Kurdish oil producer Gulf Keystone will be taken over by its bondholders, including distressed-debt funds, after the firm proposed to swap $500 million of debt for shares, effectively wiping out its equity shareholders.
Gulf Keystone Petroleum said it had received further payments on recent contracts, helping prop up its cash position, and continued to progress towards a regular payment cycle for the oil it produces.
Gulf Keystone Petroleum has signed a six-month contract with a crude oil buyer in Iraqi Kurdistan, it said, boosting the cashflow prospects of a company that is still owed oil payments from the autonomous government.
The former head of oil company Gulf Keystone said he was talking to several parties, including ExxonMobil, about a rescue for the firm before being forced to quit under pressure from an investor.
Oil producer Gulf Keystone Petroleum has returned all staff to its operations in Iraqi Kurdistan after evacuating international contractors from the region due to escalating violence in August.
Production at th
The founder of Kurdistan-focused oil company Gulf Keystone, Todd Kozel, has stepped down from the its board, the company said at its annual general meeting on Thursday, giving in to shareholder pressure.
Gulf Keystone also announc
Oil producer Gulf Keystone Petroleum said plans to increase production from its Shaikan oil field in Iraqi Kurdistan were on track despite escalating violence in the region.
The London-listed oil firm said on Friday three wells at
Kurdistan-focused oil explorer Gulf Keystone won a court case over its ownership of giant oilfields on Tuesday, removing a legal shadow hanging over the company and making it more attractive to potential suitors.
UK-listed oil exploration firm Gulf Keystone has restarted production in Kurdistan, ending a half-year hiatus since the regional government asked operators there to stop pumping, industry sources said.
The company is now producing