(Alliance News) - Gulf Keystone Petroleum Ltd on Friday declared payment of the first 5.68 pence per share tranche of its USD50 million 2018 dividend.
At its June annual general meeting, shareholders in the oil and gas company - which operates the Shaikan field in Iraq - approved a USD50 million total cash dividend distribution for 2018.
The dividend consists of two tranches. One third of the USD50 million amount, equivalent to 7.26 US cents per share, will be paid in the first tranche. This has been converted to 5.68p per share at a conversion rate of USD1 to 78.23 pence.
The first tranche is to be paid Friday to shareholders on the register at at June 28 and the balance will be paid as a second tranche "on a date to be determined by the board following release of the company's half-yearly results".
Shares in Gulf Keystone were up 0.8% at 223.20 pence on Friday morning.
Gulf Keystone Petroleum (GKP)