Business
Trading Statement and Operational Update
Trading Statement and Operational Update.
About this update from Gulf Keystone Petroleum Limited
[{"type":"text","content":"\n \nRNS Number : 6975V Gulf Keystone Petroleum Ltd. 01 February 2017 \n\n \n \n \n \n \n1 February 2017 \n \nGulf Keystone Petroleum Ltd. (LSE: GKP)\n(\"Gulf Keystone\", \"GKP\" or \"the Company\")\n \nTrading Statement and Operational Update\n \nNotification of Full Year Results\n \nGulf Keystone, operator of the Shaikan Field in the Kurdistan Region of Iraq, is today providing a Trading and Operational update. This is in advance of the Company's full year results for the period ended 31 December 2016 which will be announced on Thursday 6 April 2017. The information contained herein has not been audited and may be subject to further review and amendment.\n2016 Highlights\n· Average gross production for the year at 34,794 barrels of oil per day (\"bopd\") - within the upper-end of our 31,000-35,000 bopd guidance\n· Cumulative gross payments of $142.5 million received from the Kurdistan Regional Government's Ministry of Natural Resources (\"MNR\")\n· Plant uptime (at PF-1 and PF-2) of over 98%, once adjusted for export constraints, and strong safety performance with no lost-time incidents \n· The Company completed its financial restructuring on 13 October 2016 with a reinstated debt balance of $100 million and a $25 million equity raise through an Open Offer\n \nOutlook\n· Average gross production during January 2017 was 37,196 bopd with only minor export disruptions, maximum daily production reached 38,384 bopd\n· Production data from Shaikan continues to support the interpretations made in the most recent Competent Person's Report (\"CPR\") published 31 August 2016, which reported gross Shaikan 2P Reserves of 622 million barrels of oil (\"MMbo\") and gross 2C resources of 239 MMbo as at 30 June 2016.\n· The Company is progressing in its ongoing discussions with the MNR regarding commercial and contractual conditions, in particular those around a regular...