Gulf Keystone Petroleum Ltd. Payment confirmed for Shaikan crude oil exports (2815Y)
September 07 2015 - 7:00AM
UK Regulatory
TIDMGKP
RNS Number : 2815Y
Gulf Keystone Petroleum Ltd.
07 September 2015
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
shall there be any sale of securities in any jurisdiction where
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of the relevant laws or regulations of such jurisdiction.
07 September 2015
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")
Payment confirmed for Shaikan crude oil exports
Gulf Keystone, an independent oil and gas exploration and
production company and operator of the world class Shaikan field in
the Kurdistan Region of Iraq, is pleased to announce that, further
to the statement by the Kurdistan Regional Government of today
regarding regular payments to the exporting international oil
companies in the region, a payment of US$15 million gross (US$12
million net to Gulf Keystone) has been authorised by the KRG to be
wired to the Company's account during the next seven days.
Gulf Keystone now looks forward to the establishment of regular
payments for Shaikan export sales.
The statements by the Ministry of Natural Resources made on 3
August 2015 and 7 September 2015 and the statement by the Kurdistan
Regional Council for Oil & Gas Affairs made on 27 August 2015
are available to view at:
http://mnr.krg.org/index.php/en/press-releases/476-update-on-payments-to-exporting-oil-companies-in-the-kurdistan-region
Commenting on today's news, Jón Ferrier, Gulf Keystone's Chief
Executive Officer, said:
"At this critical time for our company and for the entire oil
industry in the Kurdistan Region, we welcome the announcement of
this payment of US$15 million gross for Shaikan export oil sales
and we appreciate the support from our partner, the Kurdistan
Regional Government."
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 an independent oil
and gas exploration and production company with operations 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
100,000 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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