Gulf Keystone Rises in London as Says Excalibur Won’t Appeal
Gulf Keystone Petroleum Ltd. (GKP) rose to the highest in a month in London after saying Excalibur Ventures LLC, representing a former U.S. special-forces captain, won’t appeal a court judgment over a stake in Iraqi oilfields.
Gulf Keystone gained 6.5 percent to 175 pence. Excalibur, which sought a stake in Gulf Keystone’s fields in the country, doesn’t plan to appeal the September ruling against it, Gulf Keystone said today in a statement.
Excalibur agreed to make an interim payment toward Gulf Keystone’s court costs, according to the statement. The Iraqi Shaikan deposit will produce as much as 150,000 barrels a day within three years in Iraq’s Kurdistan region, according to Gulf Keystone.
The company shares fell 20 percent since the September court ruling, valuing it 1.6 billion pounds ($2.6 billion).
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