20th Jul 2009 07:00
Not for release, publication or distribution in or into jurisdictions other than the United Kingdom and Bermuda where to do so would constitute a contravention of the relevant laws of such jurisdiction
20 July 2009
Gulf Keystone Petroleum Ltd.
("Gulf Keystone" or "the Company")
ALGERIA UPDATE
Further to the announcement dated 14 July 2009 that Gulf Keystone had suspended further investment in the Hassi Ba Hamou Permit ("Permit"), the Company has now been duly notified by BG North Sea Holdings Limited (BG), as Operator, that it is exercising certain of its rights under the terms of the Joint Operating Agreement ("JOA") which could, subject to certain Permit conditions lead to the Company's withdrawal from the JOA and the Permit and forfeiture of all rights there under. BG also claim a cash sum due of $7,457,041. The Company has filed for arbitration under the JOA relating to a dispute over the validity of cash calls and breach by BG of certain conditions.
The Company contends that the rights which BG seeks to exercise are unenforceable and will seek all remedies available to it to oppose such exercise. The Company also disputes liability for the amount claimed.
Gulf Keystone confirms its intention to seek a buyer for its interest in the Permit. A sale of the Company's interest in the Permit is subject to approvals from the Algerian Government and Gulf Keystone's partners, Sonatrach and BG.
Enquiries
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Gulf Keystone Petroleum: |
+44 (0) 20 7514 1400 |
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Todd Kozel, Executive Chairman |
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Ewen Ainsworth, Chief Financial Officer |
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RBC Capital Markets: |
+44 (0) 20 7653 4667 |
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Sarah Wharry |
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Tristone Capital Limited: |
+44 (0) 20 7355 5800 |
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Simon Ashby-Rudd |
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Majid Shafiq |
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Citigate Dewe Rogerson: |
+44 (0) 20 7638 9571 |
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Martin Jackson Emma Woollaston |
or visit: www.gulfkeystone.com
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Gulf Keystone Petroleum