Sami Zouari, chief financial officer of Gulf Keystone Petroleum PLC (LON:GKP), described the company as “fully reset” after its recent re-financing.
The debt-for-equity swap wiped from US$500mln from its US$600mln of liabilities, but left existing investors with just 14.5% of the Kurdistan-focused oil producer.
Meanwhile, an open offer brought in US$25mln that will allow GKP to lift production.
Zouari‘s take on the refinancing was interesting and quite amusing. “A good restructuring is one where everyone is equally unhappy,” he told City AM in an interview.
He added: “What we’re aiming for now is to become a normal company. I’d like people to see this as a new company. Or, as the chief executive [Jon Ferrier] likes to put it, a ‘boring’ company, so you know you’re not attracting scrutiny for the wrong reasons.”
He told the paper oil prices hitting a “sweet spot” of US$60 a barrel would be good for the company.
GKP is currently producing 40,000 barrels of heavy crude a day, but aims to ramp this up to 55,000 barrels.
At midday, shares in Gulf Keystone were 1% higher at 1.29p, valuing the business at £293mln.