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RAK and Gulf Keystone amend deal



By Upstream staff 

UK-listed Gulf Keystone Petroleum said its amalgamayion deal with United Arab Emirates player RAK Petroleum has been amrended, with the deal set to be completed by 11 August.

The announcement comes after the Algeria-focused explorer entered into an amendment agreement with RAK Petroleum which slightly altered the terms of the contract's "Algerian material adverse change" termination clause yesterday.

RAK Pwill have the right to terminate the implementation deal, the amalgamation agreement and the amalgamation if an Algerian material adverse change occurs between 13 April and five working days after the company declares the GKN and GKS fields commercially exploitable, Gulf Keystone said.


Tuesday, 22 May, 2007, 08:41 GMT  | last updated: Tuesday, 22 May, 2007, 08:41 GMT

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