Business
2022 Full Year Results
2022 Full Year Results.
About this update from Gulf Keystone Petroleum Limited
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n \n 23 March 2023\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\", \"the Group\" or \"the Company\")\n \n \n \n \n \n \n 2022 Full Year Results Announcement and Competent Person's Report Update\n \n \n \n \n \n \n \n \n \n Strong 2023 production, recently exceeding 55,000 bopd\n \n \n \n \n 2022 CPR confirms 817 MMstb of gross 2P reserves + 2C resources, with 100% replacement of production\n \n \n \n \n Record 2022 free cash flow and profitability drove sector leading dividend yield\n \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 2022 and the 2022 Competent Person's Report.\n \n \n \n \n \n \n Jon Harris, Gulf Keystone's Chief Executive Officer, said:\n \n \n \n \n \"We delivered strong operational and financial performance in 2022 in line with our clear strategy of balancing investment in profitable production growth with sustainable shareholder returns, while maintaining a robust balance sheet and prudent liquidity levels. Higher oil prices and production, combined with continued capital discipline and cost control, enabled us to generate record profitability and cash flow, funding increased investment in future production growth, record dividends of $215 million and the repayment of our $100 million bond resulting in a debt-free balance sheet. \n \n \n \n \n The benefits of our 2022 investment programme and progress on executing the Jurassic scope of the Shaikan Field Development Plan contributed to a material increase in gross average production to around 53,500 bopd in March 2023, hitting a new record of over 55,000 bopd in the last few days, an important milestone for GKP. In addition, we are pleased that the 2022 CPR has confirmed the Shaikan Field's significant growth potential and gross 2P + 2C reserves and resources of 817 MMstb, with 100% reserves replacement since the 2020 CPR.\n \n \n \n \n Looking ahead we are reviewing our forward capital programme in light of continued delays to KRG payments to ensure that we maintain a prudent financial position as we continue to develop the Jurassic reservoir and advance towards approval of the FD...