Gulf Keystone Petroleum Ltd. KRG proposed amendment to payment terms (5155Y)
May 13 2021 - 02:09AM
UK Regulatory
TIDMGKP
RNS Number : 5155Y
Gulf Keystone Petroleum Ltd.
13 May 2021
13 May 2021
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone", "GKP" or "the Company")
KRG proposed amendment to payment terms
Gulf Keystone, in line with other operators, has received a
letter from the Kurdistan Regional Government ("KRG") proposing an
amendment, starting with the March 2021 production invoice, to
payment terms due to the ongoing challenges in Iraq with the
COVID-19 pandemic.
The KRG has noted that since the dated Brent price has remained
consistently well above $50 per barrel, the monthly repayment of
outstanding arrears will now be calculated as 20% (compared to 50%
previously) of the difference between the average monthly dated
Brent price and $50 per barrel multiplied by the gross Shaikan
crude oil volumes sold in a month. The balance for the November
2019 to February 2020 outstanding invoices currently stands at $65
million.
The KRG has stated that payment will now be 60 days after
submission of each invoice.
The KRG has also stated that should international oil markets
see substantial volatility, it commits to re-evaluating this
payment model.
The proposal has not yet been discussed with the KRG or accepted
by the Company.
Enquiries:
Gulf Keystone: +44 (0) 20 7514 1400
Aaron Clark, Head of Investor Relations aclark@gulfkeystone.com
Celicourt Communications: + 44(0) 20 8434 2754
Mark Antelme GKP@Celicourt.uk
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. 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.
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END
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