Business
2024 Half Year Results Announcement
2024 Half Year Results Announcement.
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 Half Year Results Announcement 29-Aug-2024 / 07:00 GMT/BST\n\n\n \n\n \n\n29 August 2024\n\n \n\n \n\nGulf Keystone Petroleum Ltd. (LSE: GKP)\n\n(“Gulf Keystone”, “GKP”, “the Group” or “the Company”)\n\n \n\n2024 Half Year Results Announcement\n\n \n\nGulf Keystone, a leading independent operator and producer in the Kurdistan Region of Iraq, today announces its results for the half year ended 30 June 2024. \n\n \n\nJon Harris, Gulf Keystone’s Chief Executive Officer, said:\n\n“We have safely delivered a solid operational and financial performance in the first half of 2024, with robust local sales combined with sustained capital and cost discipline supporting our return to profitability and free cash flow generation in the period. Cash flow has enabled us to strengthen our balance sheet and restart shareholder distributions, with $25 million returned to shareholders in 2024 to date. \n\nLooking ahead, we continue to engage with government stakeholders to push for an exports restart solution, with significant potential value to be unlocked for Kurdistan, Iraq and the Company. In the interim, we remain focused on maximising shareholder value from local sales. To capitalise on continued strong demand, we are pursuing incremental opportunities to optimise production and improve process safety and reliability. We also continue to review the Company’s capacity for additional dividends or buybacks to build on our track record of shareholder returns.”\n\n \n\nHighlights to 30 June 2024 and post reporting period\n\n \n\nOperational\n\n \n\nContinued strong safety track record, with no Lost Time Incidents for over 590 days\n Gross average production increased 69% to 39,252 bopd in H1 2024 (H1 2023: 23,256 bopd), reflecting robust local market demand for Shaikan Field crude\n Gross average production of c.41,400 bopd in 2024 year to date\n Local market demand rebounded in February and has remained high \n Strong gross average production in July of c.47,900 bopd and in August to date of c.48,200 bopd\n Realised prices have fluctuated between $25/bbl - $28/bbl and are currently at c.$27/bbl\n \n Shaikan Field reservoir and operations have continued to perform well following the smooth ramp up of producti...