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Gulf Keystone placing raises 109 mln stg

Placing of 78 mln shares at 140 pence oversubscribed.

October 18, 2010 8:57 by

Gulf Keystone Petroleum , the AIM-listed Iraq-focused explorer, said it will use the 109.2 million pounds ($174.7 million) proceeds from a share placing to accelerate its drilling programme in Kurdistan.

The firm said on Sunday the placing of 78.03 million new shares at 140 pence a share was oversubscribed. It said it would now drill the previously delayed Shaikan 2 and Shaikan 4 wells and add the Shaikan 5, 6, and 7 wells to its drilling programme.

Funds would also be applied to additional testing and production facilities, in anticipation of success from the drilling of Sheikh Adi 1 and/or one or more of the Shaikan appraisal wells.

Shares in Keystone closed on Friday at 143.5 pence, valuing the business at 970 million pounds.

(Reporting by James Davey; Editing by Will Waterman)

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