Gulf Keystone Petroleum Ltd. Notice to Noteholders (3030D)
24 October 2015 - 1:45AM
UK Regulatory
TIDMGKP
RNS Number : 3030D
Gulf Keystone Petroleum Ltd.
23 October 2015
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.
23 October 2015
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")
Notice to Noteholders
US$250,000,000
13.0 per cent. Guaranteed Notes due 2017
(ISINs: Regulation S XS1056559245, Rule 144A XS1056559088)
Further to the Company's announcement of 15 October 2015, Gulf
Keystone confirms today that the Company has made the coupon
payments on its US$250 million 13.0 per cent. guaranteed notes due
2017 ("Guaranteed Notes") and US$325 million 6.25 per cent.
convertible notes due 2017 ("Convertible Notes") in an aggregate
amount of US$26.4 million, which were due in October 2015.
Following the coupon payments, the Company confirms it is in
full compliance with all terms and conditions of its Guaranteed
Notes and Convertible Notes agreements. This includes provisions
agreed during the April 2015 Consent Solicitation as announced on 2
April 2015.
As of 23 October 2015, the Company's cash position is US$48.4
million.
A notice to the holders of the Guaranteed Notes was published on
the website of the Luxembourg Stock Exchange on 23 October 2015, a
copy of which is appended.
Commenting on today's announcement, Sami Zouari, CFO, said:
"As per the terms agreed during the April 2015 Consent
Solicitation, today's announcement concerns a technical requirement
to notify holders of the Guaranteed Notes that our cash balance has
been below US$50 million for over five consecutive business days.
In practice, we are pleased to have recently met our debt
obligations with the US$26.4 million interest payments and we
continue to manage expenditure prudently, working to restore value
in the business and continuing a constructive dialogue with all our
stakeholders.
Shaikan continues to perform well and we are encouraged by the
progress being made towards the establishment of a regular payment
cycle for Shaikan crude exports."
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 an independent oil
and gas exploration and production company with operations in the
Kurdistan Region of Iraq.
-- Gulf Keystone Petroleum International (GKPI) holds Production
Sharing Contracts for four exploration blocks in Kurdistan, the
Shaikan, Sheikh Adi, Ber Bahr and Akri-Bijeel blocks.
-- GKPI is the operator of the Shaikan block, which is a major
commercial discovery, with a working interest of 75% and is
partnered with MOL Kalegran Limited (a 100% subsidiary of MOL
Hungarian Oil and Gas plc.) and Texas Keystone Inc., which have
working interests of 20% and 5% respectively.
-- Following the establishment of a regular payment cycle for
all oil sales and arrears, Gulf Keystone plans to move into the
large-scale phased development of the Shaikan field targeting
100,000 bopd of production capacity during Phase 1 of the Shaikan
Field Development Plan.
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.
GULF KEYSTONE PETROLEUM LIMITED
(incorporated in Bermuda with limited liability)
US$250,000,000
13.0 per cent. Guaranteed Notes due 2017
(ISINs: Regulation S XS1056559245, Rule 144A XS1056559088) (the
"Notes")
Notice of Total Cash Amount
To the holders of the outstanding Notes (the "Noteholders)
NOTICE IS HEREBY GIVEN to the Noteholders in accordance with
Condition 4.16.1 of the trust deed constituting the Notes (the
"Trust Deed") that the Total Cash Amount has been less than
US$50,000,000 in the aggregate for a period exceeding five
consecutive Business Days. Capitalised terms used but not defined
in this notice have the meanings ascribed to them in the Trust
Deed.
Dated 23 October 2015
This information is provided by RNS
The company news service from the London Stock Exchange
END
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