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Iraq: Oil explorer prefers debt restructuring to rival’s offer

By  |  July 31, 2016

DNO ASA, an oil explorer focused on Iraq’s Kurdistan, has offered to pay $300 million for regional peer Gulf Keystone Petroleum Ltd., which just completed a debt-restructuring deal with bondholders.

DNO’s cash and share offer represents a 20 percent premium to the price of 1.09 cents at which Gulf Keystone proposed issuing shares to bondholders on July 14, the company said in a statement Friday.

Gulf Keystone said in a statement on Friday that the company won’t engage with DNO on the bid and will continue to focus on completing its debt restructuring. The deal is pitched below the adjusted price of Gulf Keystone’s offer to sell new shares to existing investors, also announced on July 14.

Full Content: Bloomberg

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