11th Nov 2013 11:51
LONDON (Alliance News) - Gulf Keystone Petroleum Ltd. Monday said the English Commercial Court has set a date of December 13 to hand down its full judgement relating to the claims asserted by Excalibur Ventures LLC against the company.
The oil-and-gas exploration and production company, with operations in the Kurdistan region of Iraq, said on September 10 the case against Gulf Keystone and its two subsidiaries was dismissed in court, and the hearing was adjourned pending discussions on costs and a possible appeal date.
The company said the court will now hand down its full judgement and hear consequential matters, including the costs of the litigation and any application that may be made by Excalibur for permission to appeal the judgement in December.
Gulf Keystone has been engaged in a legal dispute with Excalibur Ventures, which is claiming that an agreement dating back to 2006 entitles it to a 30% share of Gulf Keystone's subsequent discoveries.
The company said its board expects that following the judgement, the conclusion of its proposed admission to trading on the London main market will be as soon as practicable in 2014.
Gulf Keystone shares were down 1.6% to 167.32 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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