Gulf Keystone Petroleum Ltd. Operations Update (1379U)
October 20 2017 - 2:00AM
UK Regulatory
TIDMGKP
RNS Number : 1379U
Gulf Keystone Petroleum Ltd.
20 October 2017
20 October 2017
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone", "GKP" or "the Company")
Operations Update
Gulf Keystone confirms that its operations in Kurdistan continue
safely and securely with the Company achieving average production
of 34,525 bopd from Shaikan since the beginning of October
2017.
Shaikan is performing as expected with cumulative production
from the field now at 42.4 million barrels, an average of 35,966
bopd in 2017. The Company is on track to meet gross production
guidance of 32,000-38,000 bopd for the year.
In line with the Ministry of Natural Resource's crude export
strategy, Shaikan crude production is still being exported via
trucks to Turkey. Trucking operations continue uninterrupted with
approximately 200 trucks loaded daily.
Following the recent payment for the October 2017 Reinstated
Notes coupon of $5 million, the Company's current cash position is
$147.2 million.
Gulf Keystone will keep the market appraised of any changes to
its normal operations.
Commenting on today's announcement, CEO, Jón Ferrier, said:
"We remain committed to ensuring safe and secure operations in
Kurdistan, and we continue to monitor the geo-political situation
closely. Despite the challenges facing the region, we are
maintaining stable operations."
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
Enquiries:
Gulf Keystone Petroleum: +44 (0) 20 7514 1400
Jón Ferrier, CEO
Sami Zouari, CFO
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
and the operator of the Shaikan field with current production
capacity of 40,000 barrels of oil per day
-- Further information on Gulf Keystone is available on its website www.gulfkeystone.com
Disclaimer
This announcement contains certain forward-looking statements
that are subject to the risks and uncertainties associated with the
oil & gas exploration and production business. These statements
are made by the Company and its 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 risks and uncertainties, including both
economic and business factors and/or factors beyond the Company's
control or within the Company's control where, for example, the
Company decides on a change of plan or strategy. 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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