Gulf Keystone Petroleum Ltd (GKP)
21 June 2024
Gulf Keystone Petroleum Ltd. (LSE: GKP) (“Gulf Keystone”, “GKP” or “the Company”)
2024 AGM Operational & Corporate Update
Continued robust local sales performance Declaration of $15 million interim dividend
Ahead of today's 2024 Annual General Meeting ("AGM"), Gulf Keystone, a leading independent operator and producer in the Kurdistan Region of Iraq, provides an operational and corporate update.
Jon Harris, Gulf Keystone’s Chief Executive Officer, said: “We are pleased today to be welcoming GKP shareholders to our 2024 AGM. We have made significant progress as a business since the 2023 AGM and successfully adapted to our new operating environment following the suspension of Kurdistan exports, safely transitioning our operations to local sales and sharply reducing capital expenditures and costs. As a result, we have been able to generate meaningful free cash flow, enabling us to strengthen our balance sheet and subsequently return cash to shareholders this year through our recent share buyback programme of up to $10 million. The Board and I would like to thank our shareholders for their continued support.
Shaikan Field crude sales to the Kurdistan market have continued to be robust in recent weeks, with gross average sales in 2024 year to date increasing to c.38,700 bopd and current prices further improving to c.$28/bbl. As a result, our liquidity position has continued to improve. Given our performance and the local sales outlook, we are pleased today to declare an interim dividend of $15 million, payable in July 2024. We will continue to review additional distributions based on the operating environment and liquidity needs of the Company.
We continue to actively engage with government stakeholders to push for a pipeline exports restart solution and unlock significant potential value for shareholders. In the interim, we intend to maximise shareholder value from local sales.”
Operational
Financial
Outlook
Shaikan Field
Shareholder returns
Kurdistan exports
2024 AGM
Gulf Keystone is today hosting its 2024 AGM at 9 A.M. BST via webcast. It will not be possible to attend the meeting in person but all registered Gulf Keystone shareholders are invited to view the webcast at the following link: http://meetnow.global/gkpagm2024. Joining instructions are available on Gulf Keystone's website: https://www.gulfkeystone.com/investors/agm.
The AGM will be hosted by Martin Angle, Non-Executive Chairman, and will include a presentation by Jon Harris, Chief Executive Officer, and Gabriel Papineau-Legris, incoming Chief Financial Officer. A copy of the presentation will be available to view on the Investors section of Gulf Keystone's website (https://www.gulfkeystone.com/investors/presentations). A recording of the presentation will also be available to view on the same page later in the day following the conclusion of the AGM.
This announcement contains inside information for the purposes of the UK Market Abuse Regime.
Enquiries:
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. 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. Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. |
ISIN: | BMG4209G2077 |
Category Code: | MSCM |
TIDM: | GKP |
LEI Code: | 213800QTAQOSSTNTPO15 |
Sequence No.: | 329299 |
EQS News ID: | 1930129 |
End of Announcement | EQS News Service |
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