Litigation Update

RNS Number : 1065L

Gulf Keystone Petroleum Ltd.

26 July 2011

 



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.

26 July 2011

Gulf Keystone Petroleum Ltd. (AIM: GKP)

("Gulf Keystone" or "the Company")

Litigation Update

Further to the previous update of 12 July 2011, Gulf Keystone announces that Excalibur Ventures LLC ("Excalibur") confirmed in the English Commercial Court in London today that it no longer intends to pursue the International Chamber of Commerce Arbitration in New York (the "ICC Arbitration") against Gulf Keystone and two of its subsidiaries (the "Companies").

Excalibur also confirmed today that it is content that all its claims against the Companies should be determined in the English Commercial Court in London.

Consequently, there will not be a trial in the English Commercial Court in London to determine whether the Companies are required to take part in the ICC Arbitration.

A provisional date of October 2012 has been set for a trial in the English Commercial Court of Excalibur's claims.

The Companies continue vigorously to dispute and contest the allegations and claims asserted by Excalibur.

The Board of Gulf Keystone will provide further updates in due course.

Enquiries:

Gulf Keystone Petroleum:	[phone]
Todd Kozel, Executive Chairman and Chief Executive Officer
Ewen Ainsworth, Finance Director
Strand Hanson Limited:	[phone]
Simon Raggett / Rory Murphy / James Harris
Mirabaud Securities LLP:	[phone]
Peter Krens
Pelham Bell Pottinger:	[phone]
Mark Antelme

or visit: www.gulfkeystone.com

Notes to Editors:

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

§ Gulf Keystone Petroleum International (GKPI) holds Production Sharing Contracts for fourexploration blocks in Kurdistan.

§ The Company's shares have traded on the AIM market since listing on 8th September 2004.

§ Gulf Keystone Petroleum Limited is registered in Hamilton, Bermuda with further offices in Erbil, Kurdistan Region of Iraq, Algiers, Algeria and London, UK.

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 document (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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