Kurdistan Region player to offer shares

LONDON, September 1, 2016 – Gulf Keystone Petroleum on Wednesday announced it would offer common shares in an effort to raise capital as part of an ongoing restructuring campaign.

“The company announces that it has today launched an open offer for up to 2,294,295,672 new common shares in the company at a price of 0.8314 pence ($1.08) per share, to raise up to $25 million,” a Gulf Keystone statement read. The London-based player operates the Shaikan field in the Kurdistan Region of Iraq.

In July, the company said it was forced into restructuring in order to avoid liquidation. Last month, regional peers DNO moved to acquire Gulf Keystone, yet were brushed off. In a reaction, the company said “completion of the Restructuring best serves our stakeholders,” adding that it would not engage in “any additional process that causes the Company to be distracted from that objective.”

Read our latest insights on: