Gulf Keystone raises £114m

25th May 2010 14:54

Kurdistan-focused Gulf Keystone Petroleum turned lower Tuesday following completion of a $165m (£114.2m) fundraising at 75p a share, an 11% discount to last night's closing price.The company said it will use the money to progress the rest of its 2010 and early 2011 work programmes after receiving positive results from the early stages of its drilling campaigns. Its three Shaikan appraisal wells, the Shaikan-1 extended well test and production facilities, and Sheikh Adi exploration well will all benefit. It will also pay for further 3D seismic data over Shaikan and Sheikh Adi licences. "The sums raised secure our development and appraisal program across Gulf Keystone's assets in Kurdistan for the coming months," said chairman and chief executive Todd Kozel."The results of the early stages of GKP's 2010 work programme have been very positive and we do not want to lose this momentum."