By John Lee.
Shares in Gulf Keystone Petroleum (GKP) were up 3% on Monday morning on the London Stock Exchange following an update from the company on the progress of a litigation case:
On 15 February 2013, the English Commercial Court [pictured] in London ordered Excalibur Ventures LLC ("Excalibur") to make a payment of £4,700,000 into Court within 21 days as additional security for the costs of Gulf Keystone and two of its subsidiaries (the "Companies") of defending the legal action commenced by Excalibur in December 2010.
The English Commercial Court also ordered Excalibur to make a payment of £3,300,000 into Court within 21 days as additional security for the costs of Texas Keystone Inc.
In addition, Excalibur was ordered to pay costs of the 15 February 2013 hearing to the Companies and Texas Keystone Inc. and is required to make interim payments on account of £50,000 to the Companies and £40,000 to Texas Keystone Inc. within 14 days.
The Companies continue vigorously to dispute and contest the allegations and claims asserted by Excalibur.
The trial in the English Commercial Court of all the claims asserted by Excalibur is scheduled to be completed at the end of February or in early March 2013. The Judge will give his decision in a written Judgment once the trial has been completed. According to the English Commercial Court, due to the size of the case completion of the Judgment may take in excess of three months.
The Board of Gulf Keystone will provide further updates in due course.
(Sources: Gulf Keystone, Yahoo)