Business
Strategic Update
Strategic Update.
About this update from Gulf Keystone Petroleum Limited
[{"type":"text","content":"\n \nRNS Number : 7491W Gulf Keystone Petroleum Ltd. 29 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 \n29 April 2016\n \nGulf Keystone Petroleum Ltd. (LSE: GKP)\n(\"Gulf Keystone\" or \"the Company\")\n \nStrategic Update \nStandstill Agreement with the Ad Hoc Committee of Holders of Notes and Bonds\n \nUS$250,000,000 13.0 per cent. Guaranteed Notes due 2017 (ISINs: Regulation S XS1056559245, Rule 144A XS1056559088) (the \"Notes\") and US$325,000,000 6.25 per cent. Convertible Bonds due 2017 (ISIN: XS0841237497, Common Code: 084123749) (the \"Bonds\")\n \nFurther to the Company's disclosure on 14 April 2016, Gulf Keystone confirms that constructive dialogue continues with a number of its stakeholders on the Company's need for near-term fundraising and the restructuring of the Company's balance sheet (\"Stakeholder Discussions\"). The grace periods for the 18 April 2016 coupon payments in respect of the Company's Bonds and Notes (\"April 2016 Coupon Payments\") expire on 2 May and 3 May, 2016, respectively. \n \nIn this context Gulf Keystone announces today that the Company has reached an agreement with the Ad Hoc Committee of holders of Notes and Bonds, that they will enter into a Standstill Agreement with the Company until 20 May 2016, extendable until 31 May 2016. The signatories represent a significant proportion (but less than 75% by principal amount) of the holders of each of the Company's Notes and Bonds. The purpose of the Standstill Agreement is to provide the Company with an extended period to continue the Stakeholder Discussions beyond the expiry of the grace periods for the April 2016 Coupon Payments. \n \nWhilst the Standstill Agreement remains in effect, the Compan...