REG-Gulf Keystone Petroleum Ltd Operational & Corporate Update and Notice of Annual General Meeting

Gulf Keystone PetroleumAnnouncement

23/05/2023 07:15

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   Gulf Keystone Petroleum Ltd (GKP)
   Operational & Corporate Update and Notice of Annual General Meeting

   23-May-2023 / 07:00 GMT/BST

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   23 May 2023

                                        

                                        

                    Gulf Keystone Petroleum Ltd. (LSE: GKP)

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

                                        

      Operational & Corporate Update and Notice of Annual General Meeting

                                        

    

   Gulf  Keystone,  a  leading  independent  operator  and  producer  in  the
   Kurdistan Region of  Iraq (“KRI”  or “Kurdistan”), is  today providing  an
   update on operational  and corporate activity  and the Company’s  upcoming
   2023 Annual General Meeting (“AGM”).

    

   Operational & Corporate Update

    

   Following the  shut-in  of the  Iraq-Turkey  pipeline on  25  March  2023,
   production from  the  Shaikan Field  remains  shut-in. The  suspension  of
   exports has resulted in a gross production deferment to date of around 2.9
   million barrels, or approximately 8,000 bopd on a full-year basis.

    

   While no  official  timeline  to  restart  pipeline  operations  has  been
   publicly announced, the Company continues  to believe that the  suspension
   of exports will be temporary. We  are encouraged by the announcement  from
   the Kurdistan  Regional Government  (“KRG”) on  11 May  2023 that  it  has
   reached an agreement with  the Iraqi government on  measures to allow  the
   resumption of  oil  exports  through  Turkey and  that  Iraq's  State  Oil
   Marketing  Organization   (“SOMO”)   has  officially   requested   Turkish
   authorities to allow the Kurdistan Region’s oil exports via the  country's
   Ceyhan port. The Company remains ready to resume production immediately.

    

   The Company continues  to seek  clarity from  the KRG  on when  consistent
   monthly oil  sales  payments will  resume  and when  the  current  overdue
   receivables for the  months of  October 2022 to  February 2023,  totalling
   $128 million net on the basis of the KBT pricing mechanism, will be paid.

    

   The Company  remains focussed  on preserving  liquidity and  continues  to
   reduce  capital  expenditures  and   costs  across  the  business,   while
   maintaining a strong focus on safety and long-term asset reliability.

    

   As previously announced, the Board has been considering the proposed final
   2022 ordinary annual dividend of $25 million and, while the importance  of
   distributions to  shareholders  is  recognised, it  believes  that  it  is
   prudent to cancel the dividend. Once regular payments from the KRG resume,
   the Board will consider  the reinstatement of dividends  in line with  its
   financial  framework,  which  includes  an  assessment  of  the  Company’s
   expected liquidity, cash flow generation and investment needs.

    

   GKP will provide further updates to the market, as appropriate.

    

   Notice of Annual General Meeting

    

   Gulf Keystone's 2023 AGM will be held  on Friday 16 June 2023 via  webcast
   at 10 A.M. (CET).

    

   Following the publication of the Company's Annual Report and Accounts  for
   the year ended 31  December 2022 ("the Annual  Report") on 28 April  2023,
   the Notice of  Annual General  Meeting ("AGM") and  accompanying forms  of
   proxy and instruction have today been posted to shareholders.

    

   All documents are  available to  view on the  dedicated AGM  page of  Gulf
   Keystone's website ( 1 www.gulfkeystone.com/investors/agm)  and have  also
   been submitted to the National Storage Mechanism.

    

   The AGM will be held via webcast which all Gulf Keystone shareholders  are
   invited to view. Voting of the resolutions at the AGM will be conducted by
   a poll and we strongly encourage  shareholders to vote on all  resolutions
   in advance of the  meeting. Shareholders are  kindly requested to  appoint
   the Chairman as their proxy when voting.

    

   Full details of  the operation and  arrangements for the  AGM, as well  as
   instructions for joining  the webcast  and voting, are  available on  Gulf
   Keystone's  website  ( 2 www.gulfkeystone.com/investors/agm)  and  in  the
   Notice  of  AGM.  Any  shareholders  who  wish  to  ask  a  question   for
   consideration at  the  AGM  are  encouraged  to  send  it  in  advance  to
    3 investorrelations@gulfkeystone.co.uk.

    

   Board update

    

   As announced on 30 January 2023, Jaap Huijskes will retire as Chair of the
   Board at the 2023 AGM. Martin  Angle, the current Deputy Chair and  Senior
   Independent Director  (“SID”),  will  be  appointed  Chair  of  the  Board
   following  the  conclusion  of  the   AGM.  Ms  Kimberley  Wood,   current
   independent Non-Executive Director, will be appointed Deputy Chair and SID
   at this time.

    

   Garrett  Soden,   currently   Non-Executive   Director   and   shareholder
   representative of Lansdowne Partners Austria  GmbH, has advised the  Board
   that he will not be standing for re-election at the 2023 AGM following his
   appointment as President and Chief Executive Officer of ShaMaran Petroleum
   Corp. on 15 May 2023. The Company and Lansdowne Partners Austria GmbH will
   discuss a suitable shareholder representative replacement.

    

    

    

   The information  contained  within  this announcement  is  deemed  by  the
   Company to constitute  inside information as  stipulated under the  Market
   Abuse Regulation (EU) no.  596/2014 (as it forms  part of domestic law  by
   virtue of the European Union (Withdrawal) Act 2018).

    

   Enquiries:

   Gulf Keystone:                          +44 (0) 20 7514 1400  
   Aaron Clark, Head of Investor Relations  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: MSCH
   TIDM:          GKP
   LEI Code:      213800QTAQOSSTNTPO15
   Sequence No.:  245473
   EQS News ID:   1638815


    
   End of Announcement EQS News Service

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References

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