GKP ex-Chairman Claims “Forced Out”

By John Lee.

Gulf Keystone‘s former Chairman Simon Murray (pictured), whose retirement was announced by the company on Tuesday, told Reuters he was effectively forced to quit the company.

Murray said he disagreed with the firm’s decision to raise $41 million through an equity issue at a 21 percent discount to the market, a move intended to avoid breaching debt covenants.

He said he had been in communication with several parties about a rescue for the cash-strapped firm before being forced to quit under pressure from investor M&G.

Murray said he had an offer from investment group T5, led by former Tullow Oil chairman Pat Plunkett, and that ExxonMobil and a Chinese company were also interested.

Describing the share placing as a “panic-mode decision“, Murray said he had been pushing for a longer-term solution.

(Source: Reuters)

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