Gulf Keystone Petroleum Ltd. GKP RNS Payment made for Shaikan crude oil exports (5412Y)
December 01 2014 - 12:37PM
UK Regulatory
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RNS Number : 5412Y
Gulf Keystone Petroleum Ltd.
01 December 2014
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indirectly, in whole or in part in or into the United States or any
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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
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01 December 2014
Gulf Keystone Petroleum Ltd. (LSE: GKP)
Payment made for Shaikan crude oil exports
Gulf Keystone Petroleum Limited ("Gulf Keystone" or the
"Company") is pleased to announce that, further to the recent
statement by the Ministry of Natural Resources (MNR) of the
Kurdistan Regional Government (KRG) regarding payment to producers
for crude oil exports, an initial payment of USD 15 million gross
has been made to the Company.
Gulf Keystone now looks forward to the establishment of a
pattern of regular payments for export crude sales. In the
meantime, the Company continues to adopt a prudent approach to
capital expenditure.
The statement made by the KRG's MNR on 7 November 2014 regarding
the plan to make an initial payment to producers for exports, with
further payments to follow on a regular basis, can be viewed at
http://mnr.krg.org/index.php/en/press-releases/422-update-on-oil-export-from-the-kurdistan-region-of-iraq.
Commenting on today's news, John Gerstenlauer, Gulf Keystone's
CEO, said.
"We welcome this initial payment of USD 15 million gross from
the MNR for Shaikan export oil sales. It represents a major step
forward for us and we are grateful to our partners in the KRG, who
we resolutely stand beside. We continue to have constructive
discussions with the KRG in relation to receiving payment in full
for our oil sales.
Following our first anniversary of steady export sales, this
initial payment is another important milestone in Gulf Keystone's
history and further evidence of the Company's great momentum. With
the creation of a regular payment cycle we look forward to being
able to deliver further benefits to the people of Kurdistan, and
all our stakeholders, as we consolidate our position as a key
producer in the region from the world class Shaikan field."
Enquiries:
Gulf Keystone Petroleum:
Anastasia Vvedenskaya, Head of +44 (0) 20 7514 1400
Investor Relations +44 (0) 77 1406 1410
Media Relations and Financial
PR Adviser: +44 (0)20 7520 9266
Mark Antelme
or visit: www.gulfkeystone.com
Notes to Editors:
-- Gulf Keystone Petroleum Ltd. (LSE: GKP) is an independent oil
and gas exploration, development and production company focused on
exploration 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. Texas Keystone Inc.
holds its interest in trust for Gulf Keystone, pending transfer of
its interest to the Company.
-- Gulf Keystone is moving into the large-scale phased
development of the Shaikan field targeting 100,000 bopd of
production capacity during Phase 1 of the Shaikan Field Development
Plan following its approval in June 2013.
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 communication and the information contained herein is not
an offer of securities for sale in the United States. Securities
may not be offered or sold in the United States unless they are
registered or are exempt from registration. Any public offering of
securities to be made in the United States would be made by means
of a prospectus that would contain detailed information about the
company and its management, as well as financial statements. The
company does not intend to register any portion of this offering in
the United States or to conduct a public offering in the United
States or any other jurisdiction. Any public offering of securities
to be made in the United States would be made by means of a
prospectus that would contain detailed information about the
Company and its management, as well as financial statements. Copies
of this communication are not being, and should not be, distributed
in or sent into the United States.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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