securities LLP	[phone]
Peter Krens
Pelham Bell Pottinger	[phone]
Mark Antelme / Henry Lerwill

or visit: http://www.gulfkeystone.com/ 

Notes to Editors:

§ Gulf Keystone Petroleum Ltd. (AIM: GKP) is an independent oil and gas exploration and production company focused on exploration in the Kurdistan Region of Iraq.

§ Gulf Keystone Petroleum International (GKPI) holds Production Sharing Contracts for four exploration blocks in Kurdistan, including the Shaikan, Sheikh Adi, Ber Bahr and Akri-Bijeel blocks.

§ GKPI is the Operator of the Shaikan Block, which is a major commercial discovery, with a working interest of 75% and is partnered with Kalegran Ltd. (a 100% subsidiary of MOL Hungarian Oil and Gas plc.) and Texas Keystone Inc., which have working interests of 20% and 5% respectively.  Texas Keystone Inc. holds its interest in trust for Gulf Keystone, pending transfer of its interest to the Company.

§ Gulf Keystone is moving into the large-scale phased development of the Shaikan field targeting 150,000 barrels of oil per day of production within three years, following the approval of the Shaikan Field Development Plan, announced on 26 June 2013.

Disclaimer

Not for release, publication or distribution, directly or indirectly, in or into the United States or jurisdictions other than the United Kingdom and Bermuda where to do so would constitute a contravention of the relevant laws of such jurisdiction.  This announcement (and the information contained herein) does not contain or constitute an offer of securities for sale, or solicitation of an offer to purchase securities, in the United States or jurisdictions other than the United Kingdom and Bermuda where to do so would constitute a contravention of the relevant laws of such jurisdiction. The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States unless the securities are registered under the Securities Act, or an exemption from the registration requirements of the Securities Act is available.  No public offering of the securities will be made in the United States.

 

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