Brief: Gulf Keystone Petroleum Expects FY Net Capital Of Expenditures At $80-85 Million

Gulf Keystone Petroleum

27/04/2023 08:00

April 27 (Reuters) - Gulf Keystone Petroleum Ltd
 GKP.L :
    * GULF KEYSTONE PETROLEUM LTD - LACK OF CRUDE OIL EXPORTS
FOR A
MONTH HAS FURTHER EXACERBATED DELAYS IN KRG PAYMENTS TO
INTERNATIONAL OIL COMPANIES
    * UNCERTAINTY ON WHEN CONSISTENT MONTHLY PAYMENTS WILL
RESUME &
WHEN CURRENT OVERDUE AMOUNT OF $102 MILLION NET TO GKP WILL BE
PAID
    * UP TO IRAQ-TURKEY PIPELINE SHUT-IN ON 25 MARCH, GROSS
AVERAGE 
OUTPUT IN 2023 OF C.49,200 BOPD & IN MARCH 2023 OF C.53,700 BOPD
    * SUSPENSION RESULTED IN A GROSS OUTPUT DEFERMENT TO DATE OF
ABOUT
1.6 MILLION BARRELS, OR ABOUT 4,400 BOPD ON A FULL-YEAR BASIS
    * CONTINUES TO BELIEVE THAT SUSPENSION OF EXPORTS WILL BE
TEMPORARY AND IS READY TO RESUME PRODUCTION IMMEDIATELY
    * WHILE OUR REVIEW IS ONGOING, WE CURRENTLY EXPECT MAY TO
DECEMBER
2023 NET CAPITAL EXPENDITURES OF $35-40 MILLION
    * FULL YEAR 2023 NET CAPITAL OF EXPENDITURES ARE CURRENTLY
ESTIMATED AT $80-85 MILLION (PRIOR GUIDANCE: $160-$175 MILLION)

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

 ((Reuters.Briefs@thomsonreuters.com;))