TIDMGKP
RNS Number : 3765I
Gulf Keystone Petroleum Ltd.
08 December 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.
8 December 2015
Gulf Keystone Petroleum Limited. (LSE: GKP)
("Gulf Keystone" or "the Company")
Result of the Special General Meeting and Board Appointments
The Board of Gulf Keystone Petroleum ("the Board") is pleased to
announce that the resolution proposed at the Company's Special
General Meeting ("SGM") held today at 12.00 noon (local time) in
Brussels, was duly passed by shareholders.
The results of the SGM are as follows:
Resolution Votes % Votes against % Total Votes Votes withheld
for cast
------------------- ------------ ------ -------------- ----- ------------ ---------------
1. To amend the
bye-laws of the
Company pursuant
to bye-law 166 173,037,195 99.99 14,760 0.01 173,051,955 900
------------------- ------------ ------ -------------- ----- ------------ ---------------
The total number of shares in issue at 8 December 2015 was
978,138,061.
The full text of the resolution may be found in the Notice of
the Special General Meeting, copies of which are available on the
Company's website http://www.gulfkeystone.com/.
In addition, the Board is pleased to announce that, following
the passing of the resolution, Cuthbert ("Cuth") McDowell and Keith
Lough have been appointed to the Board as Non-Executive Directors
with immediate effect. Jón Ferrier, CEO, has also been appointed to
the Board with immediate effect.
Cuth McDowell
Having read Technological Economics at Stirling University, Cuth
(59) began his career in 1979 at BP where he spent eight years in a
variety of economic and commercial roles. In 1987 he moved to Clyde
Petroleum as Senior Economist, before being promoted to Group
Commercial Manager ahead of the eventual sale of the business to
Gulf Canada. In 1997 Cuth joined Paladin Resources and in his
commercial and finance director roles, played a key part in
building Paladin into an E&P company which was ultimately
acquired by Talisman Energy in 2006. He currently sits on the Board
of IGas, the UK onshore oil & gas company. Until earlier in
2015 Cuth was a Non-Executive Director of Pitkin Petroleum, where
he had also served as Finance Director.
Keith Lough
Keith Lough (54) 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 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).
Commenting on today's announcement, Andrew Simon, Non-Executive
Chairman of Gulf Keystone said:
"With shareholders having approved the changes to the Company's
Bye-Laws, we are pleased to confirm that our CEO Jón Ferrier has
now been appointed to the Board.
"We have made clear our intent to rebuild the Board with high
calibre individuals, and to ensure that the Board is truly fit for
purpose. We are therefore extremely pleased to have secured the
services of Keith Lough and Cuth McDowell. Both Keith and Cuth have
a deep knowledge of the strategic, operational and financial
dimensions of the oil & gas sector. They bring decades of
experience in the building of businesses, but also in the
realisation of the value in them for shareholders. Their track
records also span both executive and non-executive roles within
London listed companies.
"On behalf of everyone at Gulf Keystone I warmly welcome all
three Directors at this important juncture in the Company's
development. With shared values and goals we see a strong cultural
fit with Gulf Keystone and are confident they will make a
significant contribution."
No further information in connection with Mr McDowell's or Mr
Lough's appointments are required to be disclosed pursuant to
Listing Rule 9.6.13R.
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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