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DNO ASA, offers Gulf Keystone US 300 Million for their Iraqi Kurdistan Oil and Gas Operations

Gulf Keystone will also receive US$120 million with a value of securities of bondholders at 111% of face value


Just after Gulf Keystone Petroleum Ltd. completed their restructuring with bondholders, their rival oil explorer, DNO ASA, in Iraqi Kurdistan region has offered to pay US$300 million for Gulf Keystone. 

The cash and share offer by DNO represents a 20% premium of 1.09 cents which Gulf Keystone originally proposed to bondholders on 14th July. 

Gulf Keystone will also receive US$120 million with a value of securities of bondholders at 111% of face value compared to 99% they would have received under the planned restructuring. 

Gulf Keystone has yet to decide upon this proposal and the board is still reviewing and will update the market. 

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