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

Gulf Keystone Petroleum Ltd (GKP) Update on Shaikan Field local sales & Notice of 2023 Full Year Results 28-Feb-2024 / 07:00 GMT/BST

 

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.