Business
Litigation Update
Litigation Update.
About this update from Gulf Keystone Petroleum Limited
[{"type":"text","content":"\n \nRNS Number : 5700V Gulf Keystone Petroleum Ltd. 16 December 2013 \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 \n16 December 2013\n \n \n \nGulf Keystone Petroleum Ltd. (AIM: GKP)\n \n(\"Gulf Keystone\" or \"the Company\")\n \nLitigation Update \n \nOn 10 September 2013, the English Commercial Court (the \"Court\") provided a summary of its decision to dismiss all of the claims asserted by Excalibur Ventures LLC (\"Excalibur\") against the Company, its two subsidiaries and Texas Keystone Inc. (together the \"Defendants\") and decided all issues in favour of the Defendants.\n \nGulf Keystone is pleased to announce today that on 13 December 2013 the Court handed down its full judgment (\"Judgment\") dismissing all of the claims asserted by Excalibur and deciding all issues in favour of the Defendants. The Judgment is expected to be made public at http://www.judiciary.gov.uk/media/judgments/2013/index. \n \nFurther to its announcement of 9 December 2013, the Company is pleased to reiterate that Excalibur does not propose to appeal the Judgment. \n \nOn 13 December 2013, the Court also ordered that the Defendants should recover their costs of these legal proceedings and that these costs, if not agreed, should be assessed on an indemnity basis, which is typically more generous than the standard basis. Excalibur must pay interest on the Defendants' costs at the rate of 1.5% per annum, from the date of payment of the invoices until 13 December 2013.\n \nThe Court further ordered that the full sum of £17,500,000, which had been paid by Excalibur into the Court as security for the Defendants' costs, be paid out to the Defendants, i.e. £10,700,000 to Gulf Keystone and its two subsidiaries and £6,800,000 to Texas Keystone Inc. \n \nThe Court further ordered Excalibur to provide an additional security for the costs of the Company and its two subsidiaries in the sum of £3,209,210 and an additional security for the costs of Texas Keystone Inc. in the sum of £2,402,800 by payment into Court by 31 Dec...