Issue of Common Shares

RNS Number : 5337A

Gulf Keystone Petroleum Ltd.

23 December 2014

 



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.

23 December 2014

Gulf Keystone Petroleum Ltd. (LSE: GKP)

("Gulf Keystone" or "the Company")

Issue of common shares under the 2011 Executive Bonus Scheme

Gulf Keystone announces today that at a meeting of the Independent Non-Executive Directors of the Company held on 22 December 2014 it was resolved to issue, in aggregate, 3,305,004 new common shares of USD 0.01 ("common shares") to the trustee ("EBT Trustee") of the Company's Employee Benefit Trust ("EBT") pursuant to and in accordance with the terms of the Company's 2011 Executive Bonus Scheme ("Award Shares"), representing the final instalment of this legacy bonus scheme for employees at various levels of the Company.

Applications have been made to the UK Listing Authority and the London Stock Exchange for 3,305,004 common shares to be admitted to the standard segment of the Official List and to trading on the London Stock Exchange's Main Market for listed securities, respectively. The shares issued will rank pari passu with the existing issued common shares. It is expected that admission will become effective on 30 December 2014.

Following the issue of the Award Shares, the total issued share capital of Gulf Keystone will be 892,238,061 common shares. The Company does not hold any common shares in treasury and so the total number of voting rights in Gulf Keystone is 892,238,061.

The aforementioned figure of 892,238,061 common shares may be used by shareholders of the Company as the denominator for the calculations by which they will determine if they are required to notify their interest, or a change to their interest, in the Company under the Company's Bye-Laws.

Enquiries:

Gulf Keystone Petroleum:
Anastasia Vvedenskaya, Head of Investor Relations	[phone] [phone]
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, development 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, 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.

·           Gulf Keystone is moving 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 following its approval in June 2013.

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.

 

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