Gulf Keystone Petroleum Ltd. Operational and Corporate Update (2781W)
10 Diciembre 2019 - 1:00AM
UK Regulatory
TIDMGKP
RNS Number : 2781W
Gulf Keystone Petroleum Ltd.
10 December 2019
10 December 2019
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone", "GKP" or "the Company")
Operational and Corporate Update
Continuing operational progress and on track to meet original
2019 production guidance
Second share buyback programme to be launched
Gulf Keystone Petroleum, a leading independent operator and
producer in the Kurdistan Region of Iraq ("Kurdistan" or "Kurdistan
Region"), is providing an operational and corporate update.
Operational
Ø Average gross production for the year up to 30 November 2019
of 32,127 barrels of oil per day ("bopd").
Ø November gross production averaged 40,582 bopd, with current
production rates from the field at c.42,000 bopd.
Ø GKP is therefore on track to meet its original gross
production guidance for 2019 of 32,000-38,000 bopd.
Ø The first well of the drilling campaign, SH-12 came onstream
on 13 November. During commissioning, the well produced at rates up
to 4,600 bopd, in line with expectations and is currently producing
at c.4,000 bopd.
Ø The second well in the drilling campaign, SH-9 is a crucial
part of the long-term field gas management plan and is designed to
assess the gas reinjection potential of the Jurassic formation. The
well, which was spudded on 19 October, encountered a faulted
section requiring the well to be side-tracked to the Jurassic
reservoir target.
Ø The SH-9 side-track necessitates a revision to the drilling
schedule. Assuming a duration of one month for the side-track, the
Company now expects to reach the 55,000 bopd gross production
target at Shaikan in Q3 2020.
Ø The planned maintenance and debottlenecking shutdown at PF-2
was completed safely during October.
Ø The PF-1 export pipeline is complete. Full oil export
operations are expected to commence in the next 24 hours marking
the end of export by trucking from the Shaikan Field.
Ø Operations at Shaikan remain safe and secure, with no Lost
Time Incidents ("LTI") recorded in over 500 days.
Corporate
Ø Cash balance of $206 million as at 9 December 2019.
Ø With a robust cash position and the Company's confidence in
its delivery of the Shaikan project, a second share buyback
programme for a further $25 million has been approved and an
initial tranche of $15 million will be initiated today.
Jón Ferrier, CEO, commented:
"The Company has made significant progress on a number of
fronts; with the successful addition of SH-12 to the PF-2
production inventory and drilling of the gas appraisal well SH-9
where operations continue. The imminent start of export through the
PF-1 pipeline means all production from Shaikan will now be
exported directly via pipeline, benefitting safety, reducing
environmental impact and improving netbacks. We are pleased to
confirm that we are on track to achieve our initial average
production guidance for 2019, and whilst the need to side-track
SH-9 has slightly impacted our timing guidance for delivering
55,000 bopd, we remain on course to achieve further significant
production growth in 2020.
We are also pleased to announce the launch of a second $25
million share buyback programme, which is in line with our focus on
returning value to shareholders, whilst retaining the capital
necessary to grow the business."
Enquiries:
Celicourt Communications: + 44(0) 20 8434 2754
Mark Antelme
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.
This information is provided by RNS, the news service of the
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of this information may apply. For further information, please
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