At a board meeting held on the 26 March 2010, it was resolved to issue 814,036 new common shares of USD 0.01 (the "Award Shares") to directors and employees in respect of awards still due for 2007 and 2008 pursuant to and in accordance with the terms of the Company's Executive Bonus Scheme (the "Scheme").
Details of directors receiving Award Shares under the Scheme are as follows:
Todd Kozel ..............................166,667 common shares
Ewen Ainsworth........................89,014 common shares
Ali Al-Qabandi...........................150,000 common shares
The Award Shares will be issued fully paid and will rank pari passu in all respects with the existing issued common shares of the Company. Application will be made for admission of the Award Shares to trading on AIM with effect from 6 April 2010.
Following the issue of the Award Shares, the interests of the aforementioned directors in the share capital of the Company is as follows:
..............................................No. of Common Shares Per cent. of enlarged share capital
Todd Kozel..............................4,084,448 0.79%
Ewen Ainsworth......................538,414 0.10%
Ali Al-Qabandi........................ 5,800,000 1.12%
In addition Todd Kozel and Ali Al-Qabandi are shareholders in Gulf Keystone Petroleum Company LLC which owns 40,000,000 common shares
The total issued share capital of Gulf Keystone following this allotment will be 517,389,525 common shares. The Company does not hold any common shares in treasury and so the total number of voting rights in the Company is 517,389,525.
