Gulf Keystone

Shares in Gulf Keystone Petroleum (GKP) have regained some ground lost on chief executive officer Todd Kozel's £47m divorce terms. The Dallas-style settlement involves transferring 17.4m shares, almost his entire direct holding in the Kurdistan-focused high flier, to his ex-wife, Ashley, though he retains options on nearly the same number of shares.

The settlement terms place no restriction on Mrs Kozel's right to sell these shares, apart from maintaining an orderly market in any resale. Bears feared that she might prove a loose holder or that rumoured bidders, such as favoured candidate ExxonMobil or another company, might be able to secure cheaper terms than her husband could have obtained.

Others have argued it could help put the company in play, Gulf Keystone sources have discounted suggestions Mrs Kozel's new shareholding, well below 10% of the total, could make it appropriate to offer her or her nominee a board seat.

Bermuda-based Gulf Keystone has 75% of the Shaikan prospect in Iraqi Kurdistan, with an estimated resource of between eight and 13.4bn barrels of oil 140km from the Turkish border, and a 20% working interest in another project, Akri-Bijeel, boasting an estimated 2.4bn barrels. Recommended in Growth Company Investor's December issue at 145p, the shares hit 285p before retreating to 267.25p and have now rallied to 277p.

Hold on for now.