On 15 February 2013, the English Commercial Court in London ordered Excalibur Ventures LLC to make a payment of £4,700,000 into Court within 21 days as additional security for the costs of Gulf Keystone and two of its subsidiaries (the "Companies") of defending the legal action commenced by Excalibur in December 2010.

The English Commercial Court also ordered Excalibur to make a payment of £3,300,000 into Court within 21 days as additional security for the costs of Texas Keystone Inc.

In addition, Excalibur was ordered to pay costs of the 15 February 2013 hearing to the Companies and Texas Keystone Inc. and is required to make interim payments on account of £50,000 to the Companies and £40,000 to Texas Keystone Inc. within 14 days.

The Companies continue vigorously to dispute and contest the allegations and claims asserted by Excalibur.

Tags: Gulf Keystone Petroleum