Gulf Keystone raises £109m

Steve Dinneen
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GULF Keystone Petroleum yesterday announced is has raised £109.2m through an oversubscribed share placing.

The Kurdistan focused independent oil and gas exploration company says it will use the proceeds to accelerate its active drilling programme across its four blocks in Kurdistan.

This will involve contracting a third Gulf Keystone operated deep drilling rig, as well as adding three new wells to its drilling programme.

In addition, it will continue drilling two previously delayed wells in the region.

Executive chairman Todd Kozel said: “This strengthening of our balance sheet marks another important step towards our full understanding of the true scale of the world class Shaikan Field. With access to a third dedicated drilling rig, we will now be able to complete the appraisal drilling campaign earlier than previously envisaged.

“Furthermore, we are looking forward to continuing our exploration work across the Ber Bahr and Akri Bijeel Blocks.”

The shares were placed by the firm’s broker, Mirabaud Securities, with both new and existing institutional investors snapping them up.