Business
2017 Half Year Results Announcement
2017 Half Year Results Announcement.
About this update from Gulf Keystone Petroleum Limited
[{"type":"text","content":"\n \nRNS Number : 0976R Gulf Keystone Petroleum Ltd. 19 September 2017 \n\n \n \n19 September 2017\nGulf Keystone Petroleum Ltd. (LSE: GKP)\n(\"Gulf Keystone\", \"GKP\" or \"the Company\")\n \n2017 Half Year Results Announcement\nGulf Keystone Petroleum, a leading independent operator and producer in the Kurdistan Region of Iraq (\"Kurdistan\" or \"Kurdistan Region\"), today announces its results for the half year ended 30 June 2017.\nHighlights to 30 June 2017 and post reporting period\nOperational\n· Gulf Keystone's operations in the Kurdistan Region remained safe and secure throughout H1 2017 with plant uptime at PF-1 and PF-2 of over 99% with no lost-time incidents.\n· Shaikan achieved average daily production of 36,664 bopd.\n· Cumulative production from Shaikan has now exceeded 40 million barrels.\n· In March 2017, Shaikan-8 (\"SH-8\") was brought back on-stream.\n· In April 2017, ERC Equipoise verified remaining gross Shaikan 2P reserves of 615 MMstb, as at 31 December 2016.\n· With gross production of c.35,350 bopd in Q3 2017 so far, gross production guidance for 2017 remains at 32,000-38,000 bopd.\n· Operational strategy for investment into Shaikan has been matured throughout 2017.\nFinancial\n· Cash flow positive through H1 2017.\n· The Group has continued to receive regular payments from the Ministry of Natural Resources (\"the MNR\") of $15 million gross ($12 million net to GKP) with cash receipts of $84 million net to GKP year to date.\n· Continued cost control with gross operating costs per barrel of $3/bbl (H1 2016:$4/bbl).\n· Profit after tax of $0.7 million (H1 2016 (as restated): loss after tax of $232.6 million).\n· As at 30 June 2017, the Group estimates an unrecognised revenue receivable of $33 million net to GKP with regards to unpaid export sales (December 2016: $25 million) and $76 million net to GKP for the past costs associated with the Shaikan Government Participation Option (December 2016: $71 million).\n· &nbs...