Oil producer Gulf Keystone is to delay its move onto the main UK stock market until after it has completed its court case with Excalibur over its Kurdistan oil assets.
The company won a court battle earlier this year with Excalibur, which had claimed 30% of the company’s oil assets in the region after saying it helped introduce Gulf Keystone to Kurdish opportunities.
The English Commercial Court dismissed the long-running claim in September, but it emerged today that the full judgment and costs decision would now be heard next month.
The heading will also pave the way for Excalibur to look to appeal the ruling on the field, which could produce up to 250,000 barrels per day over the next five years.
And with that still looming over them, Gulf Keystone bosses today said they were now waiting until next year to look for a stock exchange listing.
“The company believes that clarity in the Excalibur litigation process is important for the move-up to the main market of the LSE,” it said in a statement.
“In view of the date for the handing down of the judgment and Excalibur’s right to apply for permission to appeal at the hearing, or to the Court of Appeal if the English Commercial Court refuse permission to appeal, the board of Gulf Keystone expects conclusion of the proposed admission to trading on the main market to be as soon as practicable in 2014.”