Gulf Keystone wants deal by Easter

It's a case of déjà vu at Gulf Keystone, the oil company which is still trying to convince bondholders to back refinancing plans set out earlier this month. And an "Early Consent Time" incentive has been extended once again, implying this is not a done deal.

And time is running out for Gulf to get bondholders on board. Gulf, which operates the Shaikan field in the Kurdistan region of Iraq, said on 12 March it wanted to amend the trust deed constituting the $250 million 13% Guaranteed Notes due 2017. Currently, it must offer to buy back the notes at 101% plus interest at the end of September.

Instead, Gulf offered noteholders who agreed to the changes by 5pm on 23 March $5 in cash for each $1,000 in principal amount of the notes outstanding. Those who consented by 1 April, the expiration date, were promised $1.50 for each $1,000.

But after extending the so-called "Early Consent Time" to 5pm on 1 April, Gulf, in an attempt to wrap this up before the Easter holidays, has extended both the Early Consent Time and Expiration Date to 3pm on 2 April 2015.

Gulf shares are currently up 5% at 39p.

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