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Pin to quick picksGulf Keystone Petroleum Regulatory News (GKP)

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Report on Payments to Governments for 2017

29 Jun 2018 07:00

RNS Number : 9571S
Gulf Keystone Petroleum Ltd.
29 June 2018
 

 

.

29 June 2018

 

Gulf Keystone Petroleum Ltd. (LSE: GKP)

("GKP" or "the Company")

 

Report on Payments to Governments for 2017

 

Introduction

 

This report sets out details of the payments made to governments by Gulf Keystone Petroleum Ltd and its subsidiary undertakings ("Gulf Keystone") for the year ended 31 December 2017 as required under Disclosure and Transparency Rule 4.3A issued by the UK's Financial Conduct Authority ("DTR 4.3A") and in accordance with The Reports on Payments to Governments Regulations 2014 (as amended in 2015) ("the UK Regulations") and our interpretation of the Industry Guidance on the UK Regulations issued by the International Association of Oil & Gas Producers. DTR 4.3A requires companies listed on a stock exchange in the UK and operating in the extractive industry to publicly disclose payments to governments in the countries where they undertake exploration, prospection, discovery, development and extraction of oil and natural gas deposits or other materials.

 

This report is available to download on the Company's website: http://www.gulfkeystone.com/investor-centre/presentations-and-reports.

 

Basis for preparation

 

Total payments below £86,000 made to a government are excluded from this report, as permitted under the UK Regulations.

 

All of the payments made in relation to the Shaikan Production Sharing Contract ("Shaikan PSC") in the Kurdistan Region of Iraq have been made to the Ministry of Natural Resources ("MNR") of the Kurdistan Regional Government ("KRG").

 

Production entitlements

 

Production entitlements are the host government's share of production during the reporting period from the Shaikan Field operated by Gulf Keystone. The figures reported have been produced on an entitlement basis, rather than on a liftings basis. Production entitlements are paid in-kind and the monetary value disclosed is derived from management's calculation of estimated revenue.

 

Royalties

 

Royalties represent royalties paid in-kind to governments during the year for the extraction of oil. The terms of the royalties are described within the Shaikan PSC. Royalties have been calculated on the same basis as production entitlements.

 

Taxes

 

Taxes include taxes levied on the income, production or profits of companies, excluding taxes levied on

consumption such as value added taxes, personal income taxes or sales taxes.

 

Bonuses

 

Bonuses include signature, discovery and production bonuses.

 

Licence fees

 

These include licence fees, rental fees, entry fees, capacity building payments, security fees and other considerations for licences or concessions.

 

Infrastructure improvement payments

 

These include payments for infrastructure improvements, whether contractual or otherwise, such as roads, other than in circumstances where the road is expected to be primarily dedicated to operational activities throughout its useful life.

 

Summary of payments

 

KRG

Production entitlements in-kind (1) (bbls (3) )

4,959,941

Production entitlements in-kind (1) (2) ($)

168,211,434

 

 

Royalties in-kind (1) (bbls (3) )

1,286,179

Royalties in-kind (1) (2) ($)

43,459,536

 

 

Taxes in-kind (4) ($)

1,254,823

 

 

Bonuses ($)

-

 

 

Licence fees in-kind (5) ($)

17,594,546

 

 

Infrastructure improvement payments ($)

-

 

 

Total (bbls (3) )

6,246,120

Total ($)

230,520,340

 

 

Notes

(1) All of the crude oil produced by Gulf Keystone was sold by the KRG. All proceeds of sale were received by or on behalf of the KRG, out of which the KRG then made payment for cost oil and profit oil in accordance with the Shaikan PSC to Gulf Keystone, in exchange for the crude oil delivered to the KRG. Under these arrangements, payments were made by or on behalf of the KRG to Gulf Keystone, rather than by Gulf Keystone to the KRG. However, for the purposes of the reporting requirements under the UK Regulations, we are required to characterise the value of the KRG's production entitlements under the Shaikan PSC (for which the KRG receives payment directly from the market) as a payment to the KRG.

(2) The realised prices for crude oil sales remain subject to audit and reconciliation.

(3) Barrels of oil.

(4) Per the Crude Oil Sales Agreement (dated 10 January 2018), road tax was payable on export sales of Shaikan crude oil transported by road from 15 November 2017 onwards at $7/ton. The road tax was paid in kind, as the value of the road tax was deducted in calculating the value of production entitlements payable by the KRG to Gulf Keystone.

(5) No cash payments were made by Gulf Keystone to the KRG. Instead, the value of these fees was offset against the value of production entitlements owed by the KRG to Gulf Keystone for crude oil delivered.

 

 

 

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

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
PGRFKFDQQBKDQAB
Date   Source Headline
21st Mar 20247:00 amRNS2023 Full Year Results announcement
28th Feb 20247:00 amEQSUpdate on Shaikan Field local sales & Notice of 2023 Full Year Results
15th Feb 20247:00 amEQSDirector / PDMR Shareholding
5th Feb 20247:00 amEQSManagement & Board changes
31st Jan 20247:00 amEQSOperational & Corporate Update
13th Dec 20237:00 amEQSOperational & Corporate Update
20th Nov 20232:23 pmEQSPDMR Transfer of Shareholding
2nd Nov 20237:00 amEQSBlock Listing Six Monthly Return
29th Sep 20233:26 pmEQSDirector / PDMR Shareholdings
25th Sep 20237:00 amEQSUpdate on Shaikan Field local sales
31st Aug 20237:00 amRNS2023 Half Year Results Announcement
9th Aug 20237:00 amEQSOperational & Corporate Update
8th Aug 20237:00 amEQSNotice of 2023 Half Year Results and Investor Presentations
3rd Jul 20237:01 amEQSAppointment of Non-Executive Director
16th Jun 202312:00 pmEQSResult of AGM
16th Jun 20237:01 amEQS2023 AGM, Operational & Corporate Update
24th May 202310:31 amEQSTR-1
23rd May 20237:00 amEQSOperational & Corporate Update and Notice of Annual General Meeting
19th May 20237:00 amEQSTotal Voting Rights
5th May 20237:00 amEQSBlock Listing Application
3rd May 20231:30 pmEQSBlock Listing Six Monthly Return
28th Apr 20237:01 amEQSPublication of 2022 Annual Report and Accounts & Sustainability Report
28th Apr 20237:01 amEQSReport on Payments to Governments for 2022
27th Apr 20237:00 amEQSOperational & Corporate Update
31st Mar 20237:00 amRNSUpdate on Shaikan Field production
28th Mar 20232:38 pmEQSLong Term Incentive Plan (“LTIP”) Award
27th Mar 20237:00 amEQSUpdate on Shaikan Field exports
23rd Mar 20237:00 amRNS2022 Full Year Results
15th Mar 20237:00 amEQSNotice of 2022 Full Year Results and Investor Presentations
9th Mar 20237:00 amEQSShaikan Payment Update
23rd Feb 20237:00 amEQSInterim Dividend Exchange Rate
8th Feb 20238:00 amEQSResumption of Shaikan Field exports
8th Feb 20237:00 amEQSResumption of Shaikan Field exports
7th Feb 20238:00 amEQSUpdate on Shaikan Field exports
7th Feb 20237:00 amEQSUpdate on Shaikan Field exports
6th Feb 20238:00 amEQSDividend Currency Elections
6th Feb 20237:00 amEQSDividend Currency Elections
30th Jan 20238:00 amEQSOperational & Corporate Update
30th Jan 20237:00 amEQSOperational & Corporate Update
26th Jan 20238:00 amEQSShaikan Payment Update
26th Jan 20237:00 amEQSShaikan Payment Update
19th Dec 20228:00 amEQSOperational, Corporate & AGM Update
19th Dec 20227:00 amEQSOperational, Corporate & AGM Update
11th Nov 20228:00 amEQSShaikan Payment Update
11th Nov 20227:00 amEQSShaikan Payment Update
4th Nov 20228:00 amEQSBlock Listing Six Monthly Return
4th Nov 20227:00 amEQSBlock Listing Six Monthly Return
18th Oct 20227:00 amEQSShaikan Payments Update
18th Oct 20227:00 amEQSShaikan Payments Update
28th Sep 20227:00 amEQSInterim Dividend Exchange Rate

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