TIDMGKP
RNS Number : 5599B
Gulf Keystone Petroleum Ltd.
11 June 2021
11 June 2021
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone", "GKP" or "the Company")
Operational & Corporate Update
Recommenced drilling activities ahead of schedule with the
restart of SH-13 completion
Expect 2021 gross production to be towards upper end of guidance
range
Gulf Keystone, a leading independent operator and producer in
the Kurdistan Region of Iraq, today provides an operational and
corporate update.
Jon Harris, Gulf Keystone's Chief Executive Officer, said:
" We continue to safely navigate a challenging operating
environment due to COVID-19, with gross average year-to-date
production of c.43,600 bopd, up almost 20% from 2020 annual average
gross production. Today, we are pleased to announce that we have
restarted work to complete SH-13, marking the resumption of
drilling activities ahead of schedule. As a result, we now expect
to increase gross production towards 55,000 bopd in Q4 2021 and to
be at the upper end of 2021 guidance (40,000-44,000 bopd) as we
continue to develop and realise the value of the Shaikan Field's
substantial reserves and resources for the benefit of all
stakeholders."
55,000 bopd investment programme
-- Successful restart of drilling activities, with commencement
of SH-13 completion ahead of the previously announced schedule of
Q3 2021.
-- After SH-13, SH-I will be drilled and electric submersible
pumps will be installed in two existing wells.
-- Gross production is now expected to increase towards 55,000
bopd in Q4 2021, versus previous guidance of Q1 2022.
Operational
-- Continued strong safety performance, with no Lost Time
Incident ("LTI") recorded for over 530 days.
-- Continuing to effectively manage the impact of COVID-19 on
production operations and the resumption of drilling activities
despite continued challenges on the ground.
-- Gross average production from the field in 2021 to date of
c.43,600 bopd, in line with 2021 guidance.
Financial
-- $100.8 million ($78.9 million net to GKP) received from the
Kurdistan Regional Government in 2021 to date for payments of crude
oil sales and recovery of outstanding arrears.
-- As previously announced, proposing a $25 million annual
dividend and $25 million special dividend, both for approval at
next week's Annual General Meeting as we continue to balance
investment in growth and returns to shareholders.
-- Retain a robust balance sheet, with a cash balance of $195 million as at 10 June 2021.
Outlook
-- Expect 2021 average gross production guidance to be towards
the upper end of the 40,000 to 44,000 bopd guidance range following
early resumption of drilling activities.
-- 2021 guidance of $55-$65 million net capex and $2.5 to
$2.9/bbl gross unit Opex remains unchanged.
-- Continuing to progress the preparation of the Field
Development Plan, including the Gas Management Plan, through
engagement with the Ministry of Natural Resources and other
stakeholders; we will provide updates as this work progresses.
This announcement contains inside information for the purposes
of the UK Market Abuse Regime.
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.
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
UPDURSBRABUNAAR
(END) Dow Jones Newswires
June 11, 2021 02:00 ET (06:00 GMT)
Gulf Keystone Petroleum (LSE:GKP)
Historical Stock Chart
From Feb 2024 to Mar 2024
Gulf Keystone Petroleum (LSE:GKP)
Historical Stock Chart
From Mar 2023 to Mar 2024