Gulf Keystone Petroleum

Update on Shaikan Field local sales & Notice of 2023 Full Year Results

Retrieved on: 
Wednesday, March 13, 2024
GMT, GKP, Kurdistan Region, Gulf Keystone Petroleum

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.

Key Points: 
  • 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.
  • The increase has brought gross average sales in 2024 year to date to c.29,600 bopd.
  • The Company continues to receive advance payments for its net entitlement of 36% of gross sales revenue.
  • The Company confirms it will be announcing its results for the full year ended 31 December 2023 on Thursday 21 March 2024.

Operational & Corporate Update

Retrieved on: 
Monday, February 5, 2024
KRG, Kurdistan Region, Government, G&A, GKP, Environment, Safety, Economics, GOI, Big, Gulf Keystone Petroleum

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

Key Points: 
  • Gulf Keystone, a leading independent operator and producer in the Kurdistan Region of Iraq (“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.
  • By adapting to the new environment and commencing sales to the local market we have been able to protect our business and balance sheet.
  • We continue to engage with government stakeholders to push for the restart of exports and payment surety for past and future sales.

Management & Board changes

Retrieved on: 
Monday, February 5, 2024
COVID-19, CFO, Senior, Kurdistan Region, GKP, Retirement, ITP, Information technology, Annual general meeting, AGM, Gulf Keystone Petroleum, Management

Martin Angle, Chairman of the Company, said: "On behalf of the Board, I would like to thank Ian for his substantial contribution over the past four years.

Key Points: 
  • Martin Angle, Chairman of the Company, said: "On behalf of the Board, I would like to thank Ian for his substantial contribution over the past four years.
  • We wish Ian well for his deserved retirement and welcome Gabriel as the new CFO and Board member."
  • Kimberley Wood, who is currently the Senior independent Director, has advised the company she will be resigning from the Board.
  • Kimberley has recently accepted an executive appointment and is therefore required to reduce her Board commitments in order to meet the corporate governance guidance.

PDMR Transfer of Shareholding

Retrieved on: 
Tuesday, December 26, 2023
Gulf Keystone Petroleum, Bank, Security (finance)

Gulf Keystone has been notified that on 16 November 2023 Ian Weatherdon, Chief Financial Officer, transferred 628,935 common shares in the Company to a personal investment account at a price of 135p per common share.

Key Points: 
  • Gulf Keystone has been notified that on 16 November 2023 Ian Weatherdon, Chief Financial Officer, transferred 628,935 common shares in the Company to a personal investment account at a price of 135p per common share.
  • The total number of common shares that Ian Weatherdon has an interest in remains unchanged at 679,047 common shares, representing 0.30% of the issued share capital of the Company.

Operational & Corporate Update

Retrieved on: 
Thursday, December 14, 2023
Economy of Kurdistan Region, Production, KRG, Petroleum industry, Economics, Kurdistan Regional Government, GKP, UK Corporate Governance Code, AGM, G&A, Federal government of Iraq, Kurdistan Region, National Energy Board, Gulf Keystone Petroleum, Production sharing agreement, Oil

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.

Update on Shaikan Field local sales

Retrieved on: 
Monday, September 25, 2023
Gulf Keystone Petroleum, Transport, Kurdistan Region, Water, GKP, Oil, Drug

At current volumes and prices, more than covering current monthly costs of $6 million

Key Points: 
  • At current volumes and prices, more than covering current monthly costs of $6 million
    Gulf Keystone, a leading independent operator and producer in the Kurdistan Region of Iraq (“Kurdistan”), is today providing an update on Shaikan Field local sales.
  • Since closure of the export pipeline and subsequent commencement of local sales on 19 July 2023, gross average monthly local sales of Shaikan crude have steadily increased: c.4,900 bopd in July, c.17,200 bopd in August and c.28,800 bopd between 1-24 September.
  • Following recent agreements with buyers, GKP has ceased trucking operations and is injecting all crude sales into the pipeline for transportation to a local refinery in Kurdistan.
  • Current local sales volumes and realised prices enable GKP to more than cover its estimated monthly costs of around $6 million in H2 2023, while strengthening its financial position.

Operational & Corporate Update

Retrieved on: 
Wednesday, August 9, 2023
Kurdistan Regional Government, PF-1, Economy of Kurdistan Region, KBT, Half-year convention, G&A, Big, Gulf Keystone Petroleum, Public expenditure, IOC, GKP, KRG, Kurdistan Region, Whaling, Cryptocurrency, Gasoline

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.

Notice of 2023 Half Year Results and Investor Presentations

Retrieved on: 
Tuesday, August 8, 2023
Kurdistan Region, Gulf Keystone Petroleum, BST, IMC

Gulf Keystone, a leading independent operator and producer in the Kurdistan Region of Iraq, confirms it will be announcing its results for the half year ended 30 June 2023 on Thursday 31 August 2023.

Key Points: 
  • Gulf Keystone, a leading independent operator and producer in the Kurdistan Region of Iraq, confirms it will be announcing its results for the half year ended 30 June 2023 on Thursday 31 August 2023.
  • GKP’s management team will be hosting a presentation for analysts and investors at 10:00am (BST) via live audio webcast:
    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 (BST) 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:
    Recordings of both presentations will be made available on GKP’s website.

Appointment of Non-Executive Director

Retrieved on: 
Monday, July 3, 2023
University of California, Berkeley, LR, Energy, Gulf Keystone Petroleum, Political science, Grenoble Institute of Political Studies, Partner, UC, Kurdistan Region, Management, Noreco

Gulf Keystone, a leading independent operator and producer in the Kurdistan Region of Iraq, is pleased to announce the appointment of Julien Balkany as a non-independent Non-Executive Director representing funds managed by Lansdowne Partners Austria GmbH with effect from 3 July 2023.

Key Points: 
  • Gulf Keystone, a leading independent operator and producer in the Kurdistan Region of Iraq, is pleased to announce the appointment of Julien Balkany as a non-independent Non-Executive Director representing funds managed by Lansdowne Partners Austria GmbH with effect from 3 July 2023.
  • Julien Balkany has extensive experience as an investor and board member in the international oil & gas industry.
  • He has also been Non-Executive Director of several other private and publicly listed oil & gas companies including Norwegian Energy Company (Noreco), Gasfrac Energy Services, Toreador Resources, and Amromco Energy.
  • "We are pleased to welcome Julien to the Board of Gulf Keystone Petroleum as a non-independent Non-Executive Director representing funds managed by Lansdowne Partners Austria GmbH.

2023 AGM, Operational & Corporate Update

Retrieved on: 
Friday, June 16, 2023
Noah Dream On Final 2022, Kurdistan Regional Government, CET, Senior, SH-17, Economy of Kurdistan Region, AGM, Oil, Gulf Keystone Petroleum, Public expenditure, Ministry, State Oil Fund of Azerbaijan, SH-18, KRG, Webcast, State Organization for Marketing of Oil, Kurdistan Region, Safety, Non-executive director, Annual general meeting

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.