Gulf Keystone Petroleum Ltd. Resumption of 55,000 bopd investment programme (9443S)
22 March 2021 - 6:00PM
UK Regulatory
TIDMGKP
RNS Number : 9443S
Gulf Keystone Petroleum Ltd.
22 March 2021
22 March 2021
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone", "GKP" or "the Company")
Resumption of 55,000 bopd investment programme
Gulf Keystone, a leading independent operator and producer in
the Kurdistan Region of Iraq, is pleased to announce the resumption
of the Company's growth plans to ramp-up gross production towards
55,000 barrels of oil per day ("bopd").
Jon Harris, Gulf Keystone's Chief Executive Officer, said:
"After a year of successfully managing the impact of COVID-19 on
our people and production operations at Shaikan, we are pleased to
announce that we are resuming the 55,000 bopd expansion
programme.
Workstreams have already begun, and we are targeting to restart
the drilling of SH-13 in Q3 2021, subject to managing the
continuing impact of COVID-19 on the movement of people, services
and equipment."
With support from its partner Kalegran B.V. (a subsidiary of MOL
Hungarian Oil & Gas plc), Gulf Keystone has restarted 55,000
bopd expansion activity. Considering the requirement to manage the
ongoing impact of COVID-19 and to remobilise people, services and
equipment, the Company currently expects drilling operations to
begin in Q3 2021. Remaining expansion activity includes completion
of SH-13, which was suspended last year, drilling SH-I, the final
well in the programme from the same pad, and installing electric
submersible pumps in two existing wells.
Guidance for 2021 average gross production remains unchanged at
40,000 to 44,000 bopd, with the increase in gross production
towards 55,000 bopd expected to occur in Q1 2022. Remaining Capex
required to deliver the 55,000 bopd programme is estimated to be
$40-45 million net, resulting in total 2021 Capex of $55-65 million
net.
This announcement contains inside information for the purposes
of the UK Market Abuse Regime.
Enquiries:
Celicourt Communications: + 44(0) 20 8434 2754
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. 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
STRBCGDXCSDDGBB
(END) Dow Jones Newswires
March 22, 2021 03:00 ET (07:00 GMT)
Gulf Keystone Petroleum (LSE:GKP)
Historical Stock Chart
From Mar 2024 to Apr 2024
Gulf Keystone Petroleum (LSE:GKP)
Historical Stock Chart
From Apr 2023 to Apr 2024