Gulf Keystone Petroleum Ltd. Akri-Bijeel Block Update (3765L)
January 11 2016 - 2:05AM
UK Regulatory
TIDMGKP
RNS Number : 3765L
Gulf Keystone Petroleum Ltd.
11 January 2016
Not 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
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11 January 2016
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")
Akri-Bijeel Block Update
Gulf Keystone Petroleum, a leading independent operator and
producer in the Kurdistan Region of Iraq, is making reference to
today's announcement by MOL Hungarian Oil and Gas Plc., operator of
the Akri-Bijeel Block, regarding the relinquishment of the
licence:
"MOL Hungarian Oil and Gas Plc. hereby informs capital market
participants that, in agreement with its Partners Gulf Keystone
Petroleum and the Kurdistan Regional Government's Ministry of
Natural Resources, it has decided to relinquish the Akri-Bijeel
Block in the Kurdistan Region of Iraq.
The decision is based on a comprehensive assessment of the block
potential and follows the communication made in MOL's Third Quarter
Interim Management Report (November 6, 2015). MOL and Gulf Keystone
Petroleum, as Contractor Entities, signed the Relinquishment and
Termination Agreement of the Production Sharing Contract on 31
December 2015.
MOL Group remains committed to maximize the value of its
investments in the Kurdistan Region of Iraq, among others in the
Shaikan Block."
Commenting on today's announcement, Jón Ferrier, CEO, said:
"As the operator of the Shaikan Block, we continue to focus on
this flagship producing asset in cooperation with our partners in
the Kurdistan Region. We ended the year with stable average daily
production rates of above 36,000 barrels of oil per day in December
and we started 2016 with receipt of the fourth consecutive monthly
payment for December Shaikan crude oil export sales."
"We continue to exercise the highest financial discipline across
the organisation, whilst maintaining safe and reliable
operations."
Enquiries:
Gulf Keystone Petroleum: +44 (0) 20 7514 1400
Jón Ferrier, CEO
Sami Zouari, CFO
Anastasia Vvedenskaya, Head of Investor
Relations +44 (0) 20 7514 1411
Celicourt Communications: +44(0) 20 7520 9266
Mark Antelme
Jimmy Lea
or visit: www.gulfkeystone.com
Notes to Editors:
-- Gulf Keystone Petroleum Ltd. (LSE: GKP) is a leading
independent operator and producer in the Kurdistan Region of
Iraq.
-- Gulf Keystone Petroleum International (GKPI) holds Production
Sharing Contracts for four exploration blocks in Kurdistan, the
Shaikan, Sheikh Adi, Ber Bahr and Akri-Bijeel blocks.
-- GKPI is the operator of the Shaikan block, which is a major
commercial discovery, with a working interest of 75% and is
partnered with MOL Kalegran Limited (a 100% subsidiary of MOL
Hungarian Oil and Gas plc.) and Texas Keystone Inc., which have
working interests of 20% and 5% respectively.
-- Following the establishment of a regular payment cycle for
all oil sales and arrears, Gulf Keystone plans to move into the
large-scale phased development of the Shaikan field targeting
110,000 bopd of production capacity during Phase 1 of the Shaikan
Field Development Plan.
Disclaimer
This announcement contains certain forward-looking statements.
These statements are made by the Company's Directors in good faith
based on the information available to them up to the time of their
approval of this announcement but such statements should be treated
with caution due to inherent uncertainties, including both economic
and business factors, underlying such forward-looking information.
This announcement has been prepared solely to provide additional
information to shareholders to assess the Group's strategies and
the potential for those strategies to succeed. This announcement
should not be relied on by any other party or for any other
purpose.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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