Litigation Update

RNS Number : 4759N

Gulf Keystone Petroleum Ltd.

09 September 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.

9 September 2013

Gulf Keystone Petroleum Ltd. (AIM: GKP)

("Gulf Keystone" or "the Company")

Litigation update and agreed short term suspension of trading in the Company's common shares on AIM from the day of judgment of the Excalibur case

The English Commercial Court in London (the "Court") has set the date and time for its decision in relation to the claims asserted by Excalibur Ventures LLC ("Excalibur") against Gulf Keystone Petroleum Limited and its two subsidiaries (the "Companies") and Texas Keystone Inc. (together the "Defendants") as 10.30 a.m. on 10 September 2013 (the "Decision").

The Judge has indicated that he will read in open court his Decision and a summary of his conclusions will be available at www.judiciary.gov.uk on the day. The full, written judgment will not be made public until a later date.

As the Decision will be given in real time in open court and in order to maintain an orderly market in the Company's shares, Gulf Keystone confirms that trading in its shares on AIM will be suspended (the "Suspension") from 7.30 a.m. on 10 September 2013 and this Suspension will remain in place until such time as the Company releases an RNS giving details of the Decision, which is expected to be later the same day.

Further announcements will be made as appropriate.

Enquiries:

Gulf Keystone Petroleum	[phone]
Anastasia Vvedenskaya, Investor Relations
Strand Hanson Limited	[phone]
Stuart Faulkner / James Harris / Rory Murphy
Mirabaud Securities LLP	[phone]
Peter Krens
Bell Pottinger	[phone]
Mark Antelme / Henry Lerwill

or visit: http://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 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% and is partnered with Kalegran Ltd. (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 150,000 barrels of oil per day of production within three years, following the approval of the Shaikan Field Development Plan, announced on 26 June 2013.

Disclaimer

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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