Gulf Keystone Petroleum Ltd. Update on Share Buyback Programme (3852A)
21 Gennaio 2020 - 8:03AM
UK Regulatory
TIDMGKP
RNS Number : 3852A
Gulf Keystone Petroleum Ltd.
21 January 2020
21 January 2020
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone", "GKP" or "the Company")
Update on Share Buyback Programme
Gulf Keystone Petroleum announces its intention to immediately
start making market purchases for the remaining $10 million of Gulf
Keystone common shares (the "Final Amount") under the $25 million
buyback programme announced on 10 December 2019 (the "Further
Buyback Programme") once the initial $15 million (the "Initial
Amount") share buyback programme is completed.
As at 20 January 2020, Gulf Keystone has repurchased 3,751,887
common shares at a VWAP of 205.16 pence per share equivalent to an
amount of $10.08 million out of the Initial Amount. The Company's
issued share capital consists of 217,529,859 common shares plus
11,899,707 common shares held in treasury.
The Buyback Programme is aligned with the Company's focus on
capital allocation and will be an accretive use of funds whilst not
impacting the Company's ability to continue the execution of its
existing investment programme. The Buyback Programme is being
executed in accordance with the Company's general authorities to
make on market purchases which was approved by shareholders at the
Company's Annual General Meeting ("AGM") on 21 June 2019.
The Company has entered into an agreement with its brokers
Canaccord Genuity Limited ("Canaccord Genuity") and Peel Hunt LLP
("Peel Hunt") (together the "Brokers") to carry out purchases of
the Final Amount under the Buyback Programme on its behalf on an
irrevocable and non-discretionary basis. The Brokers will make
their trading decisions under the Buyback Programme independently
of, and uninfluenced by, the Company.
The Buyback Programme will be carried out on the London Stock
Exchange and will be effected within certain pre-set parameters,
including the safe harbour provisions set out in the Market Abuse
Regulation 596/2014 ("MAR") the Commission Delegated Regulation
(EU) 2016/1052 and the applicable laws and regulations of the
London Stock Exchange. The Buyback Programme will be undertaken
until the earlier of the Final Amount being repurchased or the 2020
AGM. Any shares repurchased will be held in treasury.
The Company will make announcements in due course following the
completion of any share repurchases.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain and the Company confirms that it currently has no
inside information.
Enquiries:
Celicourt Communications: + 44(0) 20 8434 2754
Mark Antelme
Jimmy Lea
or visit: www.gulfkeystone.com
Notes to Editors:
Gulf Keystone Petroleum Ltd. (LSE: GKP) is a leading independent
operator and producer in the Kurdistan Region of Iraq. Further
information on Gulf Keystone is available on its website
www.gulfkeystone.com
Disclaimer
This announcement contains certain forward-looking statements
that are subject to the risks and uncertainties associated with the
oil & gas exploration and production business. These statements
are made by the Company and its Directors in good faith based on
the information available to them up to the time of their approval
of this announcement but such statements should be treated with
caution due to inherent risks and uncertainties, including both
economic and business factors and/or factors beyond the Company's
control or within the Company's control where, for example, the
Company decides on a change of plan or strategy. This announcement
has been prepared solely to provide additional information to
shareholders to assess the Group's strategies and the potential for
those strategies to succeed. This announcement should not be relied
on by any other party or for any other purpose.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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January 21, 2020 02:03 ET (07:03 GMT)
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