Gulf Keystone Petroleum Announces Operational and Financial Updates

Gulf Keystone Petroleum Ltd (LSE: GKP) has shared its latest operational and corporate updates ahead of its 2024 Annual General Meeting. The company, a key operator in the Kurdistan Region of Iraq, reports continued robust local sales and has declared a $15 million interim dividend.

CEO Jon Harris highlighted the significant progress made since the 2023 AGM, including the successful adaptation to the suspension of Kurdistan exports by focusing on local sales. This shift has generated meaningful free cash flow, improving the company’s balance sheet and enabling shareholder returns through a share buyback program of up to $10 million.

Shaikan Field's crude sales have averaged 38,700 barrels per day (bopd) in 2024, with prices improving to approximately $28 per barrel. The company aims to maximize shareholder value through local sales while engaging with government stakeholders to restart pipeline exports.

Financially, Gulf Keystone's cash balance stands at $99 million as of June 20, 2024. The company remains committed to returning excess cash to shareholders, subject to liquidity needs and the operating environment.