Business
2023 AGM, Operational & Corporate Update
2023 AGM, Operational & Corporate Update.
About this update from Gulf Keystone Petroleum Limited
[{"type":"text","content":"\n \n \n \n\n\nGulf Keystone Petroleum Ltd (GKP)\n\n\n\n\n\n\n2023 AGM, Operational & Corporate Update 16-Jun-2023 / 07:00 GMT/BST\n\n\n16 June 2023\n\n \n\n \n\nGulf Keystone Petroleum Ltd. (LSE: GKP)\n\n(“Gulf Keystone”, “GKP” or “the Company”)\n\n \n\n2023 AGM, Operational & Corporate Update\n\n \n\nAhead of today's 2023 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\nJon Harris, Gulf Keystone's Chief Executive Officer, said:\n\n“Gulf Keystone entered 2023 following a year of strong operational and financial performance and continued delivery against the Company’s disciplined strategy of investing in profitable production growth, sustainable shareholder returns and maintaining a strong balance sheet. Following the suspension of Kurdistan crude exports on 25 March 2023 and continued delays to oil sales payments, our focus has shifted to aggressively reducing all costs to preserve liquidity, while maintaining safe operational readiness to quickly restart production. We are now exploring potential options to sell our crude to local buyers.\n\nWhile no timeline has been publicly announced, we continue to believe the suspension of exports will be temporary and that the KRG will resume more normalised payments. We are encouraged by the ongoing engagement between the KRG, Iraq and Turkey and note the approval earlier this week of the Iraqi Federal budget, which is a step in the right direction towards formal recognition of Kurdistan production by Iraq and potentially paves the way for monthly budget transfers from Iraq to the Kurdistan Regional Government (“KRG”). We continue to closely monitor the situation. \n\n \n\nOperational\n\n \n\nProduction from the Shaikan Field remains shut-in following the suspension of exports and closure of the Iraq-Turkey Pipeline on 25 March 2023\n\n The suspension has resulted in a gross production deferment to date of around 4.3 million barrels, or approximately 11,800 bopd on a full-year basis (2023 gross average production guidance prior to suspension: 46,000 - 52,000 bopd)\n \n Almost all operational activity in the Shaikan Field has stopped since the pipeline closure in order to preserve liquidity\n Production facilities cu...