Last checked at 10 Sep 2013 11:30
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.
10 September 2013
Gulf Keystone Petroleum Ltd. (AIM: GKP)
("Gulf Keystone" or "the Company")
Litigation Update
A summary of the English Commercial Court in London's ("Court") decision has been given in court today following the trial in the Court of the claims asserted by Excalibur Ventures LLC ("Excalibur") against Gulf Keystone Petroleum Limited and its two subsidiaries (the "Companies") and Texas Keystone Inc. ("Texas") (together the "Defendants").
The Court dismissed all of Excalibur's claims and decided all issues in favour of the Defendants.
The hearing was adjourned to a date to be fixed, for argument on costs and any application for permission to appeal.
The Company expects that trading in the Company's shares will recommence at noon today.
Commenting on the Judge's decision today, Gulf Keystone's CEO Todd Kozel said:
"We are very pleased to have achieved the best possible outcome from the point of view of the Company and our shareholders. We look forward to pursuing the Company's stated objectives for the future, now that we have the Court's decision regarding these historical events.
We understand that the legal process must take its course once a claim has been lodged, but it has been unfortunate that the Company and its shareholders have experienced significant uncertainty and concern over the last two and a half years and that its executives have been engaged in a protracted and costly dispute to protect the position of the Company and its shareholders.
The Board and management will now focus on progressing the ramp-up in production and development of the Shaikan world class discovery in the Kurdistan Region of Iraq. On the corporate front, our next objective is to complete the move to the standard segment of the Official List by the end of 2013."
Enquiries:
Gulf Keystone Petroleum | +44 (0) 20 7514 1400 |
Anastasia Vvedenskaya, Investor Relations | |
Strand Hanson Limited | +44 (0) 20 7409 3494 |
Stuart Faulkner / James Harris / Rory Murphy | |
Mirabaud Securities LLP | +44 (0) 20 7878 3362 |
Peter Krens | |
Bell Pottinger | +44 (0) 20 7861 3232 |
Mark Antelme / Henry Lerwill |
or visit: http://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.
§ 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% and is partnered with Kalegran Ltd. (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 150,000 barrels of oil per day of production within three years, following the approval of the Shaikan Field Development Plan, announced on 26 June 2013.
Disclaimer
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.