By John Lee.
Gulf Keystone Petroleum (GKP) has issued a statement this morning confirming that Excalibur does not intend to appeal against the September court judgement, and has agreed to a payment of £17.5 million relating to costs. Shares in GKP were trading up 7 percent on Monday morning.
The full text of the GKP statement follows:
On 10 September 2013 the English Commercial Court (the “Court”) provided a summary of its decision to dismiss all of the claims asserted by Excalibur Ventures LLC (“Excalibur”) against the Company, its two subsidiaries and Texas Keystone Inc. (together the “Defendants”) and decided all issues in favour of the Defendants.
Further to its announcement of 11 November 2013, the Company today is pleased to announce that Excalibur has confirmed that it does not propose to appeal the judgment of the Court (the “Judgment”) either during the hearing at the Court on 13 December 2013 or otherwise.
Gulf Keystone is also pleased to announce that Excalibur has agreed to an interim payment on account of the Defendants’ costs in the full sum of £17,500,000, which had been paid by Excalibur into the Court as security for the Defendants’ costs of these legal proceedings.
On 13 December the Defendants will apply at the consequentials hearing for various orders as to the full costs of the litigation and other related matters.
As previously announced, on 13 December the full Judgment will be handed down. The Judgment is expected to be made public at http://www.judiciary.gov.uk/media/judgments/2013/index.