Gulf Keystone Petroleum Ltd (GKP) Operational & Corporate
Update and Notice of Annual General Meeting 23-May-2023 / 07:00
GMT/BST
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23 May 2023
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone", "GKP" or "the Company")
Operational & Corporate Update and Notice of Annual General
Meeting
Gulf Keystone, a leading independent operator and producer in
the Kurdistan Region of Iraq ("KRI" or "Kurdistan"), is today
providing an update on operational and corporate activity and the
Company's upcoming 2023 Annual General Meeting ("AGM").
Operational & Corporate Update
Following the shut-in of the Iraq-Turkey pipeline on 25 March
2023, production from the Shaikan Field remains shut-in. The
suspension of exports has resulted in a gross production deferment
to date of around 2.9 million barrels, or approximately 8,000 bopd
on a full-year basis.
While no official timeline to restart pipeline operations has
been publicly announced, the Company continues to believe that the
suspension of exports will be temporary. We are encouraged by the
announcement from the Kurdistan Regional Government ("KRG") on 11
May 2023 that it has reached an agreement with the Iraqi government
on measures to allow the resumption of oil exports through Turkey
and that Iraq's State Oil Marketing Organization ("SOMO") has
officially requested Turkish authorities to allow the Kurdistan
Region's oil exports via the country's Ceyhan port. The Company
remains ready to resume production immediately.
The Company continues to seek clarity from the KRG on when
consistent monthly oil sales payments will resume and when the
current overdue receivables for the months of October 2022 to
February 2023, totalling USD128 million net on the basis of the KBT
pricing mechanism, will be paid.
The Company remains focussed on preserving liquidity and
continues to reduce capital expenditures and costs across the
business, while maintaining a strong focus on safety and long-term
asset reliability.
As previously announced, the Board has been considering the
proposed final 2022 ordinary annual dividend of USD25 million and,
while the importance of distributions to shareholders is
recognised, it believes that it is prudent to cancel the dividend.
Once regular payments from the KRG resume, the Board will consider
the reinstatement of dividends in line with its financial
framework, which includes an assessment of the Company's expected
liquidity, cash flow generation and investment needs.
GKP will provide further updates to the market, as
appropriate.
Notice of Annual General Meeting
Gulf Keystone's 2023 AGM will be held on Friday 16 June 2023 via
webcast at 10 A.M. (CET).
Following the publication of the Company's Annual Report and
Accounts for the year ended 31 December 2022 ("the Annual Report")
on 28 April 2023, the Notice of Annual General Meeting ("AGM") and
accompanying forms of proxy and instruction have today been posted
to shareholders.
All documents are available to view on the dedicated AGM page of
Gulf Keystone's website (www.gulfkeystone.com/ investors/agm) and
have also been submitted to the National Storage Mechanism.
The AGM will be held via webcast which all Gulf Keystone
shareholders are invited to view. Voting of the resolutions at the
AGM will be conducted by a poll and we strongly encourage
shareholders to vote on all resolutions in advance of the meeting.
Shareholders are kindly requested to appoint the Chairman as their
proxy when voting.
Full details of the operation and arrangements for the AGM, as
well as instructions for joining the webcast and voting, are
available on Gulf Keystone's website
(www.gulfkeystone.com/investors/agm) and in the Notice of AGM. Any
shareholders who wish to ask a question for consideration at the
AGM are encouraged to send it in advance to
investorrelations@gulfkeystone.co.uk.
Board update
As announced on 30 January 2023, Jaap Huijskes will retire as
Chair of the Board at the 2023 AGM. Martin Angle, the current
Deputy Chair and Senior Independent Director ("SID"), will be
appointed Chair of the Board following the conclusion of the AGM.
Ms Kimberley Wood, current independent Non-Executive Director, will
be appointed Deputy Chair and SID at this time.
Garrett Soden, currently Non-Executive Director and shareholder
representative of Lansdowne Partners Austria GmbH, has advised the
Board that he will not be standing for re-election at the 2023 AGM
following his appointment as President and Chief Executive Officer
of ShaMaran Petroleum Corp. on 15 May 2023. The Company and
Lansdowne Partners Austria GmbH will discuss a suitable shareholder
representative replacement.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) no. 596/2014 (as it forms part of
domestic law by virtue of the European Union (Withdrawal) Act
2018).
Enquiries:
Gulf Keystone: +44 (0) 20 7514 1400
Aaron Clark, Head of Investor Relations aclark@gulfkeystone.com
FTI Consulting +44 (0) 20 3727 1000
Ben Brewerton
GKP@fticonsulting.com
Nick Hennis
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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Dissemination of a Regulatory Announcement, transmitted by EQS
Group. The issuer is solely responsible for the content of this
announcement.
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ISIN: BMG4209G2077
Category Code: MSCH
TIDM: GKP
LEI Code: 213800QTAQOSSTNTPO15
Sequence No.: 245473
EQS News ID: 1638815
End of Announcement EQS News Service
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(END) Dow Jones Newswires
May 23, 2023 02:00 ET (06:00 GMT)
Gulf Keystone Petroleum (AQSE:GKP.GB)
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