30th Mar 2015 16:09
LONDON (Alliance News) - Gulf Keystone Petroleum Ltd said Monday that is is proposing the placing of 85.9 million shares through an accelerated book-building process, in order to strengthen its near term financial position.
The company will announce the number of shares and the price of the placing at the close of the bookbuilding process.
Gulf Keystone is undertaking a review of its longer term financing options, alongside its ongoing work with the Kurdistan Regional Government's Ministry of Natural Resources to establish a regular payment cycle for past and future Shaikan production and payment of arrears.
"Given the well documented macro geo-political challenges that today are affecting Gulf Keystone and the Kurdistan Region of Iraq, where all of the company's assets are located, we are focused on ensuring the best course possible through this period for the benefit of all stakeholders. Whilst we continue to work closely with the Kurdistan Regional Government, our host and partner, on establishing a stable payment cycle for Shaikan production, we need to maintain and enhance our liquidity in the near term," said Chief Financial Officer Sami Zouari in a statement.
Shares in Gulf Keystone closed up 8.7% at 40.50 pence Monday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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