Gulf Keystone Petroleum Ltd. Shaikan Operational and Payment Update (1379Z)
September 15 2015 - 9:31AM
UK Regulatory
TIDMGKP
RNS Number : 1379Z
Gulf Keystone Petroleum Ltd.
15 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
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such offer, solicitation or sale would constitute a contravention
of the relevant laws or regulations of such jurisdiction.
15 September 2015
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")
Shaikan Operational and Payment Update
Gulf Keystone, the operator of the world class Shaikan field in
the Kurdistan Region of Iraq, is pleased to announce that total
commercial production from the Shaikan field has now surpassed 15
million barrels with the current daily average production in excess
of 40,000 barrels of oil gross.
In July 2015, at the request of the Kurdistan Regional
Government's ("KRG") Ministry of Natural Resources ("MNR"), the
Company commenced trucking Shaikan crude oil a distance of 120 km
to Fyshkhabour on the Turkish border for injection into the export
pipeline to Ceyhan in Turkey. In anticipation of regular payments
for pipeline export sales announced by the KRG earlier this month
and at the request of the MNR, the Company is in the process of
transferring all crude oil deliveries to the export pipeline.
As of today, the Company's cash position is US$73.0 million,
including the recent payment of US$15 million gross (US$12 million
net to Gulf Keystone) now received for Shaikan crude oil
exports.
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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September 15, 2015 09:31 ET (13:31 GMT)
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