Gulf Keystone Raises $175m in Surprise Placing

The placement is one of several launched by the company this year.

In May, Gulf Keystone launched a $165m share issue to fund working capital requirements and to repay the Kurdish regional government after the default of its joint venture partner there.

That was after the company sold half its Iraqi assets to Etamic, a private investment fund based in the Middle East, in return for payment of 50 per cent of the development costs of Gulf Keystone’s prospective Sheikh Adi and Ber Bahr projects, in July 2009.

Earlier this year Etamic defaulted on its first payment to Gulf Keystone, forcing it to raise another £16m in a stopgap share placing.

(Source: Financial Times)

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