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(Alliance News) - Gulf Keystone Petroleum Ltd on Friday said Chief Executive Jon Ferrier intends to retire once a successor is found.
Ferrier will remain with the company, an oil producer in the Kurdistan region of Iraq, until his replacement is appointed and a handover period has taken place.
Gulf Keystone has begun "a formal, externally facilitated, search process" with updates to follow as appropriate.
Chair Jaap Huijskes said: "Jon Ferrier took the helm five years ago, immediately leading the Company through its financial restructuring and breathing new life into [Gulf Keystone Petroleum] as an attractive investment proposition. He has brought us the experience he gained over a long and distinguished career, resulting in GKP meeting the highest standards across all aspects of its business. Today, Gulf Keystone is a highly respected and successful E&P company, for which Jon deserves considerable credit."
Shares in Gulf Keystone were up 1.9% at 91.90 pence in London on Friday morning.
On Monday this week, Gulf Keystone said it received payment for Shaikan field crude oil from the Kurdistan regional government. The payment for May was USD2.7 million gross, of which USD2.1 million was net to Gulf Keystone.
By Anna Farley; annafarley@alliancenews.com
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