Funding
Gulf Keystone Petroleum Prices $175 million Five-Year Bond at 10.25% Coupon
By News Desk ·
Key takeaways
- Gulf Keystone Petroleum priced a $175 million five-year senior unsecured bond at a 10.25% coupon, issued at 98% of par.
- Proceeds fund near-term capital expenditure and general corporate purposes, with settlement expected on or about November 10, 2026.
- The bond book was oversubscribed, and Gulf Keystone plans a listing on Euronext ABM.
Gulf Keystone Petroleum priced a $175 million five-year senior unsecured bond at a 10.25% coupon, issued at 98% of par. TradingView reported the pricing, with settlement expected on or about November 10, 2026, subject to conditions.
Gulf Keystone's Bond Terms and Proceeds
The Gulf Keystone Petroleum bond carries a 10.25% coupon and is issued at 98% of par. Proceeds are earmarked for near-term capital expenditure and general corporate purposes. The book was oversubscribed, and the company plans a listing on Euronext ABM. Settlement is expected on or about November 10, 2026, subject to conditions precedent.
Gulf Keystone's Earlier Oslo Listing
Gulf Keystone completed a dual listing on Euronext Growth Oslo on February 18, 2026, alongside its existing London Stock Exchange listing, according to akta.pro company records. The listing raised approximately NOK 11.3 million in a private placement and brought in around 700 new shareholders, with a market capitalisation of approximately NOK 5.5 billion at opening. The same records show a 2026-02 post-IPO equity round of $13.4 million, the only funding round on file.
| Record | Figure |
|---|---|
| Post-IPO equity round (2026-02) | $13.4 million |
| Oslo listing private placement (2026-02) | approximately NOK 11.3 million |
| Market capitalisation at Oslo opening | approximately NOK 5.5 billion |
Shaikan Restart and First-Half Results
Gulf Keystone restarted production at the Shaikan field in Iraqi Kurdistan in June 2026, Iraqi News reported, with Norway's DNO and US firm HKN also resuming operations. For the first half of 2026, MarketBeat reported adjusted EBITDA up 26% to $52 million and operating costs down 25% to $20 million, despite a Shaikan field shutdown from February 28 to June 23. Sharecast.com reported that profits rose as oil prices averaged $83.5 a barrel, up from $27.8.
SOMO Cargo and Dividend
In October 2026, TradingView reported that Gulf Keystone received its first SOMO top-up cargo, lifting it to reconcile fourth-quarter 2025 export sales to international prices and beginning repayment of outstanding top-up receivables. Investing.com reported that the company declared a $10 million interim dividend tied to its 2026 half-year results, at $0.046 per common share.