Gulf Keystone Petroleum Ltd has launched an open offer for up to 2.29 billion shares

Gulf Keystone Petroleum Ltd has launched an open offer for up to 2.29 billion shares at 0.8314 pence per share to raise up to USD25.0 million.  Memery Crystal are pleased to have advised longstanding client, Gulf Keystone on their restructuring and the subsequent open offer.

Cash raised in the open offer is earmarked for investment in the Shaikan field, to pay for work necessary to maintain production volumes at 40,000 barrels of oil per day.

The open offer is conditional on the completion of the restructuring, and it is expected to close on September 15.

Gulf Keystone is an independent oil and gas exploration and production company with assets in the Kurdistan region of Iraq. The Memery Crystal team was led by corporate partner Nick Davis.

Memery Crystal is a recognised leader for its natural resources corporate finance work, covering M&A, private equity and IPO/fundraising for UK and international companies. The firm is ranked among the upper tier of law firms for its AIM experience by both Chambers and The Legal 500, acting for smaller to medium-sized public companies and off-shore funds, as well as for their nominated advisers and brokers.