Gulf Keystone draws down more cash

13th Nov 2009 16:49

Kurdistan-focused oil explorer Gulf Keystone Petroleum has drawn down a further £4.6m from its £30m Standby Equity Distribution Agreement (SEDA).The shares have been issued at 99.6p each, which is the highest price of the four share issues under the SEDA since May 2009. The previous share issue was at 89.72p a share while the first two were at 15.39p a share and 14.36p a share respectively. The Gulf Keystone share price rose 2p to 106p. The additional cash will be spent on the company's projects in Kurdistan. The total amount drawn down is £11.5m. The SEDA is provided by YA Global Master SPV Ltd and there is still £18.5m available.