Gulf Keystone on cash hunt

An Iraqi Kurd peshmerga shows off his indelible ink stained finger after voting at a polling station in the northern city of Arbil, 350 kms from Baghdad on July 23, 2009, as members of the armed forces, police and other emergency services vote in the presidential elections of this northern Iraqi autonomous Kurdish region. More than 2.5 million Iraqi Kurds will go to the polls on July 25 in general elections as Kurdistan grapples with a land dispute and sees its American ally prepare to withdraw militarily from Iraq. Arm badge if of the Kurdish flag. AFP PHOTO/SAFIN HAMED

SAFIN HAMED

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Aleya Begum

 10 March 2010 09:22 GMT

Iraq-focused oil explorer Gulf Keystone Petroleum said today it planned to take over its joint venture in Kurdistan after its partner defaulted, in a deal requiring significant fundraising.

News of the necessary fundraising sent shares in Gulf Keystone down 11.7% to 82.75 pence at 1028 GMT, making them among the top fallers in London.

The company said today it was in talks with the Kurdistan Regional Government (KRG) regarding $40 million of infrastructure support payments owed by its joint venture partner ETAMIC, a private investment fund in the Middle East.

Gulf Keystone said it had negotiated with the KRG to pay it the sums owed in two stages in return for the joint venture, Gulf Keystone Petroleum International (GKPI), maintaining its…

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