Shares on Gulf Keystone Petroleum gained 7.6% on Thusday following the company's response to speculation:
Gulf Keystone notes the continued and unfounded speculation on various bulletin boards and other social media sites regarding an alleged planned placing of the Company's shares at 160p per share.
Gulf Keystone does not normally comment on such unfounded speculation. However, due to the damaging and misleading nature of these various comments which have been posted on bulletin boards and other social media sites during the past 24 hours, the Company feels it must respond.
Accordingly, Gulf Keystone is pleased to confirm categorically that it has no current intention of undertaking an institutional fundraising.
The Company is also pleased to confirm that the process regarding the sale of its 20% stake in the Akri-Bijeel block in the Kurdistan Region of Iraq, is continuing and negotiations are ongoing with several interested bidders. The Company will issue further updates as appropriate.
The Company is currently taking legal advice with regard to the continued and unfounded speculation on various bulletin boards and other social media sites and will be taking all available legal action to prevent further repetition of similar speculative comments on bulletin boards and other social media sites.
Todd Kozel (pictured), Executive Chairman and Chief Executive Officer, commented:
"We are working hard to create shareholder value via the continuing 2012/2013 exploration and appraisal programme on our world-class assets in the Kurdistan Region of Iraq. We will not tolerate malicious attempts to damage the Company's reputation and share price. We have instructed the Company's lawyers to use all means necessary to protect our shareholders from this malicious and unfounded attack."