Gulf Keystone's non-executive chairman announces retirement

Gulf Keystone Petroleum's non-executive chairman is set to retire from his position at the embattled oil producer.

Simon Murray, the former Glencore chairman is leaving the company immediately, without a replacement. The departure comes just after the company raised $40.6m from a share placement to prop up finances.

Gulf Keystone said Murray worked tirelessly on behalf of the company as it navigated through some of the challenges brought about by both the geo-politics of the region where it operates and the current oil price environment.

The decline in oil prices pressured Gulf Keystone. The company was also forced to abandon production at its Shaikan field in the Kurdistan Region of Iraq because of delays in receiving more than $200m in export payments from the autonomous government in Erbil.

Gulf Keystone shares are down 8.6% at 3668p.