REG-Gulf Keystone Petroleum Ltd Update on Shaikan Field local sales & Notice of 2023 Full Year Results

Gulf Keystone PetroleumAnnouncement

28/02/2024 07:15

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Gulf Keystone Petroleum Ltd (GKP)
Update on Shaikan Field local sales & Notice of 2023 Full Year Results

28-Feb-2024 / 07:00 GMT/BST

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28 February 2024

                                          

                                          

                      Gulf Keystone Petroleum Ltd. (LSE: GKP)

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

                                          

       Update on Shaikan Field local sales & Notice of 2023 Full Year Results

                                          

Gulf Keystone, a leading independent operator  and producer in the Kurdistan  Region
of Iraq, is today providing an update on Shaikan Field local sales ahead of its 2023
Full Year Results on 21 March 2024.

 

Local sales update

 

Local sales volumes  have rebounded in  recent weeks with  gross average sales  this
month to 26 February of c.38,400  bopd, reflecting higher market demand for  certain
refined products, the easing of seasonal logistic challenges and a realised price of
c.$25/bbl. The increase  has brought gross  average sales  in 2024 year  to date  to
c.29,600 bopd. 

 

At current volumes and realised prices, sales  for February 2024 are expected to  be
c.$10m net  to GKP,  above expected  monthly net  capex and  costs of  c.$6  million
(breakeven at gross  sales of c.22,200  bopd), enabling the  continued reduction  of
accounts payable balances. The Company continues to receive advance payments for its
net entitlement of 36% of gross sales revenue.

 

Looking ahead, while  we expect demand  in 2024  to remain variable,  we see  strong
local market  demand as  we enter  March and  are looking  to increase  sales  above
current levels.

 

Notice of 2023 Full Year Results

 

The Company confirms it will  be announcing its results for  the full year ended  31
December 2023 on Thursday 21 March 2024.

 

GKP’s management team will be hosting  a presentation for analysts and investors  at
10:00am (GMT) via live audio webcast:

 

 1 https://brrmedia.news/GKP_FY23  

 

In addition,  management will  also be  hosting a  webcast presentation  focused  on
retail investors via the Investor Meet Company ("IMC") platform at 12:00pm (GMT).

 

The presentation is open to all  existing and potential shareholders. Questions  can
be submitted prior to the event via the  IMC platform up until 9:00am (GMT) the  day
before the meeting, or at any time during the live presentation. Investors can  sign
up to IMC for free using the following link:

 

 2 https://www.investormeetcompany.com/gulf-keystone-petroleum-ltd/register-investor

 

 

 

Enquiries:

 

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

& Corporate Communications               3 aclark@gulfkeystone.com

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

 

or visit:  5 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  6 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.:  306363
   EQS News ID:   1846629


    
   End of Announcement EQS News Service

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References

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