Boardroom Battles Continue At Gulf Keystone Petroleum Limited Plc

Gulf Keystone Petroleum Limited plc (LON: GKP) appoints Simon Murray its new non-executive chairman.

| More on:

The content of this article was relevant at the time of publishing. Circumstances change continuously and caution should therefore be exercised when relying upon any content contained within this article.

When in doubt, call in the French Foreign Legion. Gulf Keystone Petroleum (LSE: GKP) hasn’t quite done that, but its new chairman did spend six years with the legendary unit, as well completing a 242km marathon at age 60, and reaching the South Pole at age 63.

Gulf Keystone, which is exploring for oil in Kurdistan, has certainly been in the wars of late. After its share price got rather overexcited last year, as bid rumours reached their peak, worries about excessive boardroom pay, an ongoing ownership dispute in the courts and general concerns about whether it will be able to see its projects through to production have all dogged the company.

Inflation Is Coming

Inflation is out of control, and people are running scared. But right now there’s one thing we believe Investors should avoid doing at all costs… and that’s doing nothing. That’s why we’ve put together a special report that uncovers 3 of our top UK and US share ideas to try and best hedge against inflation… and better still, we’re giving it away completely FREE today!

Click here to claim your copy now!

The fund management group M&G, which holds 5% of its shares, is trying to install four new non-executive directors, including a former director of the company. Gulf Keystone is carrying out due diligence on the quartet, and expects to issue a recommendation on their appointment shortly.

But Gulf Keystone has also said it would split the positions held by CEO and Chairman Todd Kozel, ahead of a proposed move from AIM to the Full List of the London Stock Exchange later this year. And today, the company announced that Simon Murray, currently of Essar Energy and formerly the chairman of Glencore International, is to take over as non-executive chairman with immediate effect. He will host events at the company’s Annual General Meeting later this month in Bermuda.

Murray will also chair the company’s remuneration committee. Kozel’s pay packet has the subject of many column inches in recent years, after he took home $22m in 2011 and a marginally more modest $14m in 2012.

Gulf Keystone shares rose a smidgen following this news, up 1% to 147p.

Investing in oil and gas shares can be hugely profitable, but there are many pitfalls for the unwary. Make sure you read The Motley Fool’s report on “How To Unearth Great Oil and Gas Shares” before investing your money.

Get your free copy of this report now.

> Stuart does not own shares in any company mentioned in this article.

More on Investing Articles

Smiling senior white man talking through telephone while using laptop at desk.
Investing Articles

£10,000 invested in BT shares 10 years ago is now worth this much

It's painful to remember that BT shares reached over £10 at the peak of the dot com bubble in 1999.…

Read more »

Close-up Of A Piggybank With Eyeglasses And Calculator On Desk
Investing Articles

Is now the time to buy bank shares?

Our writer considers whether bank shares could be a bargain buy for his portfolio right now -- or a potential…

Read more »

Happy young female stock-picker in a cafe
Investing Articles

After steep falls, are Royal Mail shares a steal?

Royal Mail shares have more than halved since peaking a year ago. After months of steep falls, this popular stock…

Read more »

Young Woman Drives Car With Dog in Back Seat
Investing Articles

Dirt-cheap, 1 of my best stocks to buy also pays an above-average dividend!

This Fool has decided to buy the shares on his best stocks to buy now list with the shares looking…

Read more »

Light bulb with growing tree.
Investing Articles

The AFC share price just tanked! Is now the time to buy?

The AFC share price fell nearly 10% on Wednesday after the H1 revenue announcement. So, should I add this stock…

Read more »

A pastel colored growing graph with rising rocket.
Investing Articles

These shares have been growing dividends for decades. I’d buy!

Our writer considers the merits for his portfolio of buying two shares with a track record of growing dividends.

Read more »

Close-up of British bank notes
Investing Articles

Is the M&G dividend yield heading to 10%?

As the M&G dividend yield heads towards double digits, out writer explains why he is considering buying more of the…

Read more »

man in shirt using computer and smiling while working in the office
Investing Articles

3 top dividend shares to buy now

With weakness in the markets, I reckon it's a good time to search for top dividend shares to buy now.

Read more »