Draw Down of Funds and Issue

RNS Number : 1836I

Gulf Keystone Petroleum Ltd

08 March 2010

 



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

 8 March 2010

Gulf Keystone Petroleum Ltd.

("Gulf Keystone" or "the Company")

Draw Down of Funds and Issue of Equity

Gulf Keystone Petroleum Ltd. (AIM: GKP, ADR: GFKSY), an independent oil and gas exploration and production company with assets in Kurdistan and Algeria announces that it has today drawn down £900,000 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 seventh under the SEDA and brings to £17,960,000 the amount of funds drawn down to date. The remaining undrawn funds under the SEDA facility are £12,040,000. 

Under the terms of the SEDA, the Company has allotted, conditional on admission, 1,181,009 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 76.21 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 1,181,009 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 12th March 2010.   

The total issued share capital of Gulf Keystone following this allotment will be 495,660,455 Common Shares. The Company does not hold any Common Shares in treasury and so the total number of voting rights in the Company is 495,660,455.

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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