Gulf Keystone Petroleum Ltd. Production and Marketing Update (4407R)
June 29 2015 - 2:00AM
UK Regulatory
TIDMGKP
RNS Number : 4407R
Gulf Keystone Petroleum Ltd.
29 June 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
such offer, solicitation or sale would constitute a contravention
of the relevant laws or regulations of such jurisdiction.
29 June 2015
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")
Production and Marketing Update
Gulf Keystone, the operator of the world class Shaikan field in
the Kurdistan Region of Iraq, today confirms that it continues to
produce in excess of 40,000 barrels of oil per day ("bopd")
following the successful completion of de-bottlenecking operations
at PF-1.
As a result of the continuing dialogue with the Kurdistan
Regional Government's Ministry of Natural Resources ("MNR") to
establish a regular payment cycle for all oil sales, both current
and historic, the Company has now adopted a diversified marketing
strategy. Currently, sales of Shaikan oil comprise crude oil export
deliveries by truck to the Turkish coast and sales to a domestic
buyer under a new six months contract which provides for offtake of
between 12,000 and 40,000 bopd.
The Company has recently received total payments of US$9.8
million in respect of domestic deliveries, comprising US$4.9
million for crude oil sales previously delivered in 2014 and US$4.9
million as the first payment for deliveries under the new six
months domestic offtake contract.
As of 26 June 2015, the Company's cash position was US$68.7
million with further payments anticipated as a result of the
continuing dialogue with the MNR.
Enquiries:
Gulf Keystone Petroleum: +44 (0) 20 7514 1400
Jón Ferrier, CEO
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 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.
-- 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 communication and the information contained herein is not
an offer of securities for sale in the United States. Securities
may not be offered or sold in the United States unless they are
registered or are exempt from registration. Any public offering of
securities to be made in the United States would be made by means
of a prospectus that would contain detailed information about the
company and its management, as well as financial statements. The
company does not intend to register any portion of this offering in
the United States or to conduct a public offering in the United
States or any other jurisdiction. Any public offering of securities
to be made in the United States would be made by means of a
prospectus that would contain detailed information about the
Company and its management, as well as financial statements. Copies
of this communication are not being, and should not be, distributed
in or sent into the United States.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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