Gulf Keystone, a leading independent operator and producer in the Kurdistan Region of Iraq, has announced that it is pursuing a potential dual listing of its shares on Euronext Growth Oslo operated by the Oslo Stock Exchange ('OSE').
As part of the Company’s efforts to increase the liquidity of its issued share capital, attract new institutional and retail shareholders and improve its access to capital markets, Gulf Keystone’s Board of Directors has conducted a thorough review of potential initiatives to supplement the Company’s existing listing on the London Stock Exchange’s Main Market for listed securities. The Board sees several attractions and potential benefits of a dual listing on the OSE, including:
- The OSE is a leading hub for conventional energy capital markets with a broad group of listed companies within the oil & gas sector
- The Company is well known by equity and debt capital markets in Oslo where investors have an excellent understanding of the Kurdistan oil and gas industry and extensive track record of support for the Company and other international oil companies with operations in the region
- The Company has broad equity research coverage in Oslo, with Norwegian firms accounting for the majority of sell-side analysts currently covering the Company
- Additional reporting requirements and ongoing costs associated with a potential secondary listing are expected to be minimal
David Thomas, Non-Executive Chair, said:
'Oslo’s capital markets have long been supportive of Gulf Keystone, primarily through the historic provision of competitive debt financing, and have a deep understanding of the Company, the Shaikan Field and the broader Kurdistan oil and gas industry.
Following an extensive review of options to improve the liquidity of the Company’s existing share capital, we are today announcing that we are actively considering a dual listing on the Oslo Stock Exchange. The Company is in a strong position, with a world-class asset, material free cash flow generated from local sales, a robust balance sheet, a proven commitment to balancing disciplined investment with shareholder returns and significant potential upside from the restart of Kurdistan crude exports via the Iraq-Türkiye Pipeline.
On behalf of the Company, we look forward to engaging more closely with market participants to discuss Gulf Keystone’s compelling equity story and to further explore the potential for a dual listing in Oslo.'
Gulf Keystone is in the process of completing the necessary preparations for carrying out a dual listing and will submit today an application to list on the OSE’s Euronext Growth market. If the listing is completed, the Company intends to uplist to the OSE’s Main Market in due course.
The Company has a strong financial position and does not intend to issue shares in connection with a potential dual listing. The Company plans to engage with certain shareholders to explore the potential for a limited sale of shares through a possible secondary offering in connection with the listing, to facilitate initial investor interest and trading liquidity.
No decision to complete the potential listing on Euronext Growth Oslo has been made at this stage. The Company’s management and Board plan to engage in dialogue with market participants prior to making a final decision.
The potential listing would remain subject to, among other considerations, prevailing market conditions, the OSE approving the Company's application for listing and fulfilment of all listing requirements, and the Company’s ongoing assessment of its strategic priorities. The Company will provide further updates as appropriate and in accordance with applicable disclosure requirements.
DNB Carnegie, a part of DNB Bank ASA, and SB1 Markets AS have been appointed as advisers. Wikborg Rein Advokatfirma AS has been appointed as Norwegian legal counsel to the Company.
Source: Gulf Keystone Petroleum
