REG-Gulf Keystone Petroleum Ltd 2025 AGM Operational & Corporate Update

Gulf Keystone PetroleumAnnouncement

20/06/2025 07:00

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   Gulf Keystone Petroleum Ltd (GKP)
   2025 AGM Operational & Corporate Update

   20-Jun-2025 / 07:00 GMT/BST

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   20 June 2025    

                                        

                                        

                    Gulf Keystone Petroleum Ltd. (LSE: GKP)

                   (“Gulf Keystone”, “GKP” or “the Company”)

                                        

                    2025 AGM Operational & Corporate Update

                                        

                                        

   Ahead of today's  2025 Annual  General Meeting ("AGM"),  Gulf Keystone,  a
   leading independent operator and producer in the Kurdistan Region of Iraq,
   provides an operational and corporate update.

    

   Jon Harris, Gulf Keystone’s Chief Executive Officer, said:

   “We are looking forward this morning to welcoming GKP shareholders to  our
   2025 AGM. The Company has performed well in the year to date, with  robust
   local sales demand  enabling gross  average production  of c.44,900  bopd,
   supporting continued free cash flow generation and an interim dividend  of
   $25 million paid in April.

    

   Looking ahead, our 2025 annual guidance  is unchanged. While we have  seen
   no material impact  on Shaikan Field  operations to date,  we are  closely
   monitoring the developing conflict  between Israel and  Iran. We are  also
   continuing to  engage with  government stakeholders  regarding an  exports
   restart solution.  While there  remains  no timeline,  we are  hopeful  of
   ultimately reaching an agreement.”

    

    

   Operational & Financial

    

     • Strong safety track record, with Zero Lost Time Incidents for over 880
       days
     • Gross average production of c.44,900 bopd in 2025 year to date (to  18
       June 2025):

          ◦ Production supported by robust local market demand and
            optimisation initiatives offsetting field declines and well
            maintenance
          ◦ Realised prices have remained at around $27-$29/bbl this year
            despite the recent fluctuations in Brent price

     • Continued disciplined  capital expenditures  and strict  cost  control
       have supported free cash flow:

          ◦ $25 million interim dividend paid in April according to the
            Company’s announced approach of semi-annual dividend reviews; the
            next Board review is expected around the Half Year Results in
            August
          ◦ Debt-free balance sheet, with cash of $100 million as at 19 June
            2025

    

   Outlook

    

   2025 operational and financial guidance

     • 2025 gross average  production guidance unchanged  at 40,000 -  45,000
       bopd:

          ◦ The planned PF-2 shutdown, expected to last c.3 weeks, has been
            deferred from Q4 2025 to Q2 2026, to support production and
            provide greater work programme flexibility
          ◦ The Company continues to carefully manage natural field declines
            and production rates on certain wells constrained by water and
            gas
          ◦ Production guidance remains subject to local market demand

     • 2025 net capital expenditure and cost guidance unchanged:

          ◦ Expect c.$20 million net capex on PF-2 safety upgrades and
            maintenance, with the majority of the required equipment
            purchases and activity taking place in 2025 despite the deferral
            of the facility shutdown to Q2 2026, and $5-$10 million on
            production optimisation initiatives
          ◦ Continue to review plant initiatives to enhance production and
            improve reliability, including water handling
          ◦ Operating costs guidance of $50-$55 million and other G&A
            expenses guidance below $10 million unchanged

   Kurdistan exports

     • GKP continues  to  engage  with government  stakeholders  regarding  a
       solution to enable the restart of Kurdistan crude exports through  the
       Iraq-Türkiye Pipeline

          ◦ The Company remains ready to resume oil exports provided we have
            agreements on payment surety for future oil exports, the
            repayment of outstanding receivables and the preservation of
            current contract economics

    

   2025 AGM

    

   Gulf Keystone is today hosting  its 2025 AGM at 10  A.M. CET (9 A.M.  BST)
   via webcast. It will not be possible  to attend the meeting in person  but
   all registered Gulf Keystone shareholders are invited to view the  webcast
   at  the  following   link:   1 http://meetnow.global/gkpagm2025.   Joining
   instructions    are    available     on    Gulf    Keystone's     website:
    2 https://www.gulfkeystone.com/investors/agm.

    

   The AGM will  be hosted  by David  Thomas, Non-Executive  Chair, and  will
   include a presentation by Jon Harris, Chief Executive Officer, and Gabriel
   Papineau-Legris, Chief Financial Officer. A copy of the presentation  will
   be available to view on the  Investors section of Gulf Keystone's  website
   ( 3 https://www.gulfkeystone.com/investors/presentations). A recording  of
   the presentation will also be available to view on the same page later  in
   the day following the conclusion of the AGM.

    

    

    

    

    

   Enquiries:

    

   Gulf Keystone:                          +44 (0) 20 7514 1400  
   Aaron Clark, Head of Investor Relations

   & Corporate Communications               4 aclark@gulfkeystone.com

    
   FTI Consulting                          +44 (0) 20 3727 1000
   Ben Brewerton
                                            5 GKP@fticonsulting.com
   Nick Hennis

    

   or visit:  6 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  7 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: MSCM
   TIDM:          GKP
   LEI Code:      213800QTAQOSSTNTPO15
   Sequence No.:  393334
   EQS News ID:   2157926


    
   End of Announcement EQS News Service

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