Gulf Keystone Petroleum Ltd. Special dividend of $25 million (4600Y)
13 May 2021 - 4:12PM
UK Regulatory
TIDMGKP
RNS Number : 4600Y
Gulf Keystone Petroleum Ltd.
13 May 2021
13 May 2021
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone", "GKP" or "the Company")
Special dividend of $25 million
Gulf Keystone, a leading independent operator and producer in
the Kurdistan Region of Iraq, is pleased to announce that the Board
has approved the declaration of a special dividend of $25
million.
Jon Harris, Gulf Keystone's Chief Executive Officer, said:
"Given continuing strong oil prices, improving macroeconomic
conditions and our robust financial position, we are pleased to
deliver on our commitment to consider further shareholder
distributions and declare a $25 million special dividend, bringing
total dividends for shareholder approval at the upcoming AGM to $50
million. We will continue to balance investment in growth and
returns to shareholders as we develop and realise value from the
Shaikan Field for the benefit of all stakeholders."
Following the previously announced resumption of the Company's
annual dividend policy and declaration of a $25 million dividend,
Gulf Keystone will be seeking shareholder approval at the Annual
General Meeting ("AGM") on 18 June 2021 to pay total dividends of
$50 million, comprising the $25 million annual dividend and today's
announced $25 million special dividend.
The annual dividend of $25 million is expected to be paid on 2
July 2021, based on a record date of 25 June 2021. The special
dividend of $25 million is expected to be paid on 6 August 2021,
based on a record date of 30 July 2021.
Both dividends will be payable in pounds sterling and converted
from dollars at the spot rate prevailing on the relevant record
dates.
As at 12 May 2021, the Company had a cash balance of $179
million.
Enquiries:
Gulf Keystone: +44 (0) 20 7514 1400
Aaron Clark, Head of Investor Relations aclark@gulfkeystone.com
Celicourt Communications: + 44(0) 20 8434 2754
Mark Antelme GKP@Celicourt.uk
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.
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END
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