Update on Excalibur litigation

RNS Number : 6377S

Gulf Keystone Petroleum Ltd.

11 November 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.

11 November 2013

Gulf Keystone Petroleum Ltd. (AIM: GKP)

("Gulf Keystone" or "the Company")

Update on Excalibur litigation and proposed move to the Main Market

On 10 September 2013 the English Commercial 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.

The Company today confirms that the English Commercial Court has set 10.30am on 13 December 2013 as the date for both the handing down of its full judgment (the "Judgment") and the hearing of consequential matters, including the costs of the litigation and any application that may be made by Excalibur for permission to appeal the Judgment. 

The Company believes that clarity in the Excalibur litigation process is important for the move-up to the Main Market of the LSE.  In view of the date for the handing down of the Judgment and Excalibur's right to apply for permission to appeal at the Hearing, (or to the Court of Appeal if the English Commercial Court refuse permission to appeal), the board of Gulf Keystone expects conclusion of the proposed admission to trading on the Main Market to be as soon as practicable in 2014.

Further announcements will be made as appropriate.

The summary Judgment from 10 September 2013 can be viewed at: http://www.judiciary.gov.uk/Resources/JCO/Documents/Judgments/summary-excalibur-llc.pdf

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 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.

 

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