Transaction in Own Shares

RNS Number : 9705B

Gulf Keystone Petroleum Ltd.

04 February 2020

 

04 February 2020

Gulf Keystone Petroleum Ltd. (LSE: GKP)

("Gulf Keystone", "GKP" or "the Company")

Transaction in Own Shares

Gulf Keystone Petroleum, a leading independent operator and producer in the Kurdistan Region of Iraq, announces that it has made the following redemptions pursuant to the share buyback programme (the "Buyback Programme") announced on 10 December 2019.

Date of purchase	04 February 2020
Number of common shares purchased	183,547
Highest price paid per common share	195.00 pence
Lowest price paid per common shares	189.69 pence
Volume weighted average price per common share	193.54 pence

As announced on 10 December 2019, the Company will use existing cash resources to make market purchases of common shares for a maximum consideration of $25 million with the first stage of the programme being for an initial amount of $15 million. As announced on 21 January 2020, once the first stage of the programme is completed, purchases of the final amount of $10 million will commence. Under the programme, the Company has purchased 5,244,506 common shares for a total value of $13.85 million to date.

Notification of total voting rights in accordance with the FCA's Disclosure and Transparency Rules provision 5.6.1R.

Following the repurchase of the shares set out above the Company's issued share capital consists of 216,038,240 common shares plus 13,391,326 common shares held in Treasury.

The above figure of 216,038,240 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in Gulf Keystone under the FCA's Disclosure and Transparency Rules. The Company will make further announcements in due course following the completion of any further purchases pursuant to the Programme.

In accordance with Article 5(1)(b) of the Market Abuse Regulation (EU) No 596/2014 details of the purchase of its own common shares by the Company, which were all executed through the Company's broker, Peel Hunt LLP, are set out below:

Individual transactions:

Number of shares purchased	Transaction price (pence per share)	Time of transaction	Trading venue
30,070	189.69	12:23:30	London Stock Exchange
27,183	192.89	14:07:42	London Stock Exchange
30,736	193.32	14:59:45	London Stock Exchange
95,558	195.00	16:35:51	London Stock Exchange

Enquiries:

Celicourt Communications:	+ 44(0) 20 8434 2754
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. Further information on Gulf Keystone is available on its website www.gulfkeystone.com

Disclaimer

This announcement contains certain forward-looking statements that are subject to the risks and uncertainties associated with the oil & gas exploration and production business.  These statements are made by the Company and its 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 risks and uncertainties, including both economic and business factors and/or factors beyond the Company's control or within the Company's control where, for example, the Company decides on a change of plan or strategy.  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.

 

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