Business
Statement regarding recent media
Statement regarding recent media.
About this update from Gulf Keystone Petroleum Limited
[{"type":"text","content":"\n \nRNS Number : 8690Z Gulf Keystone Petroleum Ltd. 17 March 2017 \n\n \nNot for release, publication or distribution, directly or indirectly, in whole or in part in or into the United States or any jurisdiction other than the United Kingdom and Bermuda where to do so would constitute a contravention of the relevant laws or regulations of such jurisdiction. This announcement (and the information contained herein) does not contain or constitute an offer to sell or the solicitation of an offer to purchase, nor shall there be any sale of securities in any jurisdiction where such offer, solicitation or sale would constitute a contravention of the relevant laws or regulations of such jurisdiction.\n \n \n \n17 March, 2017\nGulf Keystone Petroleum Ltd. (LSE: GKP)\n(\"Gulf Keystone\", \"GKP\" or \"the Company\")\n \nStatement regarding recent media \n \nFurther to reports in the media this week, Gulf Keystone, operator of the Shaikan Field in the Kurdistan Region of Iraq, is today clarifying certain points regarding the marketing of Shaikan crude. \n \nRecent media does not correctly represent the views of the Company and its Executives. The inference is that the company does not know where the Shaikan oil is exported or sold to. This is wrong. The company is fully aware that MNR have a number of international agreements with reputable trading houses for both the trucked Shaikan crude and the blended crude exported through the pipeline to Ceyhan.\nIn addition, the impression was wrongly given that the MNR was losing out financially by taking the Shaikan crude out of the pipeline. The pipeline exports to Ceyhan without the Shaikan crude is now sold at higher prices by the KRG, and for the export of Shaikan crude by truck the KRG are still achieving similar netback prices as before, therefore these new export arrangements have an economic benefit to the KRG as more value is realised overall.\nThe Kurdistan Regional Government's Ministry of Natural Resources (\"MNR\") is exporting all Shaikan crude production via trucks to Turkey in accordance with its stated policy of crude oil export quality management, and better pricing realisation. Shaikan export levels remain steady at ca 38,000 barrels a day. These trucking exports represent an important milestone by...