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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