Litigation Update

RNS Number : 0534Y

Gulf Keystone Petroleum Ltd.

18 February 2013

 



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.

18 February 2013

Gulf Keystone Petroleum Ltd. (AIM: GKP)

("Gulf Keystone" or "the Company")

Litigation Update

On 15 February 2013, the English Commercial Court in London ordered Excalibur Ventures LLC ("Excalibur") to make a payment of £4,700,000 into Court within 21 days as additional 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 £3,300,000 into Court within 21 days as additional security for the costs of Texas Keystone Inc.

In addition, Excalibur was ordered to pay costs of the 15 February 2013 hearing to the Companies and Texas Keystone Inc. and is required to make interim payments on account of £50,000 to the Companies and £40,000 to Texas Keystone Inc. within 14 days.

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

The trial in the English Commercial Court of all the claims asserted by Excalibur is scheduled to be completed at the end of February or in early March 2013.  The Judge will give his decision in a written Judgment once the trial has been completed. According to the English Commercial Court, due to the size of the case completion of the Judgment may take in excess of three months.

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

Enquiries:

Gulf Keystone Petroleum:	[phone]
Ewen Ainsworth, Finance Director
Anastasia Vvedenskaya, Investor Relations
Strand Hanson Limited	[phone]
Simon Raggett / Rory Murphy / James Harris
Mirabaud Securities LLP	[phone]
Peter Krens
Pelham Bell Pottinger	[phone]
Mark Antelme / Henry Lerwill

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.

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

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

§ Gulf Keystone Petroleum International (GKPI) holds Production Sharing Contracts for four exploration blocks in Kurdistan, including 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 per cent and is partnered with Kalegran Ltd. (a 100 per cent subsidiary of MOL Hungarian Oil and Gas Plc.) and Texas Keystone Inc., which have working interests of 20 per cent and 5 per cent respectively.  Texas Keystone Inc. holds its interest in trust for Gulf Keystone, pending transfer of its interest to the Company.

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 announcement (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

 

 

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