Business
2021 Full Year Results Announcement
2021 Full Year Results Announcement.
About this update from Gulf Keystone Petroleum Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 4715G\n Gulf Keystone Petroleum Ltd.\n 30 March 2022\n \n \n \n \n \n \n 30 March 2022\n \n \n \n \n \n \n \n \n Gulf Keystone Petroleum Ltd. (LSE: GKP)\n \n \n (\"Gulf Keystone\", \"GKP\", \"the Group\" or \"the Company\")\n \n \n \n \n \n 2021 Full Year Results Announcement\n \n \n \n \n \n Gulf Keystone, a leading independent operator and producer in the Kurdistan Region of Iraq, today announces its results for the full year ended 31 December 2021. \n \n \n \n \n \n Jon Harris, Gulf Keystone's Chief Executive Officer, said:\n \n \n \"I am pleased to report a year of strong operational and financial delivery in 2021. With a 19% increase in gross average production to 43,440 bopd, our leverage to the recovery in oil prices and continued cost and capital discipline, we generated substantial revenue and free cash flow. \n \n \n We continued to deliver on our strategy of balancing investment in sustainable growth and shareholder returns, as we resumed drilling activities and submitted a draft Field Development Plan to the Ministry of Natural Resources while also returning $100 million of dividends to our shareholders in 2021. Following the $50 million dividend that we paid in February 2022, we are pleased to announce today the declaration of an additional $90 million of dividends. This brings aggregate shareholder distributions declared since 2019 to $340 million.\n \n \n Looking ahead to the remainder of 2022, we remain focused on delivering gross annual production of 44,000-50,000 bopd by bringing SH-15 online in Q2 2022 and optimising production with well interventions and workovers. While constructive engagement continues with the MNR on the FDP, timing of approval remains uncertain and further progress is required before we fully execute FDP activity. \n \n \n Following my first year as GKP's CEO, I would like to personally thank the Company's teams in Kurdistan and the UK for all of their efforts. We are in a strong position and I am excited about safely delivering the significant growth potential of the Shaikan Field to drive sustainable value for all of our stakeholders.\"\n \n \n Highlights to 31 December 2021 and post reporting period\n \n \n \n \n \n Operational\n \n \n \n \n \n ·\n Continued strong focus on safety in 2021 despit...