Business
Placing Completed
Placing Completed.
About this update from Gulf Keystone Petroleum Limited
[{"type":"text","content":"\n RNS Number : 7249W Gulf Keystone Petroleum Ld 03 August 2009 \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\n03 August 2009\nGulf Keystone Petroleum Ltd.\n(\"Gulf Keystone\" or \"the Company\")\n\nPlacing to Fund Exploration in Kurdistan Region of Iraq \n\n\nGulf Keystone Petroleum Ltd. (AIM: GKP), an independent oil and gas exploration and production company with assets in the Kurdistan region of Iraq and Algeria, is pleased to announce that it has today completed a placing (the \"Placing\") of 75,600,000 new common shares of $0.01 (the \"Placing Shares\") at a placing price of 9p per share (the \"Placing Price\") raising gross proceeds of approximately £6.8 million ($11.30 million). These shares were placed by the Company and brokers Equest Partners Limited with existing and new shareholders.\n\n\nUse of Proceeds\n\nTogether with the Company's existing cash balances the Placing proceeds will be used to fund the ongoing \nexploration and drilling activities in the Kurdistan region of Iraq. Specifically, the Shaikan-1 well (75% Gulf Keystone Petroleum International Limited) which is currently drilling and which will then be followed by the Bijeel-1 well on the MOL operated Akri-bijeel block (20% Gulf Keystone Petroleum International Limited).\n\n\nExecutive Bonus Scheme Issue \n\nIt was also resolved to award 133,513 new common shares of USD 0.01 (the \"award Shares\") to employees pursuant to the Company's Executive Bonus Scheme (the \"Scheme\"). \n\nThe award Shares will be issued fully paid and will rank pari passu in all respects with the existing issued common shares of the Company. \n\nDetails of directors receiving award Shares under the Scheme are as follows:\n\nEwen Ainsworth 54,233 commo...