Gulf Keystone Petroleum Ltd. Strategic Update (7491W)
April 29 2016 - 1:01AM
UK Regulatory
TIDMGKP
RNS Number : 7491W
Gulf Keystone Petroleum Ltd.
29 April 2016
Not for release, publication or distribution, directly or
indirectly, in whole or in part in or into the United States or any
jurisdiction other than the United Kingdom and Bermuda where to do
so would constitute a contravention of the relevant laws or
regulations of such jurisdiction. This announcement (and the
information contained herein) does not contain or constitute an
offer to sell or the solicitation of an offer to purchase, nor
shall there be any sale of securities in any jurisdiction where
such offer, solicitation or sale would constitute a contravention
of the relevant laws or regulations of such jurisdiction.
29 April 2016
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")
Strategic Update
Standstill Agreement with the Ad Hoc Committee of Holders of
Notes and Bonds
US$250,000,000 13.0 per cent. Guaranteed Notes due 2017 (ISINs:
Regulation S XS1056559245, Rule 144A XS1056559088) (the "Notes")
and US$325,000,000 6.25 per cent. Convertible Bonds due 2017 (ISIN:
XS0841237497, Common Code: 084123749) (the "Bonds")
Further to the Company's disclosure on 14 April 2016, Gulf
Keystone confirms that constructive dialogue continues with a
number of its stakeholders on the Company's need for near-term
fundraising and the restructuring of the Company's balance sheet
("Stakeholder Discussions"). The grace periods for the 18 April
2016 coupon payments in respect of the Company's Bonds and Notes
("April 2016 Coupon Payments") expire on 2 May and 3 May, 2016,
respectively.
In this context Gulf Keystone announces today that the Company
has reached an agreement with the Ad Hoc Committee of holders of
Notes and Bonds, that they will enter into a Standstill Agreement
with the Company until 20 May 2016, extendable until 31 May 2016.
The signatories represent a significant proportion (but less than
75% by principal amount) of the holders of each of the Company's
Notes and Bonds. The purpose of the Standstill Agreement is to
provide the Company with an extended period to continue the
Stakeholder Discussions beyond the expiry of the grace periods for
the April 2016 Coupon Payments.
Whilst the Standstill Agreement remains in effect, the Company
does not intend to make the April 2016 Coupon Payments. After the
expiry of the relevant grace period on 2 May and 3 May,
respectively, the continuing failure to make those payments under
the Bonds and the Notes will constitute an Event of Default under
the Bonds and Notes, respectively. At a time when an Event of
Default subsists the holders of not less than one-quarter of the
principal amount of the Notes or the Bonds, as the case may be,
then outstanding may request the relevant Trustee to declare the
principal amount of the Notes or the Bonds, as the case may be,
immediately due and payable.
The signatories to the Standstill Agreement will agree not to
vote in favour of any resolution of the Noteholders or Bondholders
to instruct the relevant Trustee to take such a step.
A further announcement will be made in due course.
Enquiries:
Gulf Keystone Petroleum: +44 (0) 20 7514 1400
Jón Ferrier, CEO
Sami Zouari, CFO
Anastasia Vvedenskaya, Head
of Investor Relations +44 (0) 20 7514 1411
Celicourt Communications: +44(0) 20 7520 9266
Mark Antelme
Jimmy Lea
or visit: www.gulfkeystone.com
Notes to Editors:
-- Gulf Keystone Petroleum Ltd. (LSE: GKP) is a leading
independent operator and producer in the Kurdistan Region of Iraq
and the operator of the Shaikan block, which is a major producing
field.
-- Following the establishment of a regular payment cycle for
all oil sales and arrears, and a positive economic outlook, Gulf
Keystone plans to move into the large-scale phased development of
the Shaikan field targeting 110,000 bopd of production
capacity.
Disclaimer
This announcement contains certain forward-looking statements.
These statements are made by the Company's Directors in good faith
based on the information available to them up to the time of their
approval of this announcement but such statements should be treated
with caution due to inherent uncertainties, including both economic
and business factors, underlying such forward-looking information.
This announcement has been prepared solely to provide additional
information to shareholders to assess the Group's strategies and
the potential for those strategies to succeed. This announcement
should not be relied on by any other party or for any other
purpose.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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