Kurdistan-focused Gulf Keystone Petroleum falls on suspending production guidance

Gulf Keystone Petroleum

27/04/2023 10:16

** Shares of Iraqi Kurdistan-focused oil firm Gulf Keystone
Petroleum  GKP.L  down as much as 10.4% to 132.2p
    ** Co suspends production and gross opex per barrel guidance
    ** Says cost cuts due to ongoing suspension of exports and
payment delays from Kurdistan Regional Government (KRG)
    ** GKP slashes FY23 capex outlook to $80-85 mln vs prior
range of $160-$175 mln
    ** Adds, lack of crude oil exports for a month upped delays
in KRG payments to international oil companies
    ** Flags uncertainty on when consistent monthly payment
would resume, and when current overdue amount of $102 mln net to
GKP would be paid
    ** Iraq halted crude exports from the semi-autonomous
Kurdistan region and northern Kirkuk fields in March, after the
country won a longstanding arbitration case against Turkey
    ** Shares down 31.3% so far this year as of last close


 (Reporting by Anchal Rana in Bengaluru)
 ((Anchal.Rana@thomsonreuters.com; +91 9915609050;))