Business
Interim Investment Scenarios - Replacement
Interim Investment Scenarios - Replacement.
About this update from Gulf Keystone Petroleum Limited
[{"type":"text","content":"\n \nRNS Number : 2183V Gulf Keystone Petroleum Ltd. 14 April 2016 \n\n \nNot for release, publication or distribution, directly or indirectly, in whole or in part in or into the United States or any jurisdiction other than the United Kingdom and Bermuda where to do so would constitute a contravention of the relevant laws or regulations of such jurisdiction. This announcement (and the information contained herein) does not contain or constitute an offer to sell or the solicitation of an offer to purchase, nor shall there be any sale of securities in any jurisdiction where such offer, solicitation or sale would constitute a contravention of the relevant laws or regulations of such jurisdiction.\n \n \nRNS No 2038V has been amended.\n \nAmendments are identified with an asterisk (*).\n \nThe full amended text is shown below.\n \n \n 14 April 2016\n \nGulf Keystone Petroleum Ltd. (LSE: GKP)\n(\"Gulf Keystone\" or \"the Company\")\n \nInterim Investment Scenarios, Liquidity Management Update and Grace Period Utilisation\n\nGulf Keystone today publishes further details on potential interim investment scenarios to build a common foundation for stakeholder discussions on the Company's need for near-term fundraising, upcoming debt obligations and possible restructuring of the Company's balance sheet. In this context Gulf Keystone announces, following discussions with the Company's advisors, its current intention to utilise the grace periods for the upcoming 18 April 2016 coupon payments in respect of its Convertible Bonds and Guaranteed Notes, which expire on 2 May and 3 May 2016, respectively.\n\nWithout additional capital expenditure Shaikan wells may begin to exhibit natural declines later in 2016. The potential interim investment scenarios aim to maintain Shaikan production at 40,000 barrels of oil per day (\"bopd\") with an option to increase production to 55,000 bopd. As communicated on 17 March 2016 in the 2015 Results Announcement, these scenarios have been developed to bridge to and complement the revised Shaikan Field Development Plan (\"FDP\") currently being reviewed by the Company's partners.\n \nCommenting on today's announcement, Jón Ferrier, CEO said:\n\"The additional detail on the potential interim investment scenarios being released today ensures an or...