Shares in Gulf Keystone Petroleum Limited (LON:GKP) started Wednesday higher despite the notification that major shareholder GLG Partners had reduced its stake in the Kurdistan based oiler.
GLG’s stake was cut below the 5% threshold, reducing to 4.84% from 5.74%, with the fund manager now retaining just over 11mln shares, Gulf Keystone revealed in a stock market statement.
Separately, the company also confirmed it had received a US$15mln gross payment from the Kurdistan authorities for crude produced at the Shaikan field, accounting for export sales in March.
It equates to US$12mln net to Gulf Keystone.
In London’s early deals, Gulf Keystone shares were up 1.12p, or 1.13%, changing hands at 100.5p.