Gulf Keystone Petroleum Ltd - oil and gas exploration company, which operates the Shaikan field, one of the largest developments in the Kurdistan region of Iraq - Says local sales volumes from the Shaikan field rebounded in recent weeks amid higher market demand for some refined products. Says gross sales from February 1 to February 26 averaged about 38,400 barrels of oil per day, bringing gross average sales in 2024 so far to 29,600 bopd. For 2022, it had reported a gross average output of 44,202 bopd. Further, notes easing of seasonal logistic challenges and a realised price of around USD25 per barrel. "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," the company says.
Gulf Keystone will release its 2023 results on March 21.
Current stock price: 95.25 pence each, down 0.5% on Wednesday afternoon in London
12-month change: down 54%
By Tom Budszus, Alliance News slot editor
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Gulf Keystone Petroleum (GKP)