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Gulf Keystone Petroleum Ltd (GKP)
Update on Shaikan Field local sales & Notice of 2023 Full Year Results
28-Feb-2024 / 07:00 GMT/BST
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28 February 2024
Gulf Keystone Petroleum Ltd. (LSE: GKP)
(“Gulf Keystone”, “GKP”, “the Group” or “the Company”)
Update on Shaikan Field local sales & Notice of 2023 Full Year Results
Gulf Keystone, a leading independent operator and producer in the Kurdistan Region
of Iraq, is today providing an update on Shaikan Field local sales ahead of its 2023
Full Year Results on 21 March 2024.
Local sales update
Local sales volumes have rebounded in recent weeks with gross average sales this
month to 26 February of c.38,400 bopd, reflecting higher market demand for certain
refined products, the easing of seasonal logistic challenges and a realised price of
c.$25/bbl. The increase has brought gross average sales in 2024 year to date to
c.29,600 bopd.
At current volumes and realised prices, sales for February 2024 are expected to be
c.$10m net to GKP, above expected monthly net capex and costs of c.$6 million
(breakeven at gross sales of c.22,200 bopd), enabling the continued reduction of
accounts payable balances. The Company continues to receive advance payments for its
net entitlement of 36% of gross sales revenue.
Looking ahead, while we expect demand in 2024 to remain variable, we see strong
local market demand as we enter March and are looking to increase sales above
current levels.
Notice of 2023 Full Year Results
The Company confirms it will be announcing its results for the full year ended 31
December 2023 on Thursday 21 March 2024.
GKP’s management team will be hosting a presentation for analysts and investors at
10:00am (GMT) via live audio webcast:
1 https://brrmedia.news/GKP_FY23
In addition, management will also be hosting a webcast presentation focused on
retail investors via the Investor Meet Company ("IMC") platform at 12:00pm (GMT).
The presentation is open to all existing and potential shareholders. Questions can
be submitted prior to the event via the IMC platform up until 9:00am (GMT) the day
before the meeting, or at any time during the live presentation. Investors can sign
up to IMC for free using the following link:
2 https://www.investormeetcompany.com/gulf-keystone-petroleum-ltd/register-investor
Enquiries:
Gulf Keystone: +44 (0) 20 7514 1400
Aaron Clark, Head of Investor Relations
& Corporate Communications 3 aclark@gulfkeystone.com
FTI Consulting +44 (0) 20 3727 1000
Ben Brewerton
4 GKP@fticonsulting.com
Nick Hennis
or visit: 5 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 6 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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Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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ISIN: BMG4209G2077
Category Code: MSCH
TIDM: GKP
LEI Code: 213800QTAQOSSTNTPO15
Sequence No.: 306363
EQS News ID: 1846629
End of Announcement EQS News Service
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References
Visible links
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3. mailto:aclark@gulfkeystone.com
4. mailto:GKP@fticonsulting.com
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