Gulf Keystone has announced that Excalibur Ventures LLC confirmed in the English Commercial Court in London today that it no longer intends to pursue the International Chamber of Commerce Arbitration in New York (the “ICC Arbitration”) against Gulf Keystone and two of its subsidiaries.
Excalibur also confirmed today that it is content that all its claims against the Companies should be determined in the English Commercial Court in London.
Consequently, there will not be a trial in the English Commercial Court in London to determine whether the Companies are required to take part in the ICC Arbitration.
A provisional date of October 2012 has been set for a trial in the English Commercial Court of Excalibur’s claims.
The Companies continue vigorously to dispute and contest the allegations and claims asserted by Excalibur.
The Board of Gulf Keystone will provide further updates in due course.