Gulf Keystone Cleared for Algeria Stake Sale
Gulf Keystone announced that all required documentation has been executed and all necessary Government approvals obtained pursuant to the agreement between the Company and BG Group, the Operator, providing for the transfer of the Company's right, title and interest for no consideration in the Hassi Ba Hamou (HBH) Permit to the Operator and Sonatrach.
This development is in line with the Company's announced decision to undertake a gradual strategic exit from Algeria in order to focus on its extensive operations in the Kurdistan Region of Iraq.
Todd F. Kozel, Gulf Keystone's Executive Chairman and Chief Executive Officer commented, "We are pleased that with the HBH transfer we have made good progress towards achieving our goal of a gradual strategic exit from Algeria. We are firmly focused on our operations spanning four exploration blocks in the Kurdistan Region of Iraq, including the Shaikan world-class discovery, where the 2012/13 high impact drilling campaign is currently underway following excellent results achieved in 2011."
- Gulf Keystone Ready to Further Invest in Shaikan, Needs Payment Clarity (Feb 01)
- KRG Delivers Payments to Genel, DNO, Gulf for Tawke, Shaikan Production (Jan 23)
- China's Sinopec Weighs Takeover Of Gulf Keystone (Dec 13)