Operational Update and Notice of Results

RNS Number : 7314U

Gulf Keystone Petroleum Ltd.

31 July 2015

 



Not for release, publication or distribution, directly or indirectly, in whole or in part in or into the United States or any jurisdiction other than the United Kingdom and Bermuda where to do so would constitute a contravention of the relevant laws or regulations of such jurisdiction.  This announcement (and the information contained herein) does not contain or constitute an offer to sell or the solicitation of an offer to purchase, nor shall there be any sale of securities in any jurisdiction where such offer, solicitation or sale would constitute a contravention of the relevant laws or regulations of such jurisdiction.

31 July 2015

Gulf Keystone Petroleum Ltd. (LSE: GKP)

("Gulf Keystone" or "the Company")

Shaikan Operational Update and Notice of Results

Gulf Keystone, the operator of the world class Shaikan field in the Kurdistan Region of Iraq, announces that all production and truck loading operations currently continue without interruption at both Shaikan production facilities (PF-1 and PF-2) in a safe and secure manner.

On 29 July 2015, production totalled 43,700 barrels with 39,500 barrels (240 trucks) loaded by a domestic offtaker for onward sale. As announced on 9 July 2015, the Company continues to implement its diversified marketing strategy. Under a direct contract with the domestic offtaker, Shaikan crude oil is delivered by truck from the Company's production facilities to the Turkish coast. In addition, following the request of the Kurdistan Regional Government's Ministry of Natural Resources ("MNR"), the Company has commenced trucking Shaikan crude 120 km to Fyshkhabour on the Turkish border for injection into the export pipeline to Ceyhan in Turkey. These deliveries are expected to resume once the temporary shutdown of the Kirkuk-Ceyhan pipeline in Turkey has been rectified.

The Company continues to receive regular monthly payments direct from the domestic offtaker, while progressing the dialogue with the MNR regarding the payment mechanism for export sales via the pipeline and payments for past crude oil sales and other arrears.  

Gulf Keystone also confirms today that the Company's half year results for the period ended 30 June 2015 will be announced on Thursday 27 August 2015.

A live webcast of the presentation to analysts will be available at 10:30am (BST) on the Company's website www.gulfkeystone.com. 

Enquiries:

Gulf Keystone Petroleum:	[phone]
Jón Ferrier, CEO
Anastasia Vvedenskaya, Head of Investor Relations	[phone]
Celicourt Communications:	[phone]
Mark Antelme Jimmy Lea

or visit: www.gulfkeystone.com 

Notes to Editors:

·           Gulf Keystone Petroleum Ltd. (LSE: GKP) is an independent oil and gas exploration with operations in the Kurdistan Region of Iraq.

·           Gulf Keystone Petroleum International (GKPI) holds Production Sharing Contracts for four exploration blocks in Kurdistan, the Shaikan, Sheikh Adi, Ber Bahr and Akri-Bijeel blocks.

·           GKPI is the operator of the Shaikan Block, which is a major commercial discovery, with a working interest of 75% and is partnered with MOL Kalegran Limited (a 100% subsidiary of MOL Hungarian Oil and Gas plc.) and Texas Keystone Inc., which have working interests of 20% and 5% respectively. 

·           Gulf Keystone plans to move into the large-scale phased development of the Shaikan field targeting 100,000 bopd of production capacity during Phase 1 of the Shaikan Field Development Plan.

Disclaimer

This announcement contains certain forward-looking statements.  These statements are made by the Company's 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 uncertainties, including both economic and business factors, underlying such forward-looking information.  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.

This communication and the information contained herein is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States unless they are registered or are exempt from registration. Any public offering of securities to be made in the United States would be made by means of a prospectus that would contain detailed information about the company and its management, as well as financial statements. The company does not intend to register any portion of this offering in the United States or to conduct a public offering in the United States or any other jurisdiction. Any public offering of securities to be made in the United States would be made by means of a prospectus that would contain detailed information about the Company and its management, as well as financial statements. Copies of this communication are not being, and should not be, distributed in or sent into the United States.

 

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