Gulf Keystone today confirmed it completed its share consolidation.
The firm confirmed that the 22,942,956,605 common shares of US$0.01 each were consolidated and divided into 229,429,566 new common shares of US$1 each with a new ISIN of BMG4209G2077.
Common Shares have the same rights and are subject to the same restrictions as common shares in issue prior to the consolidation. All existing options and warrants have been consolidated on the same 100:1 basis.
CREST Shareholders’ accounts have been credited with the new Common Shares to which they are entitled under the Consolidation on 9 December 2016 being the effective date of the Consolidation.
New share certificates will be issued to Non-CREST Shareholders in substitution for their existing share certificates. All existing share certificates are now invalid and will be cancelled.
Gulf Keystone is an independent operator and producer in the Kurdistan Region of Iraq and the operator of the Shaikan oil field with current production capacity of 40,000 barrels of oil per day.
The Shaikan oil field has a mid to long-term production target of 110,000 bopd.