Gulf Keystone Petrol

Strategic Update

RNS Number : 8208F
Gulf Keystone Petroleum Ltd.
25 February 2015
 



 

Not for release, publication or distribution, directly or indirectly, in whole or in part in or into the United States or any jurisdiction other than the United Kingdom and Bermuda where to do so would constitute a contravention of the relevant laws or regulations of such jurisdiction.  This announcement (and the information contained herein) does not contain or constitute an offer to sell or the solicitation of an offer to purchase, nor shall there be any sale of securities in any jurisdiction where such offer, solicitation or sale would constitute a contravention of the relevant laws or regulations of such jurisdiction.

 

 

 

 

25 February2015

 

Gulf Keystone Petroleum Ltd. (LSE: GKP)

("Gulf Keystone" or "the Company")

Strategic Update

Further to the Company's RNS of 6 February 2015, Gulf Keystone, the operator of the world class Shaikan field in the Kurdistan Region of Iraq, is announcing today that it has recently engaged in discussions with a number of parties in relation to possible asset transactions or a sale of the Company.

Stakeholders are advised that these discussions are preliminary and, as such, there can be no certainty that any offers will be received and any transaction concluded, or any certainty as to the terms on which any offer might be made. Further announcements will be made by the Company as and when appropriate.

As at today's date, the Company's cash balance is US$69.3 million and it has been informed that a further US$26 million gross payment (US$20.8 million net to Gulf Keystone) for Shaikan crude oil sales has been received by the Company's bank and is expected to be credited to the Company's account shortly.

Concurrently, and in view of strategic discussions and its current liquidity position, and with the intention of meeting its existing debt payment obligations, the Company is undertaking a review of its financing options and in that context will engage in discussions with its key stakeholders.

The Company has appointed Deutsche Bank and Perella Weinberg Partners as financial advisers. 

Enquiries:

 

Gulf Keystone Petroleum:

+44 (0) 20 7514 1400

Anastasia Vvedenskaya, Head of Investor Relations




Deutsche Bank

+44 (0)20 7545 8000

Cathal Deasy


Charles Wilkinson    


Reid Payne




Perella Weinberg Partners 

+44 (0) 20 7268 2800

Philip Yates


Tanguy Rivière


Alex Andreichuk




Media Relations and Financial PR Adviser:

 +44 (0)20 7520 9266

Mark Antelme


 

 

or visit: www.gulfkeystone.com

 

 

Notes to Editors:

 

·           Gulf Keystone Petroleum Ltd. (LSE: GKP) is an independent oil and gas exploration, development 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, 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 MOL Kalegran Limited (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 100,000 bopd of production capacity during Phase 1 of the Shaikan Field Development Plan following its approval in June 2013.

 

 

Disclaimer

 

This announcement contains certain forward-looking statements.  These statements are made by the Company's Directors in good faith based on the information available to them up to the time of their approval of this announcement but such statements should be treated with caution due to inherent uncertainties, including both economic and business factors, underlying such forward-looking information.  This announcement has been prepared solely to provide additional information to shareholders to assess the Group's strategies and the potential for those strategies to succeed.  This announcement should not be relied on by any other party or for any other purpose.

 

This communication and the information contained herein is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States unless they are registered or are exempt from registration. Any public offering of securities to be made in the United States would be made by means of a prospectus that would contain detailed information about the company and its management, as well as financial statements. The company does not intend to register any portion of this offering in the United States or to conduct a public offering in the United States or any other jurisdiction. Any public offering of securities to be made in the United States would be made by means of a prospectus that would contain detailed information about the Company and its management, as well as financial statements. Copies of this communication are not being, and should not be, distributed in or sent into the United States.

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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