Gulf Keystone Petroleum Ltd. Shaikan Payment Update (9416K)
January 06 2016 - 2:00AM
UK Regulatory
TIDMGKP
RNS Number : 9416K
Gulf Keystone Petroleum Ltd.
06 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
shall there be any sale of securities in any jurisdiction where
such offer, solicitation or sale would constitute a contravention
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6 January 2016
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")
Shaikan Payment Update
Gulf Keystone Petroleum, a leading independent operator and
producer in the Kurdistan Region of Iraq, is pleased to confirm
that a gross payment of US$15 million (US$12 million net to Gulf
Keystone) has been received by the Company for Shaikan crude oil
export sales.
This payment satisfies the Company's invoice for the month of
December 2015 submitted to the Kurdistan Regional Government's
Ministry of Natural Resources ("MNR").
Following the payment, the Company's current cash position is
US$58.4 million.
Commenting on today's announcement, Jón Ferrier, CEO, said:
"We are pleased to start 2016 with confirmation of payment for
December's Shaikan crude oil export sales. This is the fourth
consecutive monthly payment, for which we would like to state our
thanks to our partner the MNR."
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
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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