Gulf Keystone Petroleum court victory opens way to takeover

On 10 September, in a London courtroom packed with Gulf Keystone Petroleum (GKP) investors, Mr Justice Christopher Clarke comprehensively ruled in favour of GKP in its legal battle with former partner Excalibur Ventures. Excalibur had claimed it was owed a 30% stake in GKP’s huge Shaikan field, which could have been worth about $1.6bn according to some estimates. While most spectators expected a ruling in GKP’s favour, its unequivocal nature was a surprise. As Justice Clarke read out each part of his 13-point judgement to more than 100 investors who had filed in for the verdict (many of them unable to find seats), the buzz of excitement grew.