Board Change

RNS Number : 9290I

Gulf Keystone Petroleum Ltd.

31 March 2015

 



Not for release, publication or distribution, directly or indirectly, in whole or in partin 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.

31 March 2015

Gulf Keystone Petroleum Ltd. (LSE: GKP)

("Gulf Keystone" or "the Company")

Board Change

Gulf Keystone Petroleum announces that Simon Murray, the Company's Non-Executive Chairman is to retire from the Board of Directors of Gulf Keystone.

Andrew Simon, Senior Independent Director, will assume the role of Interim Non-Executive Chairman with immediate effect.  A search process for a new Non-Executive Chairman will now begin.

Commenting on today's announcement, Andrew Simon, Interim Non-Executive Chairman of Gulf Keystone said:

"On behalf of the Board and everyone at Gulf Keystone I would like to thank Simon Murray for his significant contribution since 2013.  During his tenure he oversaw the move up from AIM to the Main Market of the London Stock Exchange, and the Company achieve its production target of 40,000 barrels of oil per day.  He has also worked tirelessly on behalf of the Company as we navigate through some of the challenges brought about by both the geo-politics of the region where we operate and the current oil price environment.  We wish him well in the future."

Enquiries:

Gulf Keystone Petroleum:	[phone]
Anastasia Vvedenskaya, Head of Investor Relations
Media Relations and Financial PR Adviser:	[phone]
Mark Antelme

or visit: www.gulfkeystone.com 

Notes to Editors:

·           Gulf Keystone Petroleum Ltd. (LSE: GKP) is an independent oil and gas exploration with operations in the Kurdistan Region of Iraq.

·           Gulf Keystone Petroleum International (GKPI) holds Production Sharing Contracts for four exploration blocks in Kurdistan, 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 MOL Kalegran Limited (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.

·           Having achieved 40,000 bopd of production capacity by the end of 2014, Gulf Keystone plans to move into the large-scale phased development of the Shaikan field targeting 100,000 bopd of production capacity during Phase 1 of the Shaikan Field Development Plan.

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.

This communication and the information contained herein is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States unless they are registered or are exempt from registration. Any public offering of securities to be made in the United States would be made by means of a prospectus that would contain detailed information about the company and its management, as well as financial statements. The company does not intend to register any portion of this offering in the United States or to conduct a public offering in the United States or any other jurisdiction. Any public offering of securities to be made in the United States would be made by means of a prospectus that would contain detailed information about the Company and its management, as well as financial statements. Copies of this communication are not being, and should not be, distributed in or sent into the United States.

 

END

 

 

BOAPKDDDDBKKANN