Kurdistan Regional Government

Operational & Corporate Update

Retrieved on: 
Thursday, December 14, 2023

Gulf Keystone, a leading independent operator and producer in the Kurdistan Region of Iraq, today provides an operational and corporate update.

Key Points: 
  • Gulf Keystone, a leading independent operator and producer in the Kurdistan Region of Iraq, today provides an operational and corporate update.
  • Jon Harris, Gulf Keystone’s Chief Executive Officer, said:
    “We remain focused on preserving liquidity by maximising local sales, maintaining strict cost control and proactively managing accounts payable.
  • It is currently engaged in an independent non-executive director search process to ensure compliance.
  • However, the pace of the process has been controlled to reflect the Company’s current focus on cost reduction and liquidity preservation.

Genel Energy PLC: Update on Tawke PSC

Retrieved on: 
Tuesday, October 17, 2023

Genel Energy plc (‘Genel’ or ‘the Company’) notes that DNO ASA, as operator of the Tawke PSC (Genel 25% working interest), has today issued an update on licence activity.

Key Points: 
  • Genel Energy plc (‘Genel’ or ‘the Company’) notes that DNO ASA, as operator of the Tawke PSC (Genel 25% working interest), has today issued an update on licence activity.
  • Gross production from the Tawke licence in Q3 2023 totalled 25,984 bopd.
  • Production was shutdown following the closure of the Iraq-Türkiye pipeline on 25 March 2023.
  • No crude oil was delivered to the Kurdistan Regional Government for export by pipeline through Türkiye.

Genel Energy PLC: Update on Tawke PSC

Retrieved on: 
Tuesday, August 22, 2023

Genel Energy plc (‘Genel’ or ‘the Company’) notes that DNO ASA, as operator of the Tawke PSC (Genel 25% working interest), has today issued an update on licence activity.

Key Points: 
  • Genel Energy plc (‘Genel’ or ‘the Company’) notes that DNO ASA, as operator of the Tawke PSC (Genel 25% working interest), has today issued an update on licence activity.
  • Following a four-month shut-in triggered by the closure of the Iraq-Turkey Pipeline export route, DNO has partially restarted operations at the Tawke field and is currently selling its entitlement share of oil production to local trading companies.
  • DNO restarted partial oil production from the Tawke field to conduct well integrity and reservoir tests but has continued to produce to meet strong demand for Tawke oil.
  • The Peshkabir field, also within the Tawke licence, remains shut-in.

Operational & Corporate Update

Retrieved on: 
Wednesday, August 9, 2023

In advance of the publication of its 2023 Half Year Results on 31 August 2023, Gulf Keystone, a leading independent operator and producer in the Kurdistan Region of Iraq (“KRI” or “Kurdistan”), is today providing an update on operational and corporate activity.

Key Points: 
  • In advance of the publication of its 2023 Half Year Results on 31 August 2023, Gulf Keystone, a leading independent operator and producer in the Kurdistan Region of Iraq (“KRI” or “Kurdistan”), is today providing an update on operational and corporate activity.
  • As political negotiations continue, we remain focused on what is within our control to preserve and bolster liquidity.
  • We are actively pursuing additional local sales opportunities, although pricing and volumes remain unpredictable.
  • At the same time, we are continuing to reduce our costs, pursue inventory sales and proactively manage our accounts payable.

2023 AGM, Operational & Corporate Update

Retrieved on: 
Friday, June 16, 2023

Ahead of today's 2023 Annual General Meeting ("AGM"), Gulf Keystone, a leading independent operator and producer in the Kurdistan Region of Iraq, provides an operational and corporate update.

Key Points: 
  • Ahead of today's 2023 Annual General Meeting ("AGM"), Gulf Keystone, a leading independent operator and producer in the Kurdistan Region of Iraq, provides an operational and corporate update.
  • Jon Harris, Gulf Keystone's Chief Executive Officer, said:
    “Gulf Keystone entered 2023 following a year of strong operational and financial performance and continued delivery against the Company’s disciplined strategy of investing in profitable production growth, sustainable shareholder returns and maintaining a strong balance sheet.
  • Following the suspension of Kurdistan crude exports on 25 March 2023 and continued delays to oil sales payments, our focus has shifted to aggressively reducing all costs to preserve liquidity, while maintaining safe operational readiness to quickly restart production.
  • A recording of the presentation will also be available to view on the same page later in the day following the conclusion of the AGM.

Operational & Corporate Update and Notice of Annual General Meeting

Retrieved on: 
Saturday, May 27, 2023

Gulf Keystone's 2023 AGM will be held on Friday 16 June 2023 via webcast at 10 A.M. (CET).

Key Points: 
  • Gulf Keystone's 2023 AGM will be held on Friday 16 June 2023 via webcast at 10 A.M. (CET).
  • Following the publication of the Company's Annual Report and Accounts for the year ended 31 December 2022 ("the Annual Report") on 28 April 2023, the Notice of Annual General Meeting ("AGM") and accompanying forms of proxy and instruction have today been posted to shareholders.
  • As announced on 30 January 2023, Jaap Huijskes will retire as Chair of the Board at the 2023 AGM.
  • 596/2014 (as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018).

Genel Energy PLC: Trading and operations update

Retrieved on: 
Thursday, May 11, 2023

Genel Energy plc ('Genel' or 'the Company') issues the following trading and operations update relating to Q1 2023, ahead of the Company's Annual General Meeting ('AGM'), which is being held today.

Key Points: 
  • Genel Energy plc ('Genel' or 'the Company') issues the following trading and operations update relating to Q1 2023, ahead of the Company's Annual General Meeting ('AGM'), which is being held today.
  • In anticipation of exports resuming we are seeking clarity on future arrangements and a mechanism in place for regular and predictable payments going forward.
  • Delays in payments and the suspension of exports have resulted in significant cash generation being deferred and we are scaling back our planned activity accordingly.
  • We continue to reduce costs so that the size and shape of the organisation matches the needs of the business.

Operational & Corporate Update

Retrieved on: 
Friday, April 28, 2023

Gulf Keystone, a leading independent operator and producer in the Kurdistan Region of Iraq (“KRI” or “Kurdistan”), is today providing an update on operational and corporate activity and 2023 guidance following the shut-in of the Iraq-Turkey pipeline on 25 March 2023.

Key Points: 
  • Gulf Keystone, a leading independent operator and producer in the Kurdistan Region of Iraq (“KRI” or “Kurdistan”), is today providing an update on operational and corporate activity and 2023 guidance following the shut-in of the Iraq-Turkey pipeline on 25 March 2023.
  • Jon Harris, Gulf Keystone's Chief Executive Officer, said:
    “Gulf Keystone was on track to deliver another year of strong profitable production growth and robust cash flow generation until the Iraq-Turkey pipeline arbitration award resulted in the suspension of pipeline exports.
  • March production prior to the pipeline suspension averaged c.53,700 bopd with plans to bring on SH-18 in Q2 2023 and ongoing facilities expansion activities.
  • 596/2014 (as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018).

Update on Shaikan Field exports

Retrieved on: 
Tuesday, March 28, 2023

Subsequent to the Court’s reported decision, the Kurdistan Pipeline Company notified GKP on 25 March that the Iraq-Turkey pipeline has been shut-in at Turkey’s request until the situation is resolved.

Key Points: 
  • Subsequent to the Court’s reported decision, the Kurdistan Pipeline Company notified GKP on 25 March that the Iraq-Turkey pipeline has been shut-in at Turkey’s request until the situation is resolved.
  • The KRG exports crude from the Shaikan Field and other fields in the region via this route.
  • GKP’s facilities have storage capacity that allow continued production at a curtailed rate over the coming days after which the Company will suspend production.
  • The budget was agreed on the same day that Iraq completed a budget transfer of 400 billion dinar (c.US$275 million) to the KRG.

Genel Energy PLC: Update on Kurdistan pipeline exports

Retrieved on: 
Tuesday, March 28, 2023

Genel Energy plc ('Genel' or 'the Company') has been informed by the Kurdistan Pipeline Company that the Iraq-Turkiye pipeline has been shut-in.

Key Points: 
  • Genel Energy plc ('Genel' or 'the Company') has been informed by the Kurdistan Pipeline Company that the Iraq-Turkiye pipeline has been shut-in.
  • The Company understands this shut-in has been requested by the Republic of Turkiye.
  • Public statements made by both the Federal Iraq Ministry of Oil (‘MoO’) and the Kurdistan Regional Government (‘KRG’) lead Genel to believe the shut-in will be temporary, and Genel continues to produce oil into storage facilities.
  • This follows the International Chamber of Commerce in Paris ruling in favour of Iraq in the long running arbitration case against Turkiye concerning the Iraqi-Turkish pipeline agreement signed in 1973.