Last checked at 20 Oct 2017 07:00
20 October 2017
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone", "GKP" or "the Company")
Operations Update
Gulf Keystone confirms that its operations in Kurdistan continue safely and securely with the Company achieving average production of 34,525 bopd from Shaikan since the beginning of October 2017.
Shaikan is performing as expected with cumulative production from the field now at 42.4 million barrels, an average of 35,966 bopd in 2017. The Company is on track to meet gross production guidance of 32,000-38,000 bopd for the year.
In line with the Ministry of Natural Resource's crude export strategy, Shaikan crude production is still being exported via trucks to Turkey. Trucking operations continue uninterrupted with approximately 200 trucks loaded daily.
Following the recent payment for the October 2017 Reinstated Notes coupon of $5 million, the Company's current cash position is $147.2 million.
Gulf Keystone will keep the market appraised of any changes to its normal operations.
Commenting on today's announcement, CEO, Jón Ferrier, said:
"We remain committed to ensuring safe and secure operations in Kurdistan, and we continue to monitor the geo-political situation closely. Despite the challenges facing the region, we are maintaining stable operations."
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
Enquiries:
Gulf Keystone Petroleum: | +44 (0) 20 7514 1400 |
Jón Ferrier, CEO | |
Sami Zouari, CFO | |
Celicourt Communications: | +44 (0) 20 7520 9266 |
Mark Antelme Jimmy Lea |
or visit: www.gulfkeystone.com
Notes to Editors:
· Gulf Keystone Petroleum Ltd. (LSE: GKP) is a leading independent operator and producer in the Kurdistan Region of Iraq and the operator of the Shaikan field with current production capacity of 40,000 barrels of oil per day
· Further information on Gulf Keystone is available on its website www.gulfkeystone.com
Disclaimer
This announcement contains certain forward-looking statements that are subject to the risks and uncertainties associated with the oil & gas exploration and production business. These statements are made by the Company and its Directors in good faith based on the information available to them up to the time of their approval of this announcement but such statements should be treated with caution due to inherent risks and uncertainties, including both economic and business factors and/or factors beyond the Company's control or within the Company's control where, for example, the Company decides on a change of plan or strategy. This announcement has been prepared solely to provide additional information to shareholders to assess the Group's strategies and the potential for those strategies to succeed. This announcement should not be relied on by any other party or for any other purpose.