Gulf Keystone Petroleum Ltd. Appointment of Chairman (1608E)
July 14 2016 - 1:14AM
UK Regulatory
TIDMGKP
RNS Number : 1608E
Gulf Keystone Petroleum Ltd.
14 July 2016
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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
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information contained herein) does not contain or constitute an
offer to sell or the solicitation of an offer to purchase, nor
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14 July 2016
Gulf Keystone Petroleum Limited. (LSE: GKP)
("Gulf Keystone", "GKP" or "the Company")
Appointment of Chairman
Gulf Keystone Petroleum is pleased to announce that Keith Lough,
Non-Executive Director, has been appointed Non-Executive
Chairman.
Andrew Simon, currently Non-Executive Chairman, will retire from
the Board of Directors of Gulf Keystone with immediate effect.
Commenting on today's announcement, Andrew Simon said:
"Having overseen a renewal of both the Board and the senior
management team during the last 15 months, and together with the
restructuring announced today, it is now an appropriate time to
hand over the Chairmanship to Keith, who has spent a lifetime in
the oil industry. His deep industry knowledge at a time of low oil
prices and geopolitical challenges has already proved invaluable
whilst he chaired the Finance Committee and I am delighted that he
has agreed to take on the Chairmanship."
Keith Lough said:
"I would like to thank Andrew for his tireless work on behalf of
all of GKP's stakeholders. Over the course of his time on the
Board, as a NED and latterly as Chairman, he has overseen the
Company through an extremely tough time, not only for all of the
Kurdistan operators, but for the Oil & Gas sector as a whole.
On behalf of everyone at GKP I would like to wish Andrew the very
best in his retirement.
"I look forward to working with my fellow Directors and all at
GKP as we focus on restoring value in the Company. I would also
like to reiterate what has been said about the proposed
restructuring. The deal effectively saves the Company and, whilst
not without cost, is the only credible option which allows us to
move forward with the Shaikan project."
Enquiries:
Gulf Keystone Petroleum: +44 (0) 20 7514 1400
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:
Keith Lough
Keith Lough (55) read Economics at Edinburgh University before
qualifying as a chartered certified accountant with British Gas in
1985. He subsequently obtained an MSc in Finance from London
Business School. In 1988 Keith joined LASMO PLC where over the
course of the next eleven years he held a range of senior
commercial, financial and operational roles, including MD of the
North Sea, and then Europe and North Africa before LASMO was sold
to ENI.
Keith was CFO of PetroKazakhstan for two years before being
headhunted for the CFO role of British Energy, the nuclear power
company. At British Energy he oversaw the complex restructuring of
the business and the interaction with the UK Government and its
creditors. In 2004 Keith founded coal bed methane focused Composite
Energy Ltd, which was acquired by Dart in 2011.
The team from Composite spent a year at Hutton Energy, during
which time Keith was CEO. Keith is currently a Non-Executive
Director of Rockhopper Exploration PLC, Cairn Energy PLC, Papua
Mining PLC and the UK Gas and Electricity Markets Authority
(Ofgem).
He was appointed to the Board of Gulf Keystone in December
2015.
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 field with current production capacity of
40,000 barrels of oil per day.
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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