Gulf Keystone Petroleum Ltd. Kurdistan Operational Update (9258W)
November 13 2014 - 1:01AM
UK Regulatory
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RNS Number : 9258W
Gulf Keystone Petroleum Ltd.
13 November 2014
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indirectly, in whole or in part in or into the United States or any
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information contained herein) does not contain or constitute an
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13 November 2014
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")
Kurdistan Operational Update
Gulf Keystone Petroleum Limited, an exploration and production
company with operations in the Kurdistan Region of Iraq, today
provides an update on the Company's operations at Shaikan, its key
producing asset.
The Company is on track to complete all remaining work in order
to achieve 40,000 gross barrels of oil per day ("bopd") of
production capacity from the Shaikan production facilities ("PF-1"
and "PF-2") by the end of 2014.
The total production levels are stable, averaging 23,000 gross
bopd from three wells at PF-1 and two wells at PF-2. The civil
works are ongoing to connect the Shaikan-7 and -8 wells to PF-1.
The trenching work has been completed on the 15 km connection
between the Shaikan-10 well and PF-2 and the flowlines are
currently being laid.
Shaikan crude oil exports by truck to the Turkish coast have
continued uninterrupted since 29 November 2013. All of our
production is currently being exported and nineteen tanker cargoes
totalling 4.7 million gross barrels of Shaikan crude oil have been
sold to the international market since the Shaikan crude oil export
sales began from the port of Dortyol in January 2014.
The Company welcomes the announcement made by the Kurdistan
Regional Government's Ministry of Natural Resources on 7 November
2014 regarding the plan to make an initial payment of US$75 million
on account to producers for exports in November 2014, with further
payments to follow on a regular basis. The announcement can be
viewed at
http://mnr.krg.org/index.php/en/press-releases/422-update-on-oil-export-from-the-kurdistan-region-of-iraq.
The management team will host a conference call for analysts and
investors at 11am UK time today. A live audio webcast of the call
will be available on the Company's website
www.gulfkeystone.com.
John Gerstenlauer, Gulf Keystone's Chief Executive Officer
commented:
"Gulf Keystone's production operations and export oil sales have
continued uninterrupted in 2014. All current production is being
exported by truck and these exports are set to increase in the
coming months as we are nearing our production target of 40,000
bopd. As we stand by the Kurdistan Region and its people, we
welcome the KRG's commitment to putting in place a regular payment
cycle for oil exports from the region. As our production increases,
we look forward to receiving our full contractual entitlement."
Enquiries:
Gulf Keystone Petroleum: +44 (0) 20 7514 1400
Anastasia Vvedenskaya, Head of
Investor Relations
Bell Pottinger +44 (0) 20 3772 2500
Mark Antelme / Henry Lerwill
or visit: www.gulfkeystone.com
Notes to Editors:
-- Gulf Keystone Petroleum Ltd. (LSE: GKP) is an independent oil
and gas exploration, development and production company focused on
exploration in the Kurdistan Region of Iraq.
-- Gulf Keystone Petroleum International (GKPI) holds Production
Sharing Contracts for four exploration blocks in Kurdistan, the
Shaikan, Sheikh Adi, Ber Bahr and Akri-Bijeel blocks.
-- GKPI is the operator of the Shaikan Block, which is a major
commercial discovery, with a working interest of 75% and is
partnered with MOL Kalegran Limited (a 100% subsidiary of MOL
Hungarian Oil and Gas plc.) and Texas Keystone Inc., which have
working interests of 20% and 5% respectively. Texas Keystone Inc.
holds its interest in trust for Gulf Keystone, pending transfer of
its interest to the Company.
-- Gulf Keystone is moving into the large-scale phased
development of the Shaikan field targeting 100,000 bopd of
production capacity during Phase 1 of the Shaikan Field Development
Plan following its approval in June 2013.
Disclaimer
This announcement contains certain forward-looking statements.
These statements are made by the Company's 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 uncertainties, including both economic
and business factors, underlying such forward-looking information.
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 communication and the information contained herein is not
an offer of securities for sale in the United States. Securities
may not be offered or sold in the United States unless they are
registered or are exempt from registration. Any public offering of
securities to be made in the United States would be made by means
of a prospectus that would contain detailed information about the
company and its management, as well as financial statements. The
company does not intend to register any portion of this offering in
the United States or to conduct a public offering in the United
States or any other jurisdiction. Any public offering of securities
to be made in the United States would be made by means of a
prospectus that would contain detailed information about the
Company and its management, as well as financial statements. Copies
of this communication are not being, and should not be, distributed
in or sent into the United States.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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