Draw Down of Funds and Issue

RNS Number : 5375E

Gulf Keystone Petroleum Ltd

22 December 2009

 



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

22 December 2009

Gulf Keystone Petroleum Ltd.

("Gulf Keystone" or "the Company")

Draw Down of Funds and Issue of Equity

Gulf Keystone Petroleum Ltd. (AIM: GKP), an independent oil and gas exploration and production company with assets in Kurdistan and Algeria announces that it has today drawn down £1,560,000 of its £30 million Standby Equity Distribution Agreement ("SEDA") with YA Global Master SPV Ltd ('YA'), the signing of which was announced by Gulf Keystone on the 7th May 2009. 

This draw down of funds is the fifth under the SEDA and brings to £13,060,000 the amount of funds drawn down to date. The remaining undrawn funds under the SEDA facility are £16,940,000.  

Under the terms of the SEDA, the Company has allotted, conditional on admission, 1,717,269 new common shares of $0.01 each to YA. These shares will rank pari passu in all respects with existing issued common shares in the Company. The new common shares have been issued at approximately 90.84 pence per share.

The funds will be used to advance the development of Gulf Keystone's projects in Kurdistan.

Application will be made to the London Stock Exchange for 1,717,269 new common shares of $0.01 each to be admitted to trading on AIM. It is expected that the admission will become effective and that trading will commence on 30 December 2009.   

The total issued share capital of Gulf Keystone following this allotment will be 489,976,407 Common Shares. The Company does not hold any Common Shares in treasury and so the total number of voting rights in the Company is 489,976,407.

Enquiries

Gulf Keystone Petroleum:                              [phone]
Todd Kozel, Executive Chairman

Ewen Ainsworth, Chief Financial Officer

Strand Hanson Limited                                  [phone]

Simon Raggett / Rory Murphy / James Harris

Mirabaud Securities LLP                               [phone]

Peter Krens 

Brunswick Group LLP:                                   [phone] 
Patrick Handley

or visit: www.gulfkeystone.com

 

END

 

 

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