Tag Archives | Gulf Keystone Petroleum

Gulf Keystone names new COO

Gulf Keystone Petroleum (GKP) has announced that it has appointed Stuart Catterall as Chief Operating Officer (“COO”) and a member of the Executive and Leadership teams. Catterall will have responsibility for operational and technical activities within GKP, across the full spectrum of activities including procurement, budgeting and HSSE and will direct the execution of the […]

Sinopec considers Bid for GKP

By John Lee. Bloomberg reports that Sinopec — the state-owned China Petroleum & Chemical Corporation — is considering a takeover of the recently restructured Gulf Keystone Petroleum (GKP). The news agency cites un-named sources as saying that the world’s biggest refiner is working with advisers and has made an approach to the company, which was […]

DNO Considers Revised Offer for GKP

By John Lee. Norway’s DNO has stated that its July 2016 proposal to acquire Gulf Keystone Petroleum (GKP) has expired, “as certain conditions to the recent financial restructuring set by Gulf Keystone itself appear not to have been met.” In a statement, the company said: “Given the resulting uncertainties about Gulf Keystone’s asset, commercial oulook […]

Gulf Keystone Petroleum receives Shaikan Payment

Gulf Keystone Petroleum (GKP) confirmed today that a gross payment of $15.0 million has been received from the Kurdistan Regional Government (“KRG”) for Shaikan crude oil export sales in August 2016. Gulf Keystone and the KRG’s Ministry of Natural Resources (“MNR”) continue to work towards agreeing the final form of the May, June, July and […]

GKP Appoints new Directors, Broker

By John Lee. Gulf Keystone Petroleum (GKP) has announced the appointment of David H Thomas and Garrett Soden to its board as Non-Executive Directors with immediate effect. The company said in a statement: David H Thomas is a highly experienced oil and gas professional, having held a number of board level, senior executive and international […]

GKP Confirms July Oil Payment from KRG

By John Lee. Gulf Keystone (GKP) has confirmed today that a gross payment of $15.0 million has been received from the Kurdistan Regional Government (KRG) for Shaikan crude oil export sales in July 2016. The company said in a statement that it and the KRG’s Ministry of Natural Resources (MNR) continue to work towards agreeing […]

Gulf Keystone Petroleum: Half-Year Report

Gulf Keystone Petroleum (GKP) has announced its results for the six months ended 30 June 2016. Operational highlights Security situation and HSSE performance All operations in the Kurdistan Region of Iraq remain safe and secure with no significant HSSE incidents during the period Production and sales Strong production performance resulted in gross production of 6.0 […]

GKP Reports on Payments to Governments

Gulf Keystone Petroleum has issued the details of the payments made to governments for the year ended 31 December 2015, as required under the Disclosure and Transparency Rules of the UK Financial Conduct Authority. Basis for preparation Total payments below £86,000 made to a government are excluded from this report as permitted under the Regulations. […]

DNO Makes $300m Bid for Gulf Keystone

DNO ASA, the Norwegian oil and gas operator, this morning unveiled a proposal to acquire for USD 300 million all of the enlarged share capital in Gulf Keystone Petroleum Ltd following the latter’s contemplated financial restructuring announced earlier this month. The terms of the DNO proposal, which would comprise cash and shares, reflect a 20 […]

Bondholders Take Control of GKP in $500m Restructuring

By John Lee. Gulf Keystone Petroleum (GKP) announced this morning that $500 million worth of company bonds are to be converted into equity, diluting current shareholders to a stake of just 5 percent of the company. The company’s shares fell another 40 percent in early trading, and a new Chairman, Keith Lough, has been appointed […]

GKP announces Bond Default

By John Lee. Gulf Keystone Petroleum (GKP) has announced that the current Standstill Agreement between the Ad Hoc Committee of holders of the Notes and the Bonds and the Company expired on 1 July 2016 at 5pm BST and has not been extended. The Company is currently discussing the terms of an agreement with certain […]

Gulf Keystone Buys More Time

Gulf Keystone Petroleum (GKP) has confirmed that, further to the company’s announcement of 1 June 2016, that the Standstill Agreement with the Ad Hoc Committee of holders of Notes and Bonds has been extended until 1 July 2016. The signatories to the extension of the Standstill Agreement are the same as to the prior standstill. […]