Draw Down of Funds and Issue

RNS Number : 1122G
Gulf Keystone Petroleum Ltd
26 January 2010
 



Not for release, publication or distribution in or into jurisdictions other than the United Kingdom and Bermuda where to do so would constitute a contravention of the relevant laws of such jurisdiction

 

 

 26 January 2010

Gulf Keystone Petroleum Ltd.

("Gulf Keystone" or "the Company")

 

Draw Down of Funds and Issue of Equity

 

Gulf Keystone Petroleum Ltd. (AIM: GKP, ADR: GFKSY), an independent oil and gas exploration and production company with assets in Kurdistan and Algeria announces that it has today drawn down £4,000,000 of its £30 million Standby Equity Distribution Agreement ("SEDA") with YA Global Master SPV Ltd ('YA'), the signing of which was announced by Gulf Keystone on the 7th May 2009. 

 

This draw down of funds is the sixth under the SEDA and brings to £17,060,000 the amount of funds drawn down to date. The remaining undrawn funds under the SEDA facility are £12,940,000.  

 

Under the terms of the SEDA, the Company has allotted, conditional on admission, 4,503,039 new common shares of $0.01 each to YA. These shares will rank pari passu in all respects with existing issued common shares in the Company. The new common shares have been issued at approximately 88.83 pence per share representing a five per cent discount to the average of the three lowest daily volume weighted average prices during the five trading days prior to this announcement.

 

The funds will be used to advance the development of Gulf Keystone's projects in Kurdistan.

 

Application will be made to the London Stock Exchange for 4,503,039 new common shares of $0.01 each to be admitted to trading on AIM. It is expected that the admission will become effective and that trading will commence on 1st February 2010.   

 

The total issued share capital of Gulf Keystone following this allotment will be 494,479,446 Common Shares. The Company does not hold any Common Shares in treasury and so the total number of voting rights in the Company is 494,479,446.


Enquiries:


Gulf Keystone Petroleum:

+44 (0) 20 7514 1400

Todd Kozel, Executive Chairman

 

Ewen Ainsworth, Chief Financial Officer

 

 

 

Strand Hanson Limited

+44 (0)20 7409 3494

Simon Raggett / Rory Murphy / James Harris

 

 

 

Mirabaud Securities LLP

+44 (0)20 7878 3362

Peter Krens

 

 

 

Brunswick Group LLP

+44 (0) 20 7404 5959 

Patrick Handley

 


or visit: www.gulfkeystone.com

 


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