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22 March 2016
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")
Shaikan Payment Update
Gulf Keystone Petroleum is pleased to announce that a gross payment of $7.5 million has been received from the Kurdistan Regional Government ("KRG") for Shaikan crude oil exports in February 2016.
This gross payment comprises the Company's monthly contractual revenue entitlement under the Shaikan Production Sharing Contract for crude oil exports in February 2016 of $3.4 million gross ($2.7 million net to Gulf Keystone), $0.4 million gross ($0.3 million net) towards the recovery of outstanding entitlements for past deliveries and $3.7 million net towards the recovery of the past costs associated with the Shaikan Government Participation Option.
The February payment, which predates the agreement with the KRG's Ministry of Natural Resources ("MNR") of 16 March 2016, is reduced compared to January as a result of the temporary closure of the Kirkuk-Ceyhan export pipeline from 16 February until 11 March.
Following the payment, the Company's current cash position is $57.2 million.
Enquiries:
Gulf Keystone Petroleum: | +44 (0) 20 7514 1400 |
Jón Ferrier, CEO |
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Sami Zouari, CFO |
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Anastasia Vvedenskaya, Head of Investor Relations | +44 (0) 20 7514 1411 |
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Celicourt Communications: | +44(0) 20 7520 9266 |
Mark Antelme Jimmy Lea |
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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 block, which is a major producing field.
· Following the establishment of a regular payment cycle for all oil sales and arrears, and a positive economic outlook, Gulf Keystone plans to move into the large-scale phased development of the Shaikan field targeting 110,000 bopd of production capacity.
Disclaimer
This announcement contains certain forward-looking statements. These statements are made by the Company's 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 uncertainties, including both economic and business factors, underlying such forward-looking information. 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.