(Alliance News) - Oil & gas firm Gulf Keystone Petroleum Ltd launched a share buyback on Monday worth up to USD25 million.
The buyback will be funded from existing cash resources and will begin with an initial USD15 million - or GBP12 million - phase which will start immediately. The initial phase will not run beyond the end of October.
Shares in Gulf Keystone were 3.4% higher at 227.00 pence in London on Monday, giving it a market capitalisation of GBP520.8 million.
"The buyback programme is aligned with the company's focus on capital allocation and will be an accretive use of funds whilst not impacting the company's ability to continue the execution of its existing investment programme," Gulf Keystone explained in a statement.
Gulf Keystone Petroleum (GKP)