LONDON Oct 13 Gulf Keystone Petroleum
has appointed two new board members following the completion of
its debt-for-equity swap with bondholders, beefing up its
leadership team as it shifts from survival to growth.
The oil producer focused on Iraqi Kurdistan has appointed
industry veterans David H. Thomas and Garrett Soden as
non-executive directors, it said on Thursday, at the same time
as announcing the completion of a restructuring deal converting
more than $500 million of debt into equity for
Thomas has held senior roles at oil companies ENI
and ConocoPhillips and was involved with now-defunct
Afren as well as PetroCeltic, which was taken over by its
largest shareholder earlier this year.
Soden is a board member at Swedish oil firm Lundin
and has previously been a senior policy adviser to the U.S.
Secretary of Energy.
Gulf Keystone, which has struggled amid weak crude prices
and delayed oil export payments from the Kurdistan government,
also raised $25 million through a share offer, giving it extra
cash to invest in its flagship Shaikan oil field.
"With its restructured balance sheet, the company is now in
a far stronger position than it has been for several years,"
Gulf Keystone Chairman Keith Lough said.
The debt-for-equity deal has given some bondholders,
including distressed debt funds, significant stakes.
The new shareholder structure has not yet been made public.
Sources previously told Reuters that funds such as Sothic
Capital, CapeView Capital and GLG Partners were likely to gain
equity in the oil producer.
(Reporting by Karolin Schaps; editing by David Clarke)