REG - Gulf Keystone Petrol - Special dividend of $50 million

Gulf Keystone PetroleumAnnouncement

25/05/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220525:nRSY6814Ma&default-theme=true

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 (http://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
(http://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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCUSVWRUVUVUAR