Business
Capital Raising & Kurdistan D
Capital Raising & Kurdistan D.
About this update from Gulf Keystone Petroleum Limited
[{"type":"text","content":"\n RNS Number : 4643M Gulf Keystone Petroleum Ltd 25 May 2010 \n \n\nNot 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\n \n \n25 May 2010\n \nGulf Keystone Petroleum Ltd. \n(\"GKP\", \"Gulf Keystone\" or \"the Company\")\n \n \nFully Subscribed $165 million Capital Raising and \nKurdistan Drilling Campaign Update \n \nGulf Keystone Petroleum Ltd. (AIM: GKP; ADR: GFKSY), the independent oil and gas exploration company, announces that it has today completed a fully subscribed placing (the \"Placing\") of 152,300,000 new common shares of $0.01 (the \"Placing Shares\") at a placing price of 75p per share (the \"Placing Price\"), raising gross proceeds of approximately $165 million (£114.2 million). These shares were placed by Mirabaud Securities, Renaissance Capital, Fox-Davies Capital Limited and Madison Williams and Company with existing and new institutional shareholders. The net proceeds will be used to progress the remainder of its 2010 and early 2011 work programmes after receiving positive results from the early stages of its drilling campaigns in Kurdistan. \nGulf Keystone also today provides an update for its drilling campaign in the Kurdistan Region of Iraq (\"Kurdistan\"). \nUse of Proceeds \n\nThe proceeds raised will be used primarily to progress the three Shaikan appraisal wells, the Shaikan-1 extended well test and production facilities, Sheikh Adi exploration well and the acquisition of further 3D seismic data over Shaikan and Sheikh Adi licences. The funds raised will also be used for any future increase in GKP's interests in Kurdistan assets.\n\nAdmission of New Shares \nApplication has been made for the Placing Shares to be admitted to trading on AIM with dealing expected to commence on 28 May 2010. \n\nFollowing the Placing there will be 672,185,122 common shares of $0.01 in issue.\n \nDrilling campaign update\n \nSeismic survey progress\n \nOn 20 April 2010, GKP's seismic contractor, Terraseis commenced acquisition of the 530 km2 3D seismic survey over the Shaikan structur...