By John Lee.
Shares in Gulf Keystone Petroleum surged more than 25 percent when trading re-commenced at lunchtime on Tuesday, following a court finding in the company’s favour.
A summary of the English Commercial Court in London’s decision was given in court this morning following the trial of the claims asserted by Excalibur Ventures LLC against GKP, its two subsidiaries, and Texas Keystone Inc.
The Court dismissed all of Excalibur’s claims and decided all issues in favour of the Defendants. The hearing was adjourned to a date to be fixed, for argument on costs and any application for permission to appeal.
Commenting on the Judge’s decision today, Gulf Keystone’s CEO Todd Kozel (pictured) said:
“We are very pleased to have achieved the best possible outcome from the point of view of the Company and our shareholders. We look forward to pursuing the Company’s stated objectives for the future, now that we have the Court’s decision regarding these historical events.
“We understand that the legal process must take its course once a claim has been lodged, but it has been unfortunate that the Company and its shareholders have experienced significant uncertainty and concern over the last two and a half years and that its executives have been engaged in a protracted and costly dispute to protect the position of the Company and its shareholders.
“The Board and management will now focus on progressing the ramp-up in production and development of the Shaikan world class discovery in the Kurdistan Region of Iraq. On the corporate front, our next objective is to complete the move to the standard segment of the Official List by the end of 2013.“
(Sources: GKP, Yahoo)