Business
Operational, Corporate & AGM Update
Operational, Corporate & AGM Update.
About this update from Gulf Keystone Petroleum Limited
[{"type":"text","content":"\n \n\n\nGulf Keystone Petroleum Ltd (GKP)\n\n\n\nOperational, Corporate & AGM Update19-Dec-2022 / 07:00 GMT/BSTDissemination of a Regulatory Announcement, transmitted by EQS Group.The issuer is solely responsible for the content of this announcement.\n\n\n \n\n \n\n19 December 2022\n\n \n\n \n\nGulf Keystone Petroleum Ltd. (LSE: GKP)\n\n(“Gulf Keystone”, “GKP” or “the Company”)\n\n \n\nOperational, Corporate & AGM Update\n\n \n\nGulf Keystone, a leading independent operator and producer in the Kurdistan Region of Iraq (“KRI”), today provides an operational, corporate and AGM update. \n\n \n\nJon Harris, Gulf Keystone's Chief Executive Officer, said: \n\n“Our leverage to strong oil prices, low-cost production base and focus on capital discipline has led to significant cash flow generation in 2022, enabling us to deliver sector leading dividends of $215 million, repay our $100 million bond leaving us debt-free and continue to invest in Shaikan Field production growth. \n\n \n\n2022 production is expected to be at the lower end of our 44,000 – 47,000 bopd guidance range, recently impacted by the temporary shut-in of one well due to an isolated Electrical Submersible Pump (“ESP”) electrical failure, which has just been worked over and restarted. We are currently producing c.44,400 bopd as we gradually ramp up production from both the restarted well and SH-16, which was brought online earlier this month. \n\n \n\nTo drive production and cash flow growth, we are maintaining drilling momentum, recently spudding SH-17 and subsequently planning to drill SH-P. We are reviewing our 2023 work programme with our partner and look forward to providing production, capex and opex guidance in the new year.\n\n \n\nJaap Huijskes, GKP’s Non-Executive Chairman, has expressed his intention to retire from the Board following the 2023 AGM. I would like to thank him for his outstanding contributions to the company over the past five years and in particular his guidance during my tenure.”\n\n \n\nOperational\n\n \n\nContinued strong focus on safety, with no Lost Time Incident (“LTI”) recorded for over 420 days\n Gross average production in 2022 year to date of c.44,100 bopd; current production of c.44,400 bopd as at 17 December 2022\n Production recently impacted by temporary shut-in of...