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Gulf Keystone Petroleum profits swell amid rising oil prices

By BFN News | 08:00 AM | Monday 10 September, 2018


Kurdistan based oil producer Gulf Keystone Petroleum said Monday pre-tax profits swelled as revenue surged owing to rising oil prices and increased production. Average gross production from the beginning of the year to 30 June 2018 was 31,861 barrels a day, up from 36,664 bopd, and came in at the top end of its full year guidance for 2018 of 27,000 to 32,000 bopd. For the six months to 30 June, profit before tax rose to $26.51m, up from $0.62m the previous year and revenue rose to $116.2m from $78.3m. Operating costs in first half of 2018 was stable at $14.1m, the same as in first half of 2017. The oil producer remained on track to increase production at Shaikan to 55,000 bopd in the second half of 2019. 'The signing, and successful implementation, of the Shaikan crude oil export sales agreement at the start of the year paved the way for the commercial progress that has been achieved, including the investment plans but also regarding the amendment to the Shaikan PSC,' said J�n Ferrier, Gulf Keystone's Chief Executive Officer. 'Once the revised FDP is submitted to the MNR and there is clarity around the PSC, we look forward to providing further details to investors, including capital strategy.' At 8:00am: (LON:GKP) Gulf Keystone Petroleum share price was +3.5p at 245p Story provided by StockMarketWire.com

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