Gulf Keystone Petroleum Limited commences an Equity Buyback Plan for 22,244,365 shares, representing 10% of its issued share capital, under the authorization approved on June 16, 2023.
May 17, 2024 at 07:00 am
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Gulf Keystone Petroleum Limited (LSE:GKP) commences share repurchases on May 16, 2024, under the program mandated by the shareholders in the Annual General Meeting held on June 16, 2023. As per the mandate, the company is authorized to repurchase up to 22,244,365 shares, representing 10% of its issued share capital. The minimum price, exclusive of expenses, which may be paid, is the nominal value per share. The maximum price which may be paid for any such ordinary share is the higher of 5% above the average of the middle market quotations for the ordinary shares in the company as derived from the London Stock Exchange Daily Official List for the 5 business days immediately preceding the date on which such ordinary shares are contracted to be purchased and the higher of the price of the last independent trade and the highest current independent bid on the London Stock Exchange Daily Official List at the time the purchase is carried out. The repurchased shares will be held as treasury shares. The plan will be valid up to the conclusion of the next Annual General Meeting of the company in 2024. As on May 18, 2023, the company had 222,443,655 shares in issue and no shares in its treasury.
On May 13, 2024, the company announced a share repurchase program. Under the program, the company will repurchase up to $10 million worth of its shares pursuant to the contract with Peel Hunt LLP and Canaccord Genuity Limited. The repurchased shares will be cancelled. The repurchases program will commence immediately and run to the earlier of its completion or the Company?s 2024 Annual General Meeting on 21 June 2024.
Gulf Keystone Petroleum Limited is a holding company, which is engaged in oil and gas exploration, development and production. The Company operates in the Kurdistan Region of Iraq. The Company is the operator of the Shaikan Field, situated around 60 kilometers to the north-west of Erbil, the city in the Kurdistan Region of Iraq, and covering an area of 280 square kilometers (km2). The Company has a Production Sharing Contract with the Kurdistan Regional Government and has an 80% working interest in the Shaikan license. The Company's subsidiaries include Gulf Keystone Petroleum (UK) Limited and Gulf Keystone Petroleum International Limited. Gulf Keystone Petroleum (UK) Limited is engaged in management, support, geological, geophysical and engineering services. Gulf Keystone Petroleum International Limited is focused on exploration, evaluation, development and production activities in Kurdistan.
Gulf Keystone Petroleum Limited commences an Equity Buyback Plan for 22,244,365 shares, representing 10% of its issued share capital, under the authorization approved on June 16, 2023.
GULF KEYSTONE PETROLEUM LIMITED 
