Gulf Keystone Petroleum (GKP) has issued the following update on the ongoing legal battle with Excalibur Ventures:
Further to the decision of the English Commercial Court in London, as detailed in the Company’s announcement of 15 March 2012, a payment of £6,000,000 has been made into Court by Excalibur Ventures LLC (“Excalibur”) as security for the costs of Gulf Keystone and two of its subsidiaries (the “Companies”) of defending the legal action commenced by Excalibur in December 2010.
Excalibur has also made a payment of £3,500,000 into Court as security for the costs of Texas Keystone Inc.
In addition, further to the decision of the English Commercial Court to award costs of the hearing on 14 March 2012 to the Companies and Texas Keystone Inc., interim payments of £110,000 and £60,000 have been made by Excalibur to the Companies and Texas Keystone Inc. respectively.
As announced by the Company on 26 July 2011, October 2012 has been set as a date for trial in the English Commercial Court of all the claims asserted by Excalibur.
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.