Gulf Keystone Petroleum Ltd (GKP)
13 December 2023
Gulf Keystone Petroleum Ltd. (LSE: GKP) (“Gulf Keystone”, “GKP”, “the Group” or “the Company”)
Operational & Corporate Update
Gross average sales of c.28,800 bopd since last market update on 25 September Local sales continuing to cover monthly costs despite fluctuation in volumes
Gulf Keystone, a leading independent operator and producer in the Kurdistan Region of Iraq, today provides an operational and corporate update.
Jon Harris, Gulf Keystone’s Chief Executive Officer, said: “We remain focused on preserving liquidity by maximising local sales, maintaining strict cost control and proactively managing accounts payable. We have continued to more than cover our monthly costs of around $6 million and while local market demand remains difficult to predict and we have seen volumes fluctuate, we continue to pursue opportunities to increase sales. There remains no official timeline for the reopening of the Iraq-Turkey Pipeline but political and commercial negotiations between the Kurdistan Regional Government and the Government of Iraq are progressing and we believe the situation will be resolved. As an industry, we are emphasising the importance of payment surety for past and future oil exports and the preservation of our current Production Sharing Contract economics.”
Operational
Financial
Outlook
Board composition The Board remains committed to meeting the required targets on independence and diversity under the 2018 UK Corporate Governance Code, which the Company voluntarily adheres to, and UK Listing Rules. It is currently engaged in an independent non-executive director search process to ensure compliance. However, the pace of the process has been controlled to reflect the Company’s current focus on cost reduction and liquidity preservation.
2023 AGM shareholder consultation
The Company has conducted a shareholder consultation following the voting at the 2023 AGM. The summary of the consultation is available on GKP’s website: www.gulfkeystone.com/investors/agm/.
Enquiries:
or visit: www.gulfkeystone.com
Notes to Editors: Gulf Keystone Petroleum Ltd. (LSE: GKP) is a leading independent operator and producer in the Kurdistan Region of Iraq. Further information on Gulf Keystone is available on its website www.gulfkeystone.com
Disclaimer
This announcement contains certain forward-looking statements that are subject to the risks and uncertainties associated with the oil & gas exploration and production business. These statements are made by the Company and its Directors in good faith based on the information available to them up to the time of their approval of this announcement but such statements should be treated with caution due to inherent risks and uncertainties, including both economic and business factors and/or factors beyond the Company's control or within the Company's control where, for example, the Company decides on a change of plan or strategy. This announcement has been prepared solely to provide additional information to shareholders to assess the Group's strategies and the potential for those strategies to succeed. This announcement should not be relied on by any other party or for any other purpose. Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. |
ISIN: | BMG4209G2077 |
Category Code: | MSCH |
TIDM: | GKP |
LEI Code: | 213800QTAQOSSTNTPO15 |
Sequence No.: | 291537 |
EQS News ID: | 1795511 |
End of Announcement | EQS News Service |
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