Buoyant Gulf Keystone mulls cash call

19th Sep 2011 07:49

Press reports about a possible fund-raising by Gulf Keystone have proved to be on the money.The AIM-listed oil and gas firm focused in the Kurdistan Region of Iraq confirmed it is considering its options with regards to an equity fund-raising. The share price has strengthened considerably since Wednesday, September 14th, when the company upgraded its reserves estimates, making it a lot easier for Gulf to raise new capital on favourable terms.Last week's reserves upgrade followed on from an asset upgrade in August, which saw the company's share rise from their 52-week low of 100.75p; as at Friday's close, the shares were quoted at 169.5p, just 8.25p off their 52-week high. --jh