Brief: Gulf Keystone Cuts Expat Workforce By 55%; Says Further Reductions Under Review

Gulf Keystone Petroleum

31/08/2023 07:14

Aug 31 (Reuters) - Gulf Keystone Petroleum Ltd  GKP.L :
    * GULF KEYSTONE PETROL H1 REVENUE FELL 70 PERCENT TO 79.6
MILLION
USD
    * GULF KEYSTONE PETROLEUM LTD - H1 2023 FINANCIAL
PERFORMANCE
MATERIALLY IMPACTED BY SUSPENSION OF EXPORTS AND CONTINUED
DELAYS TO KRG PAYMENTS
    * GULF KEYSTONE PETROLEUM LTD - 55% REDUCTION IN EXPAT
WORKFORCE,
WITH FURTHER REDUCTIONS UNDER REVIEW
    * GULF KEYSTONE PETROLEUM LTD - 50% OF LOCAL WORKFORCE ON
REDUCED
HOURS IN JULY, PARTIALLY OFFSET IN AUGUST DUE TO STEP UP IN
LOCAL SALES
    * GULF KEYSTONE PETROLEUM LTD - 20% DEFERRAL OF EXECUTIVE
AND
NON-EXECUTIVE DIRECTOR SALARIES AND FEES FROM JULY
    * GULF KEYSTONE PETROLEUM LTD -  H1 2023 84% DECREASE IN
ADJUSTED
EBITDA TO $34.2 MILLION (H1 2022: $208.6 MILLION)
    * GULF KEYSTONE PETROLEUM LTD -  H1 REVENUE DOWN 70% TO
$79.6
MILLION (H1 2022: $263.6 MILLION), REFLECTING A 48% DECREASE IN
GROSS PRODUCTION IN PERIOD
    * GULF KEYSTONE PETROLEUM LTD - FOCUSED ON PRESERVING
LIQUIDITY BY
CONTINUING TO REDUCE COSTS
    * GULF KEYSTONE PETROLEUM LTD - ESTIMATED 2023 NET CAPEX OF
$60-$65 MILLION (PREVIOUS GUIDANCE: $70-$75 MILLION)
    * GULF KEYSTONE PETROLEUM- CONTINUE TO BELIEVE THAT
SUSPENSION OF
EXPORTS FROM KRG WILL BE TEMPORARY, KRG WILL RESUME OIL SALES
PAYMENTS IN DUE COURSE

Source text for Eikon:  ID:nRSe8711Ka 
Further company coverage:  GKP.L 

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