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Let’s hope so Tom, as ‘Hope’ is the primary fodder of us GKPers otherwise I fully concur with Wiseman.
Q3 is theoretically 9 months away. That’s a whole 9 months for something(s) else you go wrong and push the 55k into Q4 and beyond.
Most of the shares have probably already been aquired during the recent walk down and will be sold to GKP at next weeks prices, nice work if yoiu can get it.
And....
10 December 2019
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone", "GKP", "the Group" or "the Company")
Share Buyback Programme
As set out in the operational update announced today, Gulf Keystone Petroleum, a leading independent operator and producer in the Kurdistan Region of Iraq, announces its intention to launch a share buyback programme for a further $25million (the "Further Buyback Programme"), following completion of its orginal $25million buyback programme as announced on 9 October 2019.
The Further Buyback Programme will use the Company's existing cash resources to make market purchases of Gulf Keystone common shares for a maximum consideration of $25 million (the "Maximum Amount"), with the first stage of that programme being initiated now to purchase Gulf Keystone shares for an initial amount of $15 million (the "Initial Amount").
The Buyback Programme is aligned with the Company's focus on capital allocation and will be an accretive use of funds whilst not impacting the Company's ability to continue the execution of its existing investment programme. The Buyback Programme will be executed in accordance with the Company's general authorities to make on market purchases which was approved by shareholders at the Company's AGM on 21 June 2019.
The Company has entered into an agreement with its brokers Canaccord Genuity Limited ("Canaccord Genuity") and Peel Hunt LLP ("Peel Hunt") (together the "Brokers") to carry out purchases of the Initial Amount under the Further Buyback Programme on its behalf on an irrevocable and non-discretionary basis. The Brokers will make their trading decisions under the Further Buyback Programme independently of, and uninfluenced by, the Company. The Company has agreed the Further Buyback Programme for the Initial Amount will commence immediately and run to no later than 30 April 2020. Once the Initial Amount is completed (or timeframe for the Initial Amount expired) the Company expects to provide further instruction to the Brokers for the purchase of the balance of the Buyback Programme.
The Buyback Programme will be carried out on the London Stock Exchange and will be effected within certain pre-set parameters, including the safe harbour provisions set out in the Market Abuse Regulation 596/2014 ("MAR") the Commission Delegated Regulation (EU) 2016/1052 and the applicable laws and regulations of the London Stock Exchange. The Buyback Programme will be undertaken until the earlier of the Maximum Amount being repurchased or the 2020 AGM. Any shares repurchased will be held in treasury.
The Company will make announcements in due course following the completion of any share repurchases.
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public dom
10 December 2019
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone", "GKP" or "the Company")
Operational and Corporate Update
Continuing operational progress and on track to meet original 2019 production guidance
Second share buyback programme to be launched
Gulf Keystone Petroleum, a leading independent operator and producer in the Kurdistan Region of Iraq ("Kurdistan" or "Kurdistan Region"), is providing an operational and corporate update.
Operational
Ø Average gross production for the year up to 30 November 2019 of 32,127 barrels of oil per day ("bopd").
Ø November gross production averaged 40,582 bopd, with current production rates from the field at c.42,000 bopd.
Ø GKP is therefore on track to meet its original gross production guidance for 2019 of 32,000-38,000 bopd.
Ø The first well of the drilling campaign, SH-12 came onstream on 13 November. During commissioning, the well produced at rates up to 4,600 bopd, in line with expectations and is currently producing at c.4,000 bopd.
Ø The second well in the drilling campaign, SH-9 is a crucial part of the long-term field gas management plan and is designed to assess the gas reinjection potential of the Jurassic formation. The well, which was spudded on 19 October, encountered a faulted section requiring the well to be side-tracked to the Jurassic reservoir target.
Ø The SH-9 side-track necessitates a revision to the drilling schedule. Assuming a duration of one month for the side-track, the Company now expects to reach the 55,000 bopd gross production target at Shaikan in Q3 2020.
Ø The planned maintenance and debottlenecking shutdown at PF-2 was completed safely during October.
Ø The PF-1 export pipeline is complete. Full oil export operations are expected to commence in the next 24 hours marking the end of export by trucking from the Shaikan Field.
Ø Operations at Shaikan remain safe and secure, with no Lost Time Incidents ("LTI") recorded in over 500 days.
Corporate
Ø Cash balance of $206 million as at 9 December 2019.
Ø With a robust cash position and the Company's confidence in its delivery of the Shaikan project, a second share buyback programme for a further $25 million has been approved and an initial tranche of $15 million will be initiated today.
Jón Ferrier, CEO, commented:
"The Company has made significant progress on a number of fronts; with the successful addition of SH-12 to the PF-2 production inventory and drilling of the gas appraisal well SH-9 where operations continue. The imminent start of export through the PF-1 pipeline means all production from Shaikan will now be exported directly via pipeline, benefitting safety, reducing environmental impact and improving netbacks. We are pleased to confirm that we are on track to achieve our initial average production guidance for 2019, and whilst the need to side-track SH-9 has slightly impacted our timing guidance for delivering 55,000 bopd, we remain on course to achieve