Gulf Keystone Petroleum Ltd. Share Buyback Programme (5771E)
July 08 2019 - 1:00AM
UK Regulatory
TIDMGKP
RNS Number : 5771E
Gulf Keystone Petroleum Ltd.
08 July 2019
8 July 2019
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone", "GKP" or "the Company")
Share Buyback Programme
Gulf Keystone Petroleum, a leading independent operator and
producer in the Kurdistan Region of Iraq, announces its intention
to commence a share buyback programme (the "Buyback Programme"),
using the Company's existing cash resources to make market
purchases of Gulf Keystone common shares for a maximum
consideration of US$25 million (the "Maximum Amount"), with the
first stage of that programme being initiated now to purchase Gulf
Keystone shares for an initial amount of US$15 million (the
"Initial Amount").
The Buyback Programme is aligned with the Company's focus on
capital allocation and will be an accretive use of funds whilst not
impacting the Company's ability to continue the execution of its
existing investment programme. The Buyback Programme will be
executed in accordance with the Company's general authorities to
make on market purchases which was approved by shareholders at the
Company's AGM on 21 June 2019.
The Company has entered into an agreement with its brokers
Canaccord Genuity Limited ("Canaccord Genuity") and Peel Hunt LLP
("Peel Hunt") (together the "Brokers") to carry out purchases of
the Initial Amount under the Buyback Programme on its behalf on an
irrevocable and non-discretionary basis. The Brokers will make
their trading decisions under the Buyback Programme independently
of, and uninfluenced by, the Company. The Company has agreed the
Buyback Programme for the Initial Amount will commence immediately
and run to no later than 31 October 2019. Once the Initial Amount
is completed (or timeframe for the Initial Amount expired) the
Company expects to provide further instruction to the Brokers for
the purchase of the balance of the Buyback Programme.
The Buyback Programme will be carried out on the London Stock
Exchange and will be effected within certain pre-set parameters,
including the safe harbour provisions set out in the Market Abuse
Regulation 596/2014 ("MAR") the Commission Delegated Regulation
(EU) 2016/1052 and the applicable laws and regulations of the
London Stock Exchange. The Buyback Programme will be undertaken
until the earlier of the Maximum Amount being repurchased or the
2020 AGM. Any shares repurchased will be held in treasury.
The Company will make announcements in due course following the
completion of any share repurchases.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain and the Company confirms that it currently has no
inside information.
Enquiries:
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. Further
information on Gulf Keystone is available on its website
www.gulfkeystone.com
Disclaimer
This announcement contains certain forward-looking statements
that are subject to the risks and uncertainties associated with the
oil & gas exploration and production business. These statements
are made by the Company and its 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 risks and uncertainties, including both
economic and business factors and/or factors beyond the Company's
control or within the Company's control where, for example, the
Company decides on a change of plan or strategy. 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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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