Companies: GKP   

Algeria and Kurdistan-focused Gulf Keystone Petroleum has raised £25.1 million at 28p for exploration and drilling.

Brokers Tristone Capital and RBC Capital Markets have raised the money for Bermuda-based Gulf Keystone. Chairman and chief executive Todd Kozel says the money raised, together with existing cash balances and forecast future cash flow from oil production, will fund exploration and appraisal of the company’s HBH permit in Algeria and the drilling of an additional well in Kurdistan.

Kozel claims that the Kurdistan property has ‘real company-making potential’ and cites encouraging exploration and appraisal successes in the HBH field. Floated at 48p four years ago, Gulf Keystone shares hit 94.5p in early 2005 before turning inexorably southwards.

Now 29p, up 0.5p this morning and 3.75p above January’s low, the shares are speculative.

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