Gulf Keystone Petroleum Ltd. Special dividend of $50 million (6814M)
25 May 2022 - 4:00PM
UK Regulatory
TIDMGKP
RNS Number : 6814M
Gulf Keystone Petroleum Ltd.
25 May 2022
25 May 2022
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone", "GKP" or "the Company")
Special dividend of $50 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 $50
million.
Jon Harris, Gulf Keystone's Chief Executive Officer, said:
"Following payment of $115 million of dividends year to date, we
are delighted to declare today a special dividend of $50 million,
consistent with our strategic commitment to balance investment in
growth with shareholder distributions. The declaration brings total
dividends for shareholder approval at the upcoming AGM to $75
million and increases total dividends declared in 2022 to $190
million. Assuming timely payment of invoices and strong oil prices,
we expect continuing strong cash flow generation in 2022, providing
flexibility to consider further shareholder distributions,
optimisation of the capital structure and a potential increase in
capital expenditure with progress on the FDP."
Gulf Keystone will be seeking shareholder approval at the Annual
General Meeting ("AGM") on 24 June 2022 to pay total dividends of
$75 million, comprising the previously declared $25 million annual
ordinary dividend and the $50 million special dividend declared
today.
The annual ordinary dividend of $25 million is expected to be
paid on 15 July 2022, based on a record date of 1 July 2022. The
special dividend of $50 million is expected to be paid on 29 July
2022, based on a record date of 15 July 2022.
Both dividends will be payable in pounds sterling and converted
from dollars at the spot rate leading up to the relevant record
dates. The Company will disclose the US dollar and pounds sterling
rate per share for both dividends prior to their ex-dividend
dates.
As at 24 May 2022, the Company had a cash balance of $218.0
million, including the recently received February 2022 invoice
payment.
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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