Response to Proposal from DNO ASA

RNS Number : 7439F

Gulf Keystone Petroleum Ltd.

29 July 2016

 

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.

29 July 2016

Gulf Keystone Petroleum Limited. (LSE: GKP)

("Gulf Keystone", "GKP" or "the Company")

Response to Proposal from DNO ASA

The Board of Gulf Keystone has reviewed DNO ASA's ("DNO") proposal to acquire the total share capital of the Company, which it received by letter late on 28 July 2016. 

Gulf Keystone notes that DNO's proposal is conditional upon the successful completion of the ongoing Balance Sheet Restructuring Transaction ("the Restructuring"), announced by Gulf Keystone on 14 July 2016. 

The Board has concluded that completion of the Restructuring best serves our stakeholders and we will not engage in any additional process that causes the Company to be distracted from that objective. The Company has responded to DNO accordingly.

In light of the importance of the proposed Restructuring for all stakeholders, the Board continues to strongly recommend that shareholders vote in favour of the resolution to authorise the increase in the Company's share capital, to be proposed at the Special General Meeting ("SGM"), in order to implement the Restructuring. 

Shareholders should vote in advance of the SGM to be held on 5 August 2016. Detailed information on the Resolution and voting deadlines can be found in the SGM Notice and Circular at:

http://www.gulfkeystone.com/investor-centre/shareholder-information/shareholder-communications/special-general-meeting-notice-and-circular 

Enquiries:

Gulf Keystone Petroleum:	[phone]
Anastasia Vvedenskaya, Head of Investor Relations	[phone]
Celicourt Communications:	[phone]
Mark Antelme Jimmy Lea

or visit: www.gulfkeystone.com 

Notes to Editors:

Gulf Keystone Petroleum Ltd. (LSE: GKP) is a leading independent operator and producer in the Kurdistan Region of Iraq and the operator of the Shaikan field with current production capacity of 40,000 barrels of oil per day.

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.

 

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