Ber Bahr (40% working interest)
- Ber Bahr-1, the first exploration well on the block spudded in October 2011; after reaching a TD of 3,930 metres in April 2012, the well is being tested with results expected by the end of Q2 2012
Financial - as at 31 December 2011
- Loss after tax $62.4 million (2010: $26.0 million)
- Loss per share $0.08 (2010: $0.04)
- Cash, cash equivalents and liquid investments $237.6 million (2010: $211.4 million) as at 31 December 2012. Cash and cash equivalents and liquid investments of approximately $183 million as at 1 May 2012
Corporate developments
- Successfully raised $200 million through a fully subscribed placing of 91,120,000 new common shares in September 2011
- Further strengthening of the Board with the appointment of two additional Non-Executive Directors in October and November 2011
- Gulf Keystone and two of its subsidiaries ("the Companies") obtained an injunction in the English Commercial Court restraining Excalibur Ventures LLC ("Excalibur") from pursuing the International Chamber of Commerce Arbitration proceedings, and an interim payment on account of costs was made to the Companies by Excalibur in July 2011 as directed by the Court. October 2012 has been set as a date for a trial in the English Commercial Court of all the claims asserted by Excalibur
- Continued progress made towards achieving the goal of a gradual strategic exit from Algeria by transferring Gulf Keystone's right, title and interest for nil consideration in the HBH Permit to BG Group and Sonatrach in January 2012
- Sale process for the Company's 20% interest in the Akri-Bijeel block initiated and negotiations are ongoing with several interested bidders
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