Business
2022 Half Year Results Announcement
2022 Half Year Results Announcement.
About this update from Gulf Keystone Petroleum Limited
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n \n 1 September\n 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\", \"the Group\" or \"the Company\")\n \n \n \n \n \n \n 2022 Half Year Results Announcement\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 half year ended 30 June 2022.\n \n \n \n \n \n \n Jon Harris, Gulf Keystone's Chief Executive Officer, said:\n \n \n \n \n \"\n \n \n With the strengthening oil price and increased production, we have delivered strong profitability and cash flow generation in the first half of the year. As we progress towards approval of the Field Development Plan, we have continued to develop the Shaikan Field and recently resumed drilling with the spud of SH-16. We have paid a record $190 million of dividends in 2022 and are pleased today to announce an incremental interim dividend of $25 million, increasing total dividends declared this year to $215 million. While delivering a sector leading dividend yield, we have also maintained a strong balance sheet, redeeming our $100 million bond leaving the Company debt free.\n \n \n \n \n Looking ahead to the rest of the year, we are focused on progressing towards FDP approval and achieving our production and opex guidance as we continue to optimise production from the field while maintaining a rigorous focus on costs. We have raised our 2022 capex guidance to $110-$120 million as we have added the drilling of SH-16 and are progressing initial procurement activities for the installation of water handling facilities, which will enable us to unlock additional production from our wells in the future.\n \n \n \n \n We remain focused on balancing investment in growth with shareholder returns. Continued robust cash generation provides flexibility to consider funding future capital expenditures and further distributions to shareholders, while preserving adequate liquidity.\"\n \n \n \n \n \n \n \n \n \n Highlights to 30 June 2022 and post reporting period\n \n \n \n \n \n \n \n Operational\n \n \n \n \n \n \n \n \n ·\n Strong safety performance, with no Lost Time Incident (\"LTI\") recorded for 315 days\n \n \n ·\n 2022 year to date gross aver...