Litigation Update

RNS Number : 4315Z

Gulf Keystone Petroleum Ltd.

15 March 2012

 



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.

15 March 2012

Gulf Keystone Petroleum Ltd. (AIM: GKP)

("Gulf Keystone" or "the Company")

Litigation Update

On 14 March 2012, the English Commercial Court in London ordered Excalibur Ventures LLC ("Excalibur") to make a payment of £6,000,000 into Court within 21 days as security for the costs of Gulf Keystone and two of its subsidiaries (the "Companies") of defending the legal action commenced by Excalibur in December 2010.

The English Commercial Court also ordered Excalibur to make a payment of £3,500,000 into Court within 21 days as security for the costs of Texas Keystone Inc.

In addition, Excalibur was ordered to pay costs of the 14 March 2012 hearing to the Companies and Texas Keystone Inc. and is required to make interim payments of £110,000 to the Companies and £60,000 to Texas Keystone Inc. within 21 days.

As announced by the Company on 26 July 2011, October 2012 has been set as a date for a trial in the English Commercial Court of all the claims asserted by Excalibur.

The Companies continue vigorously to dispute and contest the allegations and claims asserted by Excalibur.

The Board of Gulf Keystone will provide further updates in due course.

Enquiries:

Gulf Keystone Petroleum:	[phone]
Todd Kozel, Executive Chairman and Chief Executive Officer
Ewen Ainsworth, Finance Director
Strand Hanson Limited:	[phone]
Simon Raggett / Rory Murphy / James Harris
Mirabaud Securities LLP:	[phone]
Peter Krens
Pelham Bell Pottinger:	[phone]
Mark Antelme

or visit: 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 fourexploration blocks in Kurdistan, including the Shaikan block.

§ Shaikan is a major discovery with independently audited gross oil-in-place volumes of between 8 billion barrels to 13.4 billion barrels.

§ The Company's shares have traded on the AIM market of the London Stock Exchange since listing on 8^th September 2004.

§ Gulf Keystone Petroleum Limited is registered in Hamilton, Bermuda with further offices in Erbil, Kurdistan (Iraq), Algiers, Algeria and London, UK.

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 document (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.

 

END

 

 

MSCGMGMFZKRGZZM