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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.
12 December 2016
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")
Completion of Share Consolidation
Following the announcement on 8 December 2016 that all the resolutions proposed at the Company's Annual General Meeting were duly passed by shareholders, the Company confirms that the 22,942,956,605 common shares of US$0.01 each were consolidated and divided into 229,429,566 new common shares of US$1 each with a new ISIN of BMG4209G2077 ("Common Shares") (the "Consolidation"). Such Common Shares have the same rights and are subject to the same restrictions (save as to par value) as common shares in issue prior to the consolidation. All existing options and warrants have been consolidated on the same 100:1 basis.
CREST Shareholders' accounts have been credited with the new Common Shares to which they are entitled under the Consolidation on 9 December 2016 being the effective date of the Consolidation.
New share certificates will be issued to Non-CREST Shareholders in substitution for their existing share certificates. All existing share certificates will be invalid and will be cancelled and new share certificates are expected to be dispatched to those Shareholders who held their Existing Common Shares in certificated form, on or before 19 December 2016.
Unless a Shareholder's entitlement is for an exact number of Common Shares, a right to a fractional entitlement of a Common Share would theoretically arise following the Consolidation. For example a shareholder having 105 common shares prior to the consolidation would, after the consolidation, as well as receiving 1 Common Share, be entitled to a fractional entitlement of 0.05 of a Common Share.
Fractional entitlements arising from the Consolidation will be aggregated and sold in the market and the net proceeds will be donated to a charity designated by the board of directors of the Company.
Save for any adjustment resulting from the fractional entitlements, all shareholders and option holders will retain the same percentage interest in the Company post consolidation as previously held.
Enquiries:
Gulf Keystone Petroleum: | +44 (0) 20 7514 1400 |
Jón Ferrier, CEO | |
Sami Zouari, CFO | |
Anastasia Vvedenskaya, Head of Investor Relations | |
Celicourt Communications: | +44(0) 20 7520 9266 |
Mark Antelme Jimmy Lea |
or visit: www.gulfkeystone.com
Notes to Editors:
· Gulf Keystone Petroleum Ltd. (LSE: GKP) is a leading independent operator and producer in the Kurdistan Region of Iraq and the operator of the Shaikan field with current production capacity of 40,000 barrels of oil per day
· Further information on Gulf Keystone is available on its website www.gulfkeystone.com
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.