Business
GKP concludes Settlement Agre
GKP concludes Settlement Agre.
About this update from Gulf Keystone Petroleum Limited
[{"type":"text","content":"\n RNS Number : 2734H Gulf Keystone Petroleum Ltd 18 February 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 \n18 February 2010\n \nGulf Keystone Petroleum Ltd. (AIM: GKP)\n(\"Gulf Keystone\" or \"the Company\")\n \nGulf Keystone concludes Settlement Agreement with BG on HBH Project\n \nGulf Keystone Petroleum Ltd (\"GKP, the Company\") is pleased to announce that it has negotiated an agreement with BG North Sea Holdings Limited (\"BG\") that settles, on confidential terms, the claims and counterclaims between the parties in the previously announced arbitration.\n \nThe agreement provides for the immediate stay of the arbitration and the proposed transfer of the Company's interests in the Hassi Ba Hamou (\"HBH\") Permit for a net cash payment from BG of $9.9m to GKP. The agreement is subject to the conclusion of separate transfer documentation which will require the approval of Sonatrach and any necessary Algerian governmental authorities. Whilst the Company is confident that the necessary approvals will be forthcoming, there is no guarantee this will be the case.\n \nTodd Kozel, Executive Chairman of Gulf Keystone, commented:\n \n\"We welcome the agreement with BG which is a significant step in the strategic refocusing of the Company's activities in Kurdistan. Following this transaction, we hope that further announcements will be made with respect to the orderly disposal of the Company's other interests in Algeria.\"\n \n \nEnquiries:\n \n\n\n\n\nGulf Keystone Petroleum:\n\n\n+44 (0) 20 7514 1400\n\n\n\n\nTodd Kozel, Executive Chairman\n\n\n\n\n\n\n\nEwen Ainsworth, Chief Financial Officer\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nStrand Hanson Limited\n\n\n+44 (0)20 7409 3494\n\n\n\n\nSimon Raggett / Rory Murphy / James Harris\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMirabaud Securities LLP\n\n\n+44 (0)20 7878 3362\n\n\n\n\nPeter Krens\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBrunswick Group LLP\n\n\n+44 (0) 20 7404 5959 \n\n\n\n\nPatrick Handley\n\n\n\n\n\n\n\n \n \nor visit: www.gulfkeystone.com\n \n \nNotes to Editors:\n§ Gulf Keystone Petroleum Ltd. (AIM: GKP) (\"G...