par Gulf Keystone Petroleum Ltd (isin : BMG4209G2077)
2023 AGM, Operational & Corporate Update
Gulf Keystone Petroleum Ltd (GKP) 16 June 2023
Gulf Keystone Petroleum Ltd. (LSE: GKP) (“Gulf Keystone”, “GKP” or “the Company”)
2023 AGM, Operational & Corporate Update
Ahead of today's 2023 Annual General Meeting ("AGM"), Gulf Keystone, a leading independent operator and producer in the Kurdistan Region of Iraq, provides an operational and corporate update.
Jon Harris, Gulf Keystone's Chief Executive Officer, said: “Gulf Keystone entered 2023 following a year of strong operational and financial performance and continued delivery against the Company’s disciplined strategy of investing in profitable production growth, sustainable shareholder returns and maintaining a strong balance sheet. Following the suspension of Kurdistan crude exports on 25 March 2023 and continued delays to oil sales payments, our focus has shifted to aggressively reducing all costs to preserve liquidity, while maintaining safe operational readiness to quickly restart production. We are now exploring potential options to sell our crude to local buyers. While no timeline has been publicly announced, we continue to believe the suspension of exports will be temporary and that the KRG will resume more normalised payments. We are encouraged by the ongoing engagement between the KRG, Iraq and Turkey and note the approval earlier this week of the Iraqi Federal budget, which is a step in the right direction towards formal recognition of Kurdistan production by Iraq and potentially paves the way for monthly budget transfers from Iraq to the Kurdistan Regional Government (“KRG”). We continue to closely monitor the situation.
Operational
Financial
Outlook
2023 AGM
Gulf Keystone is today hosting its 2023 AGM at 10am CET via webcast. It will not be possible to attend the meeting in person but all registered Gulf Keystone shareholders are invited to view the webcast at the following link: http://meetnow.global/gkpagm2023. Joining instructions are available on Gulf Keystone's website: https://www.gulfkeystone.com/investors/agm/.
The AGM will be hosted by Jaap Huijskes, Non-Executive Chairman, and Martin Angle, incoming Non-Executive Chairman and current Deputy Chairman and Senior Independent Director. It will include a presentation by Jon Harris, Chief Executive Officer, and Ian Weatherdon, Chief Financial Officer. A copy of the presentation will be available to view on the Investors section of Gulf Keystone's website (https://www.gulfkeystone.com/investors/presentations). A recording of the presentation will also be available to view on the same page later in the day following the conclusion of the AGM.
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. Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. |
ISIN: | BMG4209G2077 |
Category Code: | MSCM |
TIDM: | GKP |
LEI Code: | 213800QTAQOSSTNTPO15 |
Sequence No.: | 251300 |
EQS News ID: | 1658553 |
End of Announcement | EQS News Service |