Operational & Corporate Update
Gulf Keystone, a leading independent operator and producer in the Kurdistan Region of Iraq (“KRI” or “Kurdistan”), today provides an operational and corporate update.
Gulf Keystone Petroleum Ltd (GKP) Operational & Corporate Update Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. 30 January 2023
Gulf Keystone Petroleum Ltd. (LSE: GKP) (“Gulf Keystone”, “GKP” or “the Company”)
Operational & Corporate Update
Gulf Keystone, a leading independent operator and producer in the Kurdistan Region of Iraq (“KRI” or “Kurdistan”), today provides an operational and corporate update. The information contained in this announcement has not been audited and may be subject to further review.
Jon Harris, Gulf Keystone's Chief Executive Officer, said: “2022 was a strong year for GKP, in which we made progress on multiple fronts that will position the company to maximise long-term value from the Shaikan Field. We laid the initial groundwork for a material increase in production levels in 2023 and 2024, while progressing towards key project sanction milestones of the Shaikan Field Development Plan. In addition, we paid record dividends to our shareholders of $215 million, bringing total shareholder distributions to $415 million since 2019, while at the same time strengthening our balance sheet through repayment of our $100 million bond. Looking ahead, we are positive about the outlook for oil prices, although we remain vigilant about the challenges facing the global economy and the recent delays to KRG payments. Consequently, as we move towards FDP approval and transition to increased investment in profitable production growth from the Jurassic reservoir to drive cash generation, we have put in place a flexible capital programme for 2023 that is responsive to the external environment. This will enable the Board to prudently manage the balance between our liquidity levels, growth investment and distributions to maximise total risk adjusted returns for shareholders. To underline the Board’s continued commitment to reviewing the return of excess cash to shareholders as we progress, we are pleased to announce the declaration of an interim dividend of $25 million.”
Operational
Financial
Outlook
2023 guidance
Shaikan Field Development Plan
Financial framework & shareholder distributions
Board update
Following the Company’s announcement on 19 December 2022 advising of the intention of the Chair of the Board, Jaap Huijskes, to step down at the 2023 Annual General Meeting, the Company’s Board and Nomination Committee has conducted a process for appointing a successor. The Company is pleased to announce that the current Deputy Chair and Senior Independent Director (“SID”), Martin Angle, 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.
Mr Angle has served on the Board since 2018 and, in addition to his Deputy Chairman and SID roles, also serves as Chair of the Audit and Risk Committee. He is a highly experienced independent non-executive director having held senior executive roles in investment banking, industry and private equity through his career. He is currently Deputy Chair and SID of Spire Healthcare Group plc and a non-executive director of Ocean Biomedical Inc.
Ms Wood was also appointed to the Board in 2018 as an independent non-executive director. She is also Chair of the Remuneration Committee. An energy lawyer by profession, she held senior roles in a number of law firms including Norton Rose Fulbright and Vinson and Elkins. She is also an independent non-executive director of Energean plc, Valeura Energy Inc., and Africa Oil Corp.
The Company will review its Board Committee membership at the time these changes become effective. All directors will be subject to annual re-election at the AGM.
The Company is cognisant of the Financial Conduct Authority’s new listing rules on board diversity and inclusion and acknowledge that these also apply to standard listed companies with effect from 2024. It is the intention of the Company to move to compliance as stipulated in these rules whilst also taking account of the size and scale of the business.
Audit tender
In line with best practice, the Company has conducted a competitive tender process to appoint a new auditor as Deloitte LLP, the Company's current auditor, is approaching the 20-year maximum term. The Company intends to appoint BDO LLP as auditor for the financial year commencing 1 January 2023. The appointment is subject to shareholder approval at the 2023 Annual General Meeting. Deloitte LLP will undertake the audit of the Company for the financial year ending 31 December 2022.
Corporate presentation
An updated corporate presentation will be made available today on the Company’s website on the Presentations page.
Notes
Enquiries:
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.
|
ISIN: | BMG4209G2077 |
Category Code: | MSCM |
TIDM: | GKP |
LEI Code: | 213800QTAQOSSTNTPO15 |
Sequence No.: | 219089 |
EQS News ID: | 1545891 |
End of Announcement | EQS News Service |
|