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:
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:
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
|
aclark@gulfkeystone.com
|
FTI
Consulting
|
+44 (0) 20 3727
1000
|
Ben Brewerton
Nick Hennis
|
GKP@fticonsulting.com
|
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. Further information on
Gulf Keystone is available on its website 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.