Business
2020 Full Year Results
2020 Full Year Results.
About this update from Gulf Keystone Petroleum Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 0386U\n Gulf Keystone Petroleum Ltd.\n 31 March 2021\n \n \n \n \n \n \n \n \n \n 31 March 2021\n \n Gulf Keystone Petroleum Ltd. (LSE: GKP)\n (\"Gulf Keystone\", \"GKP\" or \"the Company\")\n \n \n 2020 Full Year Audited Results Announcement\n \n \n \n \n \n Return to a balance of growth investment and shareholder distributions \n \n \n \n \n \n Gulf Keystone Petroleum, a leading independent operator and producer in the Kurdistan Region of Iraq (\"Kurdistan\" or \"Kurdistan Region\") announces its audited results for the full year ended 31 December 2020.\n \n \n \n \n \n Jon Harris, Gulf Keystone's Chief Executive Officer, said:\n \n \n \n \n \n \"Against the backdrop of extraordinary global challenges in 2020, GKP acted decisively to successfully manage the impact of COVID-19 on our staff, contractors and production operations. We achieved all of our cost reduction targets and annual average production of 36,625 bopd, 11% higher than 2019. \n \n \n \n \n \n We have had a strong start to 2021. The updated independent Competent Person\n 's Report reaffirmed the significant upside production potential of the field with gross 2P reserves + 2C contingent resources of c.800 MMstb. Average gross production from Shaikan in 2021 to \n 29 March is \n 43,190\n bopd, up c.\n 13% from the corresponding period in 2020. \n \n \n \n \n \n Recently, we resumed the 55,000 bopd investment programme and today we are pleased to be announcing the reinstatement of at least a $25 million annual dividend, in keeping with our commitment to balance investment in growth and returns to shareholders.\"\n \n \n \n \n \n \n \n Highlights to 31 December 2020 and post reporting period\n \n Operational\n \n \n \n \n · \n Effectively managing the impact of COVID-19 on production operations and continue to prioritise the welfare of workforce and contractors whilst maintaining production momentum.\n \n \n · \n Continued strong safety performance, with no Lost Time Incident (\"LTI\") recorded for over 450 days.\n \n \n · \n 2020 a\n verage gross production of 36,625 bopd, exceeding revised guidance and the highest annual average production rate to date from the field.\n \n \n · \n Gross average production f...