Litigation Update

RNS Number : 9803U

Gulf Keystone Petroleum Ltd.

09 December 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 December 2013

Gulf Keystone Petroleum Ltd. (AIM: GKP)

("Gulf Keystone" or "the Company")

Litigation Update

On 10 September 2013 the English Commercial Court (the "Court") provided a summary of its decision to dismiss all of the claims asserted by Excalibur Ventures LLC ("Excalibur") against the Company, its two subsidiaries and Texas Keystone Inc. (together the "Defendants") and decided all issues in favour of the Defendants.

Further to its announcement of 11 November 2013, the Company today is pleased to announce that Excalibur has confirmed that it does not propose to appeal the judgment of the Court (the "Judgment") either during the hearing at the Court on 13 December 2013 or otherwise.

Gulf Keystone is also pleased to announce that Excalibur has agreed to an interim payment on account of the Defendants' costs in the full sum of £17,500,000, which had been paid by Excalibur into the Court as security for the Defendants' costs of these legal proceedings.

On 13 December the Defendants will apply at the consequentials hearing for various orders as to the full costs of the litigation and other related matters. 

As previously announced, on 13 December the full Judgment will be handed down. The Judgment is expected to be made public at http://www.judiciary.gov.uk/media/judgments/2013/index. 

Further announcements will be made as appropriate.

Enquiries:

Gulf Keystone Petroleum:	[phone]
Simon Murray, Non-Executive Chairman
Anastasia Vvedenskaya, Investor Relations
Strand Hanson Limited	[phone]
Stuart Faulkner / James Harris / Rory Murphy
Mirabaud Securities LLP	[phone]
Peter Krens
Pelham 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, 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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