10th Sep 2013 10:49
LONDON (Alliance News) - Gulf Keystone Petroleum Ltd. Tuesday said the English Commercial Court has dismissed all claims and decided all issues in favour of the company in a case brought against them by Excalibur Ventures LLC.
The oil-and-gas exploration and production company, with operations in the Kurdistan Region of Iraq, said the case against Gulf Keystone and its two subsidiaries was dismissed in court Tuesday and the hearing was adjourned pending discussions on costs and a possible appeal date.
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's shares had been suspended from trading on AIM as the case continued but the market confirmed trading will restart at noon.
"It has been unfortunate that the company and its shareholders have experienced significant uncertainty and concern over the last two and a half years and that its executives have been engaged in a protracted and costly dispute to protect the position of the company and its shareholders," Chief Executive Todd Kozel said in a statement.
The company's shares last traded at 224.72 pence ahead of suspension.
By Tom McIvor; [email protected]; @TomMcIvor1
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