Business
2024 AGM Operational & Corporate Update
2024 AGM Operational & Corporate Update.
About this update from Gulf Keystone Petroleum Limited
[{"type":"text","content":"\n \n \n \n\n\t\n\n\n\n\n\n\n\n\n\n\n\nGulf Keystone Petroleum Ltd (GKP)\n\n\n\n\n\n\n2024 AGM Operational & Corporate Update 21-Jun-2024 / 07:00 GMT/BST\n\n\n21 June 2024 \n\n \n\n \n\nGulf Keystone Petroleum Ltd. (LSE: GKP) \n\n(“Gulf Keystone”, “GKP” or “the Company”)\n\n \n\n2024 AGM Operational & Corporate Update\n\n \n\nContinued robust local sales performance\n\nDeclaration of $15 million interim dividend\n\n \n\nAhead of today's 2024 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“We are pleased today to be welcoming GKP shareholders to our 2024 AGM. We have made significant progress as a business since the 2023 AGM and successfully adapted to our new operating environment following the suspension of Kurdistan exports, safely transitioning our operations to local sales and sharply reducing capital expenditures and costs. As a result, we have been able to generate meaningful free cash flow, enabling us to strengthen our balance sheet and subsequently return cash to shareholders this year through our recent share buyback programme of up to $10 million. The Board and I would like to thank our shareholders for their continued support. \n\n \n\nShaikan Field crude sales to the Kurdistan market have continued to be robust in recent weeks, with gross average sales in 2024 year to date increasing to c.38,700 bopd and current prices further improving to c.$28/bbl. As a result, our liquidity position has continued to improve. Given our performance and the local sales outlook, we are pleased today to declare an interim dividend of $15 million, payable in July 2024. We will continue to review additional distributions based on the operating environment and liquidity needs of the Company. \n\n \n\nWe continue to actively engage with government stakeholders to push for a pipeline exports restart solution and unlock significant potential value for shareholders. In the interim, we intend to maximise shareholder value from local sales.”\n\n \n\nOperational \n\n \n\nRigorous focus on safety as 24-7 truck loading operations continue at both produ...