Payment and Operational Update

RNS Number : 8488N

Gulf Keystone Petroleum Ltd.

14 August 2017

 

August 14, 2017

Gulf Keystone Petroleum Ltd. (LSE: GKP)

("Gulf Keystone", "GKP" or "the Company")

Payment and Operational Update

Gulf Keystone confirms that it has been notified by the Kurdistan Regional Government that a gross payment of $15.0 million ($12.0 million net to GKP) has been authorised for Shaikan crude oil export sales for April 2017. Gulf Keystone will make a further announcement confirming receipt of payment.

On August 8^th, cumulative production from the Shaikan field reached 40 million barrels; another important milestone for the Company. The Shaikan Field continues to perform in line with expectations with an average daily production of 36,671 barrels of oil per day during the first half of 2017. Gulf Keystone remains on course to achieve its previous gross production guidance of between 32,000 - 38,000 bopd for the full year.

Commenting on today's announcement, CEO, Jón Ferrier, said:

"Safe and reliable operations remains a strategic priority and we continue to be strongly encouraged by the stable performance of the Shaikan Field during 2017. I am also pleased to report that GKP recently achieved two years with no Lost-time-incidents ("LTI"), a testament to the quality of our field operations."

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

Enquiries:

Gulf Keystone Petroleum:	[phone]
Jón Ferrier, CEO
Sami Zouari, CFO
Celicourt Communications:	[phone]
Mark Antelme Jimmy Lea

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 and the operator of the Shaikan field with current production capacity of 40,000 barrels of oil per day

·           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. 

 

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