Litigation Update

RNS Number : 6317Z

Gulf Keystone Petroleum Ltd.

08 March 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.

8 March 2013

Gulf Keystone Petroleum Ltd. (AIM: GKP)

("Gulf Keystone" or "the Company")

Litigation Update

Further to the decision of the English Commercial Court in London, as detailed in the Company's announcement of 18 February 2013, a payment of £4,700,000 has been made into Court by Excalibur Ventures LLC ("Excalibur") as security for the costs of Gulf Keystone and two of its subsidiaries (the "Companies") of defending the legal action commenced by Excalibur in December 2010. In total, Excalibur has paid £10,700,000 into Court as security for the costs of the Companies, including the payment made in April 2012.

Excalibur has also made a payment of £3,300,000 into Court as security for the costs of Texas Keystone Inc. In total, Excalibur has paid £6,800,000 into Court as security for the costs of Texas Keystone Inc., including the payment made in April 2012.

In addition, further to the decision of the English Commercial Court to award costs of the hearing on 15 February 2013 to the Companies and Texas Keystone Inc., interim payments of £50,000 and £40,000 have been made by Excalibur to the Companies and Texas Keystone Inc. respectively.

The trial in the English Commercial Court of all the claims asserted by Excalibur, which were vigorously disputed and contested by the Companies in the course of the trial, was completed on 1 March 2013. The Judge will give his decision in a written Judgment, the completion of which may take in excess of three months due to the size of the case.

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

Enquiries:

Gulf Keystone Petroleum:	[phone]
Ewen Ainsworth, Finance Director
Anastasia Vvedenskaya, Investor Relations
Strand Hanson Limited	[phone]
Simon Raggett / Rory Murphy / James Harris
Mirabaud Securities LLP	[phone]
Peter Krens
Pelham Bell Pottinger	[phone]
Mark Antelme / Henry Lerwill

or visit: 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.

§ The Company's shares have traded on the AIM market of the London Stock Exchange since listing on 8 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.

§ 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 per cent and is partnered with Kalegran Ltd. (a 100 per cent subsidiary of MOL Hungarian Oil and Gas Plc.) and Texas Keystone Inc., which have working interests of 20 per cent and 5 per cent respectively.  Texas Keystone Inc. holds its interest in trust for Gulf Keystone, pending transfer of its interest to the Company.

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.

 

END

 

 

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