Business
2022 AGM & Operational & Corporate Update
2022 AGM & Operational & Corporate Update.
About this update from Gulf Keystone Petroleum Limited
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n 24 June 2022\n \n \n \n \n \n \n \n \n \n \n \n \n \n Gulf Keystone Petroleum Ltd. (LSE: GKP)\n \n \n \n (\"Gulf Keystone\", \"GKP\" or \"the Company\")\n \n \n \n \n \n \n 2022 AGM & Operational & Corporate Update\n \n \n \n \n \n \n Ahead of today's 2022 Annual General Meeting (\"AGM\"), Gulf Keystone, a leading independent operator and producer in the Kurdistan Region of Iraq, provides an operational and corporate update.\n \n \n \n \n \n \n Jon Harris, Gulf Keystone's Chief Executive Officer, said:\n \n \n \n \n \"Following a year of strong operational and financial performance in 2021, our leverage to the oil price, low-cost production base and focus on capital discipline have continued to drive significant cash flow\n \n \n generation from the Shaikan Field in 2022. We have declared sector-leading dividends of $190 million year to date, $75 million of which is subject to shareholder vote at today's AGM, while continuing to invest in the high growth potential of the Shaikan Field. We also remain focused on maintaining a robust balance sheet and today we are pleased to announce our intention to call the $100 million outstanding bond, leaving the Company debt free.\n \n \n \n \n \n \n \n \n \n Year to date production has averaged c.44,900 bopd. We are prudently managing our wells to avoid traces of water and, as a result, we are tightening 2022 gross production guidance to 44,000 - 47,000 bopd. The installation of water handling facilities will unlock upside production potential and we continue to explore acceleration options in a supply constrained market. In the near-term, we continue to progress our well workover and intervention programme to optimise production. While timing of approval remains uncertain, we also continue to make positive progress on the FDP as we prepare to resume drilling and ramp up production.\n \n \n \n \n \n \n \n \n \n Ahead of our AGM later today, I would like to thank our shareholders, employees and other stakeholders in Kurdistan for their continued commitment and support. Together, we are focused on safely delivering the significant value of the Shaikan Field.\"\n \n \n \n \n \n \n \n \n \n \n \n \n Operational\n \n \n \n \n \n \n \n \n ·\n Continued strong focus on safety, with no Lost Ti...