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Antwort auf Beitrag Nr.: 49.470.566 von texas2 am 01.04.15 04:47:27hier noch sehr fundierter Lesestoff
http://www.alessandrobacci.com/2015/02/Why-Do-IOCs-Have-to-I…
http://www.alessandrobacci.com/2015/02/Why-Do-IOCs-Have-to-I…
Antwort auf Beitrag Nr.: 49.468.073 von texas2 am 31.03.15 19:22:05Zusammenfassung von der FT
March 31, 2015 6:25 pm
Gulf Keystone chairman steps down after share placing
Michael Kavanagh
Gulf Keystone Petroleum pipeyard storage©Gulf Keystone
Simon Murray is to step down as chairman of cash-strapped Gulf Keystone Petroleum, less than two years after he took up the role amid criticisms of other board members’ pay and the oil company’s corporate governance.
News of the retirement of Mr Murray — a former chairman of commodities trader Glencore and veteran of the French Foreign Legion — came after Gulf Keystone completed a £30m share placing at 32p a share, to boost its cash balances as it renegotiates with lenders.
A source close to the company described the placing as securing “four to five months’ breathing space” — allowing it to improve its funding position as it waits for overdue export payments from the Kurdistan Regional Government.
Gulf Keystone did not give specific reasons for Mr Murray’s departure, which was announced at the same time as the successful fundraising. People familiar with the events suggested that some leading shareholders had asked for the City grandee to be replaced, but the company declined to comment.
Last month, Gulf Keystone revealed it was in talks with unnamed parties over a possible sale of its business, following a collapse in its share price.
Andrew Simon, the company’s senior independent director who led a crackdown on boardroom pay awards last year, has taken over as interim chairman with immediate effect.
One of Mr Murray’s first acts on becoming chairman in 2013 had been to back fellow director Lord Guthrie, former head of the UK’s Defence Staff, in opposing the nomination of four outside directors by the group’s then leading shareholder M&G.
However, both military men were quickly forced into retreat when M&G joined other leading shareholders including Capital Research Global Investors, to press for change ahead of the company’s annual meeting. Mr Murray and the board then accepted M&G’s nominations and the resignation of two longstanding boardroom allies of company founder Todd Kozel.
Mr Kozel himself chose to quit as chief executive ahead of last year’s annual meeting, where shareholders were expected to oppose his reappointment as a director. His resignation came days after the sudden departure of Ewen Ainsworth as finance director.
Shortly before Mr Kozel’s resignation, continuing board room disagreements under Mr Murray’s leadership had also led to the exit of John Bell and deputy chairman Jeremy Asher. Both had served less than a year.
Thomas Shull, one of the slate of M&G nominees initially opposed by Mr Murray and Lord Guthrie, the previous year, opted to step down amid the feud.
Mr Murray’s resignation on Tuesday leaves Lord Guthrie and John Gerstenlauer, who replaced Mr Kozel as chief executive last June, as the only surviving members of Gulf Keystone’s board from two years ago.
March 31, 2015 6:25 pm
Gulf Keystone chairman steps down after share placing
Michael Kavanagh
Gulf Keystone Petroleum pipeyard storage©Gulf Keystone
Simon Murray is to step down as chairman of cash-strapped Gulf Keystone Petroleum, less than two years after he took up the role amid criticisms of other board members’ pay and the oil company’s corporate governance.
News of the retirement of Mr Murray — a former chairman of commodities trader Glencore and veteran of the French Foreign Legion — came after Gulf Keystone completed a £30m share placing at 32p a share, to boost its cash balances as it renegotiates with lenders.
A source close to the company described the placing as securing “four to five months’ breathing space” — allowing it to improve its funding position as it waits for overdue export payments from the Kurdistan Regional Government.
Gulf Keystone did not give specific reasons for Mr Murray’s departure, which was announced at the same time as the successful fundraising. People familiar with the events suggested that some leading shareholders had asked for the City grandee to be replaced, but the company declined to comment.
Last month, Gulf Keystone revealed it was in talks with unnamed parties over a possible sale of its business, following a collapse in its share price.
Andrew Simon, the company’s senior independent director who led a crackdown on boardroom pay awards last year, has taken over as interim chairman with immediate effect.
One of Mr Murray’s first acts on becoming chairman in 2013 had been to back fellow director Lord Guthrie, former head of the UK’s Defence Staff, in opposing the nomination of four outside directors by the group’s then leading shareholder M&G.
However, both military men were quickly forced into retreat when M&G joined other leading shareholders including Capital Research Global Investors, to press for change ahead of the company’s annual meeting. Mr Murray and the board then accepted M&G’s nominations and the resignation of two longstanding boardroom allies of company founder Todd Kozel.
Mr Kozel himself chose to quit as chief executive ahead of last year’s annual meeting, where shareholders were expected to oppose his reappointment as a director. His resignation came days after the sudden departure of Ewen Ainsworth as finance director.
Shortly before Mr Kozel’s resignation, continuing board room disagreements under Mr Murray’s leadership had also led to the exit of John Bell and deputy chairman Jeremy Asher. Both had served less than a year.
Thomas Shull, one of the slate of M&G nominees initially opposed by Mr Murray and Lord Guthrie, the previous year, opted to step down amid the feud.
Mr Murray’s resignation on Tuesday leaves Lord Guthrie and John Gerstenlauer, who replaced Mr Kozel as chief executive last June, as the only surviving members of Gulf Keystone’s board from two years ago.
Antwort auf Beitrag Nr.: 49.467.935 von Eulenfoerster am 31.03.15 19:02:42Wenn man Murray den Chinesen zurechnet, weil er in Hong Kong geschäftlich tätig war/ist, könnte man schlussfolgern, dass jetzt vielleicht Exxon am Zug ist. Vielleicht spornt das aber auch nur die Chinesen weiter an oder vielleicht sind diese Spekulationen auch nur Hirngespinste. Tatsache ist aber, dass die in den letzten Tagen veröffentlichten Informationen von Medien, die teilweise für mich ebenfalls wie Hirngespinste rüber kamen, sich wenig später als Tatsachen entpuppten. Siehe zB die Spekulation, dass einige Adressen mit Murray nicht zufrieden waren . Aber nach wie vor viele Fragezeichen: warum, wieso und wie könnte es weiter gehen?
Antwort auf Beitrag Nr.: 49.467.902 von texas2 am 31.03.15 18:59:56Schreibfehler:
schlimmer: 0,32
schlimmer: 0,32
So lange sie keine regelmäßigen Einkünfte haben, ist Gulf eine Geldverbrennungsmaschine.
Ist Exxon nun im Spiel als möglicher Aufkäufer ?
Ich jammerschade, Gulf hat gewaltige Ressourcen die Milliarden wert sind. Bei den Ölpreisen müssten sich die Ölmultis mal solangsam aufmachen zu Übernahmen. Bisher gab es in letzter Zeit keine großen Übernahmen.
Da hier aber die Möglichkeit besteht, verstehe ich aber den Kurssturz nicht.
Ist Exxon nun im Spiel als möglicher Aufkäufer ?
Ich jammerschade, Gulf hat gewaltige Ressourcen die Milliarden wert sind. Bei den Ölpreisen müssten sich die Ölmultis mal solangsam aufmachen zu Übernahmen. Bisher gab es in letzter Zeit keine großen Übernahmen.
Da hier aber die Möglichkeit besteht, verstehe ich aber den Kurssturz nicht.
Trading Spotlight
Antwort auf Beitrag Nr.: 49.459.766 von texas2 am 30.03.15 22:22:24Die da geht es drunter und drüber Nachrichtenflut reißt nicht ab.
Zuerst erfahren wir dass die 86 Mio neuen Aktien für 0,36 Pfund verkauft werden.Dieser (zu) niedrige Preis wir vor allem die freuen, die diese angeboten haben bekommen, für die Anderen bedeutet es Verwässerung, für die Firma ein wenig finanziellen Spielraum, wobei mit den 40 Mio $ aber auch keine richtig grossen Sprünge gemacht werden können.
Dann erfahren gleich hinterher, dass der schillernde Simon Murray aufhört. Ist der jetzt beleidigt und warum, hat er einen Machtkampf um was? verloren?
Schwer das warum und wieso zu verstehen
---------------------------------------------
31 March 2015
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")
Placing of New Common Shares
Further to the Company's announcement of 30 March 2015 Gulf Keystone is pleased to announce that it has successfully raised through Mirabaud Securities LLP ("Mirabaud") and Pareto Securities Limited ("Pareto", together the "Bookrunners") gross proceeds of US$40,693,235 through a conditional placing of 85,900,000 new Common Shares of US$ 0.01 each in the Company (the "Placing Shares") at a placing price of 32p per share (the "Placing Price") (the "Placing").
Use of Proceeds
Proceeds will be used to strengthen the Company's financial position in the near term, whilst the previously announced review of longer term financing options, and potential corporate actions, continues, alongside the ongoing work with the Kurdistan Regional Government's Ministry of Natural Resources to establish a regular payment cycle for past and future Shaikan production and payment of arrears.
Prior to proceeds from the Placing, the Company's cash balance is US$86.3 million, which includes the pre-payment of US$26 million gross (US$20.8 million net to Gulf Keystone) received for Shaikan crude oil sales on 25 February.
The Placing
The Placing has been made on a non-pre-emptive basis and is subject to the terms and conditions set out in the Appendix 1 which forms a part of this Announcement. The Placing has not been underwritten.
The Placing Shares have been placed by the Bookrunners with both new and existing institutional investors.
The Placing is conditional, inter alia, on holders of at least 75% in principal amount of the Notes consenting to the Extraordinary Resolution by 7.00 p.m. on 1 April 2015 or such later time and date as may be agreed between the Company and the Bookrunners, being no later than 5 p.m. on 2 April 2015; admission of the Placing Shares to the standard segment of the Official List and to trading on the London Stock Exchange's Main Market for listed securities ("Admission"); and the Placing Agreement to be entered into between the Company, Mirabaud and Pareto not being terminated prior to Admission. In connection with the Placing the Company will undertake not to adjourn the Meeting or amend the resolution proposed at the Meeting.
The Placing Shares will represent 8.78 per cent. of the enlarged issued share capital of the Company. The Placing Shares will be fully paid and will rank pari passu in all respects with the existing Common Shares including the right to receive all dividends and other distributions declared, made or paid after the date of issue.
Admission to trading and listing
The Company has applied for Admission of the Placing Shares. It is expected that Admission will become effective and that dealings in the Placing Shares will commence at 8.00 a.m. on 2 April 2015. The total number of Common Shares in issue following completion of the Placing, and the total number of voting rights, will be 978,138,061.
The above figure of 978,138,061 Common Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Gulf Keystone under the FSA's Disclosure and Transparency Rules.
Sami Zouari, Gulf Keystone Petroleum's CFO, commented:
"This successful Placing will strengthen the Company's financial position while discussions with interested parties in relation to possible asset transactions or a sale of the Company and the Board's assessment of a number of longer-term funding options to progress to the next Shaikan production target of up to 70,000 barrels of oil per day are ongoing."
Enquiries:
Gulf Keystone Petroleum:
+44 (0) 20 7514 1400
Sami Zouari, CFO
Anastasia Vvedenskaya, Head of Investor Relations
-----------------------------------
31 March 2015
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")
Board Change
Gulf Keystone Petroleum announces that Simon Murray, the Company's Non-Executive Chairman is to retire from the Board of Directors of Gulf Keystone.
Andrew Simon, Senior Independent Director, will assume the role of Interim Non-Executive Chairman with immediate effect. A search process for a new Non-Executive Chairman will now begin.
Commenting on today's announcement, Andrew Simon, Interim Non-Executive Chairman of Gulf Keystone said:
"On behalf of the Board and everyone at Gulf Keystone I would like to thank Simon Murray for his significant contribution since 2013. During his tenure he oversaw the move up from AIM to the Main Market of the London Stock Exchange, and the Company achieve its production target of 40,000 barrels of oil per day. He has also worked tirelessly on behalf of the Company as we navigate through some of the challenges brought about by both the geo-politics of the region where we operate and the current oil price environment. We wish him well in the future."
Enquiries:
Gulf Keystone Petroleum:
+44 (0) 20 7514 1400
Anastasia Vvedenskaya, Head of Investor Relations
Zuerst erfahren wir dass die 86 Mio neuen Aktien für 0,36 Pfund verkauft werden.Dieser (zu) niedrige Preis wir vor allem die freuen, die diese angeboten haben bekommen, für die Anderen bedeutet es Verwässerung, für die Firma ein wenig finanziellen Spielraum, wobei mit den 40 Mio $ aber auch keine richtig grossen Sprünge gemacht werden können.
Dann erfahren gleich hinterher, dass der schillernde Simon Murray aufhört. Ist der jetzt beleidigt und warum, hat er einen Machtkampf um was? verloren?
Schwer das warum und wieso zu verstehen
---------------------------------------------
31 March 2015
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")
Placing of New Common Shares
Further to the Company's announcement of 30 March 2015 Gulf Keystone is pleased to announce that it has successfully raised through Mirabaud Securities LLP ("Mirabaud") and Pareto Securities Limited ("Pareto", together the "Bookrunners") gross proceeds of US$40,693,235 through a conditional placing of 85,900,000 new Common Shares of US$ 0.01 each in the Company (the "Placing Shares") at a placing price of 32p per share (the "Placing Price") (the "Placing").
Use of Proceeds
Proceeds will be used to strengthen the Company's financial position in the near term, whilst the previously announced review of longer term financing options, and potential corporate actions, continues, alongside the ongoing work with the Kurdistan Regional Government's Ministry of Natural Resources to establish a regular payment cycle for past and future Shaikan production and payment of arrears.
Prior to proceeds from the Placing, the Company's cash balance is US$86.3 million, which includes the pre-payment of US$26 million gross (US$20.8 million net to Gulf Keystone) received for Shaikan crude oil sales on 25 February.
The Placing
The Placing has been made on a non-pre-emptive basis and is subject to the terms and conditions set out in the Appendix 1 which forms a part of this Announcement. The Placing has not been underwritten.
The Placing Shares have been placed by the Bookrunners with both new and existing institutional investors.
The Placing is conditional, inter alia, on holders of at least 75% in principal amount of the Notes consenting to the Extraordinary Resolution by 7.00 p.m. on 1 April 2015 or such later time and date as may be agreed between the Company and the Bookrunners, being no later than 5 p.m. on 2 April 2015; admission of the Placing Shares to the standard segment of the Official List and to trading on the London Stock Exchange's Main Market for listed securities ("Admission"); and the Placing Agreement to be entered into between the Company, Mirabaud and Pareto not being terminated prior to Admission. In connection with the Placing the Company will undertake not to adjourn the Meeting or amend the resolution proposed at the Meeting.
The Placing Shares will represent 8.78 per cent. of the enlarged issued share capital of the Company. The Placing Shares will be fully paid and will rank pari passu in all respects with the existing Common Shares including the right to receive all dividends and other distributions declared, made or paid after the date of issue.
Admission to trading and listing
The Company has applied for Admission of the Placing Shares. It is expected that Admission will become effective and that dealings in the Placing Shares will commence at 8.00 a.m. on 2 April 2015. The total number of Common Shares in issue following completion of the Placing, and the total number of voting rights, will be 978,138,061.
The above figure of 978,138,061 Common Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Gulf Keystone under the FSA's Disclosure and Transparency Rules.
Sami Zouari, Gulf Keystone Petroleum's CFO, commented:
"This successful Placing will strengthen the Company's financial position while discussions with interested parties in relation to possible asset transactions or a sale of the Company and the Board's assessment of a number of longer-term funding options to progress to the next Shaikan production target of up to 70,000 barrels of oil per day are ongoing."
Enquiries:
Gulf Keystone Petroleum:
+44 (0) 20 7514 1400
Sami Zouari, CFO
Anastasia Vvedenskaya, Head of Investor Relations
-----------------------------------
31 March 2015
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")
Board Change
Gulf Keystone Petroleum announces that Simon Murray, the Company's Non-Executive Chairman is to retire from the Board of Directors of Gulf Keystone.
Andrew Simon, Senior Independent Director, will assume the role of Interim Non-Executive Chairman with immediate effect. A search process for a new Non-Executive Chairman will now begin.
Commenting on today's announcement, Andrew Simon, Interim Non-Executive Chairman of Gulf Keystone said:
"On behalf of the Board and everyone at Gulf Keystone I would like to thank Simon Murray for his significant contribution since 2013. During his tenure he oversaw the move up from AIM to the Main Market of the London Stock Exchange, and the Company achieve its production target of 40,000 barrels of oil per day. He has also worked tirelessly on behalf of the Company as we navigate through some of the challenges brought about by both the geo-politics of the region where we operate and the current oil price environment. We wish him well in the future."
Enquiries:
Gulf Keystone Petroleum:
+44 (0) 20 7514 1400
Anastasia Vvedenskaya, Head of Investor Relations
Antwort auf Beitrag Nr.: 49.459.430 von texas2 am 30.03.15 21:29:31und es ist ja nicht so, dass es nach diesen verrückten Tagen heute Abend nicht noch verrückter werden könnte:
Ex-Tullow boss reveals rescue plan for Gulf Keystone
30 Mar 2015 - 20:50
LONDON, March 30 (Reuters) – A group of investors led by former Tullow Oil chairman Patrick Plunkett said on Monday it had offered to help Gulf Keystone <GKP.L> solve its funding problems but the firm had so far declined to engage in discussions.
Gulf Keystone has said it was in talks with a number of parties about a possible sale of the company or some assets to help it solve short-term liquidity issues, caused by low oil prices and non-payments. [ID:nL4N0VZ2FH]
On Monday, Gulf Keystone said it would place up to 85.9 million shares to raise a maximum of 30 million pounds ($44.4 million) to strengthen its balance sheet as it struggles with irregular payments for its oil from Kurdistan. [ID:nL6N0WW48S] Plunkett, who is chairman of independent oil firm T5, said he had informed Gulf Keystone about an alternative plan he had in mind, but discussions "never got the momentum".
"We are confused. We believe our approach is demonstratively a far better proposition than a stop-gap placing. We were expecting to get some interaction with the company but it didn't happen," he told Reuters.
Gulf Keystone declined to comment. The firm has previously said it would select what it views as the best course of action to see it through its short-term liquidity issues and ensure the greatest value for all stakeholders.
Plunkett said he had put together a pool of investors and proposed a three-part solution. The first step was a $130 million recapitalisation including an immediate $50 million equity funding.
The solution also included a proposal to transform the board and management in combination with the T5's team, and a possible debt for equity conversion.
"We really hope we can still engage in discussions," he said.
(Reporting by Dmitry Zhdannikov; editing by David Clarke) ((Dmitri.Zhdannikov@thomsonreuters.com
Ex-Tullow boss reveals rescue plan for Gulf Keystone
30 Mar 2015 - 20:50
LONDON, March 30 (Reuters) – A group of investors led by former Tullow Oil chairman Patrick Plunkett said on Monday it had offered to help Gulf Keystone <GKP.L> solve its funding problems but the firm had so far declined to engage in discussions.
Gulf Keystone has said it was in talks with a number of parties about a possible sale of the company or some assets to help it solve short-term liquidity issues, caused by low oil prices and non-payments. [ID:nL4N0VZ2FH]
On Monday, Gulf Keystone said it would place up to 85.9 million shares to raise a maximum of 30 million pounds ($44.4 million) to strengthen its balance sheet as it struggles with irregular payments for its oil from Kurdistan. [ID:nL6N0WW48S] Plunkett, who is chairman of independent oil firm T5, said he had informed Gulf Keystone about an alternative plan he had in mind, but discussions "never got the momentum".
"We are confused. We believe our approach is demonstratively a far better proposition than a stop-gap placing. We were expecting to get some interaction with the company but it didn't happen," he told Reuters.
Gulf Keystone declined to comment. The firm has previously said it would select what it views as the best course of action to see it through its short-term liquidity issues and ensure the greatest value for all stakeholders.
Plunkett said he had put together a pool of investors and proposed a three-part solution. The first step was a $130 million recapitalisation including an immediate $50 million equity funding.
The solution also included a proposal to transform the board and management in combination with the T5's team, and a possible debt for equity conversion.
"We really hope we can still engage in discussions," he said.
(Reporting by Dmitry Zhdannikov; editing by David Clarke) ((Dmitri.Zhdannikov@thomsonreuters.com
Antwort auf Beitrag Nr.: 49.459.235 von texas2 am 30.03.15 21:10:52Mikey Admin auf iii
Page 31
The conversion of the Bonds would result, subject to any adjustments, in the allotment and issue of 62,642,369 Common Shares, diluting existing Shareholders of Common Shares by 7.15 per cent., and if all outstanding warrants, options and bonus shares were allotted and issued, which would equal 52,612,371 Common Shares, the conversion of the Bonds would result in diluting existing Shareholders by 6.74 per cent of Common Shares.
Page 39
1 Form, Denomination, Title and Status
(a) Form and Denomination
The Bonds are in registered form in principal amounts of U.S.$200,000 each and integral multiples thereof (“authorised denominations”).
Shares in issue, 922,238,061
Bonds in Issue, 1,375,000 x $200,000
1st Issue raised, $275,000,000
2nd Issue raised, $50,000,000
Total . . . . . . . ., $325,000,000
When the following calculation is done you can see that the money in $'s the Bonds raised equates to an SP of 35.2p, which is where the price has been hovering round of late and appears to be the floor
325,000,000 ÷ 922,238,061 = 35.2p
922,238,061 x 35.2p = £325,000,000 Market Cap
And now we have a placing around a possible 35p
Coincidence ? ?
Page 31
The conversion of the Bonds would result, subject to any adjustments, in the allotment and issue of 62,642,369 Common Shares, diluting existing Shareholders of Common Shares by 7.15 per cent., and if all outstanding warrants, options and bonus shares were allotted and issued, which would equal 52,612,371 Common Shares, the conversion of the Bonds would result in diluting existing Shareholders by 6.74 per cent of Common Shares.
Page 39
1 Form, Denomination, Title and Status
(a) Form and Denomination
The Bonds are in registered form in principal amounts of U.S.$200,000 each and integral multiples thereof (“authorised denominations”).
Shares in issue, 922,238,061
Bonds in Issue, 1,375,000 x $200,000
1st Issue raised, $275,000,000
2nd Issue raised, $50,000,000
Total . . . . . . . ., $325,000,000
When the following calculation is done you can see that the money in $'s the Bonds raised equates to an SP of 35.2p, which is where the price has been hovering round of late and appears to be the floor
325,000,000 ÷ 922,238,061 = 35.2p
922,238,061 x 35.2p = £325,000,000 Market Cap
And now we have a placing around a possible 35p
Coincidence ? ?
Antwort auf Beitrag Nr.: 49.458.596 von texas2 am 30.03.15 20:06:0186 mio neue Aktien
a) finanzieller und damit mehr strategischer Spielraum
b) welcher Aufkäufer von GKP hätte diese Aktien wohl gerne ?
Langweilig wird es mit GKP eindeutig nicht
30 March 2015
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")
Proposed Placing of New Common Shares
Further to the Company's Strategic Update of 25 February 2015 and Operational Update of 18 March 2015, Gulf Keystone, the operator of the world class Shaikan field in the Kurdistan Region of Iraq, is pleased to announce a proposed placing of up to 85,900,000 new Common Shares through an accelerated bookbuilding process to qualified investors to be carried out by Mirabaud Securities LLP ("Mirabaud") and Pareto Securities Limited ("Pareto", together the "Bookrunners"), with both new and existing institutional investors (the "Placing").
Use of Proceeds
Proceeds will be used to strengthen the Company's financial position in the near term, whilst the previously announced review of longer term financing options, and potential corporate actions, continues, alongside the ongoing work with the Kurdistan Regional Government's Ministry of Natural Resources to establish a regular payment cycle for past and future Shaikan production and payment of arrears.
Prior to proceeds from the Placing, the Company's cash balance is US$86.3 million, which includes the pre-payment of US$26 million gross (US$20.8 million net to Gulf Keystone) received for Shaikan crude oil sales on 25 February.
The Company continues to increase production to levels consistent with the installed capacity of 40,000 barrels of oil per day ("bopd"), currently producing approximately 35,000 gross bopd from the Shaikan production facilities.
The Placing
The Placing is being conducted, subject to the satisfaction of certain conditions, through an accelerated bookbuilding process to qualified investors to be carried out by the Bookrunners with both new and existing institutional investors. The Placing is not being underwritten.
The Placing is conditional, inter alia, on holders of at least 75% in principal amount of the Notes consenting to the Extraordinary Resolution by 7.00 p.m. on 1 April 2015 or such later time and date as may be agreed between the Company and the Bookrunners, being no later than 3 p.m. on 2 April 2015; admission of the Placing Shares to the standard segment of the Official List and to trading on the London Stock Exchange's Main Market for listed securities ("Admission"); and the Placing Agreement to be entered into between the Company, Mirabaud and Pareto not being terminated prior to Admission. In connection with the Placing the Company will undertake not to adjourn the Meeting or amend the resolution proposed at the Meeting.
The book will open with immediate effect. The book is expected to close no later than 7.00 a.m. on 31 March 2015 but may be closed earlier or later at the sole discretion of the Company and the Bookrunners. The allocation, number of Placing Shares and the price at which the Placing Shares are to be placed will be agreed by the Company with the Bookrunners at the close of the accelerated bookbuilding process. Details of the above will be announced as soon as practicable after the close of the bookbuilding process.
The Placing Shares will be fully paid and will rank pari passu in all respects with the existing Common Shares in the Company including the right to receive all dividends and other distributions declared, made or paid after the date of issue.
The Appendix to this Announcement (which forms part of this Announcement) sets out the terms and conditions of the Placing. By choosing to participate in the Placing, Placees will be deemed to have read and understood this Announcement in its entirety (including the Appendix) and to be making an offer on the terms and conditions and providing the representations, warranties, acknowledgements and undertakings contained therein.
Sami Zouari, Gulf Keystone Petroleum's CFO, commented:
"Given the well documented macro geo-political challenges that today are affecting Gulf Keystone and the Kurdistan Region of Iraq, where all of the Company's assets are located, we are focused on ensuring the best course possible through this period for the benefit of all stakeholders. Whilst we continue to work closely with the Kurdistan Regional Government, our host and partner, on establishing a stable payment cycle for Shaikan production, we need to maintain and enhance our liquidity in the near term."
Enquiries:
Gulf Keystone Petroleum:
+44 (0) 20 7514 1400
Sami Zouari, CFO
Anastasia Vvedenskaya, Head of Investor Relations
Media Relations and Financial PR Adviser:
+44 (0)20 7520 9266
Mark Antelme
or visit: www.gulfkeystone.com
Notes to Editors:
· Gulf Keystone Petroleum Ltd. (LSE: GKP) is an independent oil and gas exploration and production company focused on exploration 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. Texas Keystone Inc. holds its interest in trust for Gulf Keystone, pending transfer of its interest to the Company.
· Having achieved 40,000 bopd of production capacity by the end of 2014, 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.
APPENDIX
TERMS AND CONDITIONS OF THE PLACING
a) finanzieller und damit mehr strategischer Spielraum
b) welcher Aufkäufer von GKP hätte diese Aktien wohl gerne ?
Langweilig wird es mit GKP eindeutig nicht
30 March 2015
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")
Proposed Placing of New Common Shares
Further to the Company's Strategic Update of 25 February 2015 and Operational Update of 18 March 2015, Gulf Keystone, the operator of the world class Shaikan field in the Kurdistan Region of Iraq, is pleased to announce a proposed placing of up to 85,900,000 new Common Shares through an accelerated bookbuilding process to qualified investors to be carried out by Mirabaud Securities LLP ("Mirabaud") and Pareto Securities Limited ("Pareto", together the "Bookrunners"), with both new and existing institutional investors (the "Placing").
Use of Proceeds
Proceeds will be used to strengthen the Company's financial position in the near term, whilst the previously announced review of longer term financing options, and potential corporate actions, continues, alongside the ongoing work with the Kurdistan Regional Government's Ministry of Natural Resources to establish a regular payment cycle for past and future Shaikan production and payment of arrears.
Prior to proceeds from the Placing, the Company's cash balance is US$86.3 million, which includes the pre-payment of US$26 million gross (US$20.8 million net to Gulf Keystone) received for Shaikan crude oil sales on 25 February.
The Company continues to increase production to levels consistent with the installed capacity of 40,000 barrels of oil per day ("bopd"), currently producing approximately 35,000 gross bopd from the Shaikan production facilities.
The Placing
The Placing is being conducted, subject to the satisfaction of certain conditions, through an accelerated bookbuilding process to qualified investors to be carried out by the Bookrunners with both new and existing institutional investors. The Placing is not being underwritten.
The Placing is conditional, inter alia, on holders of at least 75% in principal amount of the Notes consenting to the Extraordinary Resolution by 7.00 p.m. on 1 April 2015 or such later time and date as may be agreed between the Company and the Bookrunners, being no later than 3 p.m. on 2 April 2015; admission of the Placing Shares to the standard segment of the Official List and to trading on the London Stock Exchange's Main Market for listed securities ("Admission"); and the Placing Agreement to be entered into between the Company, Mirabaud and Pareto not being terminated prior to Admission. In connection with the Placing the Company will undertake not to adjourn the Meeting or amend the resolution proposed at the Meeting.
The book will open with immediate effect. The book is expected to close no later than 7.00 a.m. on 31 March 2015 but may be closed earlier or later at the sole discretion of the Company and the Bookrunners. The allocation, number of Placing Shares and the price at which the Placing Shares are to be placed will be agreed by the Company with the Bookrunners at the close of the accelerated bookbuilding process. Details of the above will be announced as soon as practicable after the close of the bookbuilding process.
The Placing Shares will be fully paid and will rank pari passu in all respects with the existing Common Shares in the Company including the right to receive all dividends and other distributions declared, made or paid after the date of issue.
The Appendix to this Announcement (which forms part of this Announcement) sets out the terms and conditions of the Placing. By choosing to participate in the Placing, Placees will be deemed to have read and understood this Announcement in its entirety (including the Appendix) and to be making an offer on the terms and conditions and providing the representations, warranties, acknowledgements and undertakings contained therein.
Sami Zouari, Gulf Keystone Petroleum's CFO, commented:
"Given the well documented macro geo-political challenges that today are affecting Gulf Keystone and the Kurdistan Region of Iraq, where all of the Company's assets are located, we are focused on ensuring the best course possible through this period for the benefit of all stakeholders. Whilst we continue to work closely with the Kurdistan Regional Government, our host and partner, on establishing a stable payment cycle for Shaikan production, we need to maintain and enhance our liquidity in the near term."
Enquiries:
Gulf Keystone Petroleum:
+44 (0) 20 7514 1400
Sami Zouari, CFO
Anastasia Vvedenskaya, Head of Investor Relations
Media Relations and Financial PR Adviser:
+44 (0)20 7520 9266
Mark Antelme
or visit: www.gulfkeystone.com
Notes to Editors:
· Gulf Keystone Petroleum Ltd. (LSE: GKP) is an independent oil and gas exploration and production company focused on exploration 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. Texas Keystone Inc. holds its interest in trust for Gulf Keystone, pending transfer of its interest to the Company.
· Having achieved 40,000 bopd of production capacity by the end of 2014, 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.
APPENDIX
TERMS AND CONDITIONS OF THE PLACING
Antwort auf Beitrag Nr.: 49.458.596 von texas2 am 30.03.15 20:06:01Simon Murray, eine sehr schillernde Person mit einem faszinierenden Lebenslauf von dem ich annehme, dass er weiß wie der Hase laufen könnte. Offensichtlich werden hier hochpolitische Spielchen getrieben.
By Mark Kleinman, City Editor
Investors in a controversial London-listed oil company are demanding that it begins hunting a successor to its chairman in return for backing a £30m fundraising.
Sky News has learnt that several major City institutions have told Gulf Keystone Petroleum that they want to see a replacement identified for Simon Murray, who took over as chairman less than two years ago.
The ultimatum comes amid discussions between Gulf Keystone, which operates in the Kurdistan region of Iraq, and prospective buyers of its assets or the whole company.
Payments to oil exporters have faced protracted delays as the Kurdistan Regional Government (KRG) has been distracted by ongoing unrest in Iraq and the need to devote resources to countering incursions by Islamic State insurgents.
Although Gulf Keystone and other foreign oil companies have begun to receive some multimillion dollar payments, the company's indebtedness has left it facing a financial crunch.
Last month, Gulf Keystone confirmed a Sky News report that it was in talks with prospective buyers, while it has also been pursuing a share placing to raise roughly £30m as an alternative option to secure its future.
Leading City institutions which have fought a long-running battle with the company over pay and governance are now calling on Mr Murray to depart.
A former French Legionnaire and ex-chairman of Glencore, the giant commodities trader, Mr Murray was drafted in as Gulf Keystone’s chairman in July 2013 after a protracted fight led by Capital Group and M&G Investments.
The company’s former chief executive, Todd Kozel, finally stepped down from the role last year following hints of a further revolt, but the change has failed to appease investors.
A number of independent board members elected as part of a peace deal in 2013 have since been forced out.
Shares in Gulf Keystone have slumped by more than 63% during the last year, valuing it at just £330m, while it continues to carry debts of nearly £400m.
It is unclear whether Gulf Keystone will agree to expedite a succession plan for Mr Murray or whether potential successors have been identified.
The fundraising may yet be a necessity, since a sale of Gulf Keystone is by no means certain.
Exxon Mobil is said to be among the prospective buyers.
In a statement earlier this month, Gulf Keystone said: "Stakeholders are advised that these discussions (with potential buyers) are preliminary and, as such, there can be no certainty that any offers will be received and any transaction concluded, or any certainty as to the terms on which any offer might be made.
"Concurrently, and in view of strategic discussions and its current liquidity position, and with the intention of meeting its existing debt payment obligations, the Company is undertaking a review of its financing options and in that context will engage in discussions with its key stakeholders."
London-listed companies have been hit hard by the fall in the price of crude oil, with Afren among those facing urgent restructurings as they buckle under the financial strain.
Another Kurdistan-focused group, Genel Energy, which is run by Tony Hayward, the former BP chief executive, has also been impacted by the payments delay involving the KRG, although it has a much stronger balance sheet.
The investment banks Deutsche Bank and Perella Weinberg Partners are advising the company on its options.
A Gulf Keystone spokesman declined to comment on Sunday.
By Mark Kleinman, City Editor
Investors in a controversial London-listed oil company are demanding that it begins hunting a successor to its chairman in return for backing a £30m fundraising.
Sky News has learnt that several major City institutions have told Gulf Keystone Petroleum that they want to see a replacement identified for Simon Murray, who took over as chairman less than two years ago.
The ultimatum comes amid discussions between Gulf Keystone, which operates in the Kurdistan region of Iraq, and prospective buyers of its assets or the whole company.
Payments to oil exporters have faced protracted delays as the Kurdistan Regional Government (KRG) has been distracted by ongoing unrest in Iraq and the need to devote resources to countering incursions by Islamic State insurgents.
Although Gulf Keystone and other foreign oil companies have begun to receive some multimillion dollar payments, the company's indebtedness has left it facing a financial crunch.
Last month, Gulf Keystone confirmed a Sky News report that it was in talks with prospective buyers, while it has also been pursuing a share placing to raise roughly £30m as an alternative option to secure its future.
Leading City institutions which have fought a long-running battle with the company over pay and governance are now calling on Mr Murray to depart.
A former French Legionnaire and ex-chairman of Glencore, the giant commodities trader, Mr Murray was drafted in as Gulf Keystone’s chairman in July 2013 after a protracted fight led by Capital Group and M&G Investments.
The company’s former chief executive, Todd Kozel, finally stepped down from the role last year following hints of a further revolt, but the change has failed to appease investors.
A number of independent board members elected as part of a peace deal in 2013 have since been forced out.
Shares in Gulf Keystone have slumped by more than 63% during the last year, valuing it at just £330m, while it continues to carry debts of nearly £400m.
It is unclear whether Gulf Keystone will agree to expedite a succession plan for Mr Murray or whether potential successors have been identified.
The fundraising may yet be a necessity, since a sale of Gulf Keystone is by no means certain.
Exxon Mobil is said to be among the prospective buyers.
In a statement earlier this month, Gulf Keystone said: "Stakeholders are advised that these discussions (with potential buyers) are preliminary and, as such, there can be no certainty that any offers will be received and any transaction concluded, or any certainty as to the terms on which any offer might be made.
"Concurrently, and in view of strategic discussions and its current liquidity position, and with the intention of meeting its existing debt payment obligations, the Company is undertaking a review of its financing options and in that context will engage in discussions with its key stakeholders."
London-listed companies have been hit hard by the fall in the price of crude oil, with Afren among those facing urgent restructurings as they buckle under the financial strain.
Another Kurdistan-focused group, Genel Energy, which is run by Tony Hayward, the former BP chief executive, has also been impacted by the payments delay involving the KRG, although it has a much stronger balance sheet.
The investment banks Deutsche Bank and Perella Weinberg Partners are advising the company on its options.
A Gulf Keystone spokesman declined to comment on Sunday.
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