Update on Shaikan Field local sales & Notice of 2023 Full Year Results

28 February 2024

Gulf Keystone Petroleum Ltd. (LSE: GKP)

(“Gulf Keystone”, “GKP”, “the Group” or “the Company”)

Update on Shaikan Field local sales & Notice of 2023 Full Year Results

Gulf Keystone, a leading independent operator and producer in the Kurdistan Region of Iraq, is today providing an update on Shaikan Field local sales ahead of its 2023 Full Year Results on 21 March 2024.

Local sales update

Local sales volumes have rebounded in recent weeks with gross average sales this month to 26 February of c.38,400 bopd, reflecting higher market demand for certain refined products, the easing of seasonal logistic challenges and a realised price of c.$25/bbl. The increase has brought gross average sales in 2024 year to date to c.29,600 bopd. 

At current volumes and realised prices, sales for February 2024 are expected to be c.$10m net to GKP, above expected monthly net capex and costs of c.$6 million (breakeven at gross sales of c.22,200 bopd), enabling the continued reduction of accounts payable balances. The Company continues to receive advance payments for its net entitlement of 36% of gross sales revenue.

Looking ahead, while we expect demand in 2024 to remain variable, we see strong local market demand as we enter March and are looking to increase sales above current levels.

Notice of 2023 Full Year Results

The Company confirms it will be announcing its results for the full year ended 31 December 2023 on Thursday 21 March 2024.

GKP’s management team will be hosting a presentation for analysts and investors at 10:00am (GMT) via live audio webcast:

https://brrmedia.news/GKP_FY23  

In addition, management will also be hosting a webcast presentation focused on retail investors via the Investor Meet Company ("IMC") platform at 12:00pm (GMT).

The presentation is open to all existing and potential shareholders. Questions can be submitted prior to the event via the IMC platform up until 9:00am (GMT) the day before the meeting, or at any time during the live presentation. Investors can sign up to IMC for free using the following link:

https://www.investormeetcompany.com/gulf-keystone-petroleum-ltd/register-investor

Enquiries:

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.