Gulf Keystone "achieved the best possible outcome" in litigation case

PUBLISHED: Sep 10 2013 @ 06:21 | Comments (0) |

Gulf Keystone (LSE:GKP) have issued a statement to investors following the completion of a litigation case brought by Excalibur Ventures.

Commenting after a British judge found in GKP’s favour the company’s CEO, Tood Kozel, said that they had “achieved the best possible outcome from the point of view of the Company and our shareholders” and now were focused on “progressing the ramp-up in production and development of the Shaikan world class discovery in the Kurdistan Region of Iraq”.

Full GKP statement:

A summary of the English Commercial Court in London’s (“Court”) decision has been given in court today following the trial in the Court of the claims asserted by Excalibur Ventures LLC (“Excalibur”) against Gulf Keystone Petroleum Limited and its two subsidiaries (the “Companies”) and Texas Keystone Inc. (“Texas”) (together the “Defendants”).

The Court dismissed all of Excalibur’s claims and decided all issues in favour of the Defendants.

The hearing was adjourned to a date to be fixed, for argument on costs and any application for permission to appeal.

The Company expects that trading in the Company’s shares will recommence at noon today.

Commenting on the Judge’s decision today, Gulf Keystone’s CEO Todd Kozel said:

“We are very pleased to have achieved the best possible outcome from the point of view of the Company and our shareholders. We look forward to pursuing the Company’s stated objectives for the future, now that we have the Court’s decision regarding these historical events.

We understand that the legal process must take its course once a claim has been lodged, but it has been unfortunate that the Company and its shareholders have experienced significant uncertainty and concern over the last two and a half years and that its executives have been engaged in a protracted and costly dispute to protect the position of the Company and its shareholders.

The Board and management will now focus on progressing the ramp-up in production and development of the Shaikan world class discovery in the Kurdistan Region of Iraq. On the corporate front, our next objective is to complete the move to the standard segment of the Official List by the end of 2013.”

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