Gulf Keystone Petroleum Ltd. Statement regarding recent media (8690Z)
March 17 2017 - 12:16PM
UK Regulatory
TIDMGKP
RNS Number : 8690Z
Gulf Keystone Petroleum Ltd.
17 March 2017
Not for release, publication or distribution, directly or
indirectly, in whole or in part in or into the United States or any
jurisdiction other than the United Kingdom and Bermuda where to do
so would constitute a contravention of the relevant laws or
regulations of such jurisdiction. This announcement (and the
information contained herein) does not contain or constitute an
offer to sell or the solicitation of an offer to purchase, nor
shall there be any sale of securities in any jurisdiction where
such offer, solicitation or sale would constitute a contravention
of the relevant laws or regulations of such jurisdiction.
17 March, 2017
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone", "GKP" or "the Company")
Statement regarding recent media
Further to reports in the media this week, Gulf Keystone,
operator of the Shaikan Field in the Kurdistan Region of Iraq, is
today clarifying certain points regarding the marketing of Shaikan
crude.
Recent media does not correctly represent the views of the
Company and its Executives. The inference is that the company does
not know where the Shaikan oil is exported or sold to. This is
wrong. The company is fully aware that MNR have a number of
international agreements with reputable trading houses for both the
trucked Shaikan crude and the blended crude exported through the
pipeline to Ceyhan.
In addition, the impression was wrongly given that the MNR was
losing out financially by taking the Shaikan crude out of the
pipeline. The pipeline exports to Ceyhan without the Shaikan crude
is now sold at higher prices by the KRG, and for the export of
Shaikan crude by truck the KRG are still achieving similar netback
prices as before, therefore these new export arrangements have an
economic benefit to the KRG as more value is realised overall.
The Kurdistan Regional Government's Ministry of Natural
Resources ("MNR") is exporting all Shaikan crude production via
trucks to Turkey in accordance with its stated policy of crude oil
export quality management, and better pricing realisation. Shaikan
export levels remain steady at ca 38,000 barrels a day. These
trucking exports represent an important milestone by establishing a
standalone export market for the Shaikan crude.
As previously confirmed, the economic benefit to the Company
will be the same as that of the previous framework.
We apologise, in particular to the KRG/MNR, for any confusion
and misunderstanding caused.
Enquiries:
Gulf Keystone Petroleum: +44 (0) 20 7514 1400
Jón Ferrier, CEO
Sami Zouari, CFO
Kate Leslie, Corporate Communications
Celicourt Communications: +44(0) 20 7520 9266
Mark Antelme
Jimmy Lea
or visit: 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
and the operator of the Shaikan field with current production
capacity of 40,000 barrels of oil per day
-- Further information on Gulf Keystone is available on its website www.gulfkeystone.com
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 information is provided by RNS
The company news service from the London Stock Exchange
END
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