Business
Fully Subscribed £ 109.24 mil
Fully Subscribed £ 109.24 mil.
About this update from Gulf Keystone Petroleum Limited
[{"type":"text","content":"\n RNS Number : 5198U Gulf Keystone Petroleum Ltd 18 October 2010 \n \n\nNot for release, publication or distribution in or into the United States or 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 \n18 October 2010\n \nGulf Keystone Petroleum Ltd. \n(\"GKP\", \"Gulf Keystone\" or the \"Company\")\n \n \nFully Subscribed £ 109.24 million Placing \nAcceleration of Kurdistan Drilling Activity\n \nGulf Keystone Petroleum Ltd. (AIM: GKP; ADR: GFKSY), the Kurdistan focused independent oil and gas exploration company, is pleased to announce it has successfully raised through Mirabaud Securities LLP gross proceeds of £109,239,200 through an oversubscribed placing of 78,028,000 new Common Shares of US$ 0.01 each in the Company (the \"Placing Shares\") at a placing price of 140 p per share (the \"Placing Price\") (the \"Placing\").\n \nUse of Proceeds\n \nIn order to accelerate the Company's active drilling programme across its four blocks in Kurdistan, the net proceeds will primarily be applied towards: \n \n\n\n\n\nŸ\n\n\nContracting a third Gulf Keystone operated deep drilling rig, in addition to the Weatherford 842 and AOS Discoverer-1 rigs\n \n\n\n\n\nŸ\n\n\nEnsuring three rigs are contracted under Gulf Keystone operatorship until the Shaikan Field is fully appraised, now expected by the end of H1 2012\n \n\n\n\n\nŸ\n\n\nShaikan- 5, Shaikan-6 and Shaikan-7 wells to now be added to the drilling programme \n \n\n\n\n\nŸ\n\n\nDrilling of previously delayed Shaikan-2 and Shaikan-4 wells \n \n\n\n\n\nŸ\n\n\nAdditional testing and production facilities, in anticipation of success from current drilling of Sheikh Adi-1 and / or one or more of the Shaikan appraisal wells\n \n\n\n\n\nŸ\n\n\nGulf Keystone's share of the first exploration well on the Ber Bahr block, and a further exploration well on Akri-Bijeel (Bekhme-1). (It is intended that further rigs will be contracted by the respective Ber Bahr and Akri-Bijeel operators for future wells on these production sharing contracts). \n\n\n\n\n \nThis additional funding, along with anticipated income from test production, will significantly strengthen the Company's financial position and will all...