Gulf Keystone has been given a courtdate for the end of of its long-running legal battle with Excalibur over its operations in Kurdistan.
The exploration firm, which has been struck by boardroom battles over the summer, will learn tomorrow the decision from the English Commercial Court whether it has successfully fended off Excalibur’s claim to 30% of the Shaikan oil field.
Gulf Keystone, which was dragged into a battle over its boardroom make-up this summer, is preparing to enter development of the field, which a target of 150,000 barrels of oil per day owithin the next three years.
It holds a 75% stake in Shaikan, along with an 80% stake in the Sheikh Adi block, along with minority stakes in two other blocks.
Trading in Gulf Keystone shares will be temporarily suspended from tomorrow ahead of the judge’s ruling, which is to be read in open court.