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WKN: A2DGZ5 | ISIN: BMG4209G2077 | Ticker-Symbol: GVP1
Tradegate
21.06.24
14:46 Uhr
1,800 Euro
+0,124
+7,40 %
Branche
Öl/Gas
Aktienmarkt
Sonstige
1-Jahres-Chart
GULF KEYSTONE PETROLEUM LTD Chart 1 Jahr
5-Tage-Chart
GULF KEYSTONE PETROLEUM LTD 5-Tage-Chart
RealtimeGeldBriefZeit
1,7961,83015:30
1,7981,82815:27
Dow Jones News
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(1)

Gulf Keystone Petroleum Ltd.: Operational update and launch of up to USD10 million share buyback programme

DJ Operational update and launch of up to USD10 million share buyback programme

Gulf Keystone Petroleum Ltd (GKP) 
Operational update and launch of up to USD10 million share buyback programme 
13-May-2024 / 07:00 GMT/BST 
=---------------------------------------------------------------------------------------------------------------------- 
 
13 May 2024 
 
 
Gulf Keystone Petroleum Ltd. (LSE: GKP) 
("Gulf Keystone", "GKP", "the Group" or "the Company") 
 
Operational update and launch of up to USD10 million share buyback programme 
 
Gulf Keystone, a leading independent operator and producer in the Kurdistan Region of Iraq, today provides an 
operational update and is pleased to announce the launch of a share buyback programme of the Company's Common Shares 
for up to a maximum aggregate consideration of USD10 million. 
 
Jon Harris, Gulf Keystone's Chief Executive Officer, said: 
"Local sales have continued to be robust in recent weeks, with gross average sales in 2024 year to date of c.37,000 
bopd and realised prices recently increasing to c.USD27/bbl. As a result, our liquidity position has continued to 
improve. While we remain focused on retaining sufficient liquidity in the current operating environment and ensuring we 
are able to unlock significant potential value from the restart of Kurdistan exports, we recognise the importance of 
distributing excess cash to shareholders. Given GKP's weak share price, which the Board believes trades at a 
significant discount to the intrinsic value of the Shaikan Field and does not adequately reflect the near-term cash 
flow generation potential from local sales, the Board has decided to initiate a share buyback programme of up to USD10 
million." 
 
Operational update 
 
   -- Local sales of Shaikan Field crude continue to be robust with gross average sales in 2024 year to 11 May 
  of c.37,000 bopd 
 - Following strong sales in March of c.44,100 bopd, April sales were down slightly to c.38,900 bopd due to 
  the temporary impact of Eid celebrations on truck availability. Volumes have since recovered, with sales in May to 
  date averaging c.48,300 bopd 
 - Realised prices have recently increased from c.USD25/bbl to c.USD27/bbl, reflecting continued strong local 
  market demand 
   -- GKP's liquidity position has continued to improve and the Company's cash balance was USD98 million as at 10 
  May 2024 
   -- Looking ahead, while local market demand is expected to remain variable in 2024, the Company sees strong 
  local sales demand in the near term, enabling continued free cash flow generation 
 - Cash flow is supported by the Company's minimal 2024 work programme and expected monthly aggregate net 
  capex, operating costs and other G&A of c.USD6 million 
 - At current realised prices and 36% net entitlement, the Company's free cash flow breakeven is at gross 
  sales of c.20,500 bopd 
   -- Subject to local sales demand and considering the Company's limited capital programme, gross production 
  potential is currently between 45,000 - 48,000 bopd following recent optimisations to well performance 
 
Buyback Programme launch 
 
   -- The Company remains focused on conserving sufficient liquidity to manage the current operating 
  environment and ensure it is able to unlock significant potential value from the restart of Kurdistan exports, 
  which it continues to push for in its engagement with government stakeholders 
   -- The Board recognises that the distribution of excess cash is important to reward shareholders, in line 
  with the Company's track record of shareholder distributions 
   -- The Board believes that GKP's current share price trades at a significant discount to the intrinsic value 
  of the Shaikan Field and does not adequately reflect the near-term free cash flow generation potential from local 
  sales 
   -- The Board has decided to initiate a share buyback programme (the "Buyback Programme") of the Company's 
  Common Shares of USD1.00 each ("Shares") for up to a maximum aggregate consideration of USD10 million (the "Maximum 
  Amount") 
   -- The Board will keep under review the Company's capability to distribute excess cash by way of dividends 
  or additional buybacks, considering the operating environment and the Company's liquidity position 
 
Buyback Programme execution 
 
The Buyback Programme will be executed in accordance with the Company's authority to make on-market purchases of Shares 
which was approved by shareholders at the Company's AGM on 16 June 2023. The Company expects to propose the renewal of 
the shareholder authority to carry out on-market purchases at the 2024 AGM so that this option remains available to the 
board as part of the future overall shareholder return strategy. 
 
The Company has entered into an agreement with its brokers, Canaccord Genuity Limited ("Canaccord Genuity") and Peel 
Hunt LLP ("Peel Hunt") (together the "Brokers"), to carry out on-market purchases of Shares up to the Maximum Amount 
within agreed parameters on an irrevocable and non-discretionary basis. Purchases of Shares will be made on the 
Company's behalf in accordance with the agreement with the Brokers and may continue independently of and uninfluenced 
by the Company during any closed period to which the Company is subject and/or if the Company comes into possession of 
inside information. The Company has agreed the Buyback Programme will commence immediately and run to the earlier of 
its completion or the Company's 2024 AGM on 21 June 2024. 
 
So long as the Company is not in a closed period to which it is subject nor in possession of inside information (an 
"Open Period") the Company may elect to terminate the non-discretionary nature of the mandate. The Company may 
subsequently choose to reinstate the non-discretionary mandate of the Buyback Programme provided that the Company is in 
an Open Period at that time. 
 
The Buyback Programme will be carried out on the London Stock Exchange and will be implemented within certain agreed 
parameters, including the price parameters under the relevant shareholder authority and, except as disclosed in this 
announcement, the safe harbour provisions set out in the Market Abuse Regulation (EU) 596/2014 (as it forms part of UK 
law pursuant to the European Union (Withdrawal) Act 2018) (the "Regulations") and the applicable laws and regulations 
of the London Stock Exchange. 
 
A buyback of Shares on any trading day may represent a significant portion of the daily trading volumes in the Shares 
and may exceed 25% of the average daily trading volume specified in the safe harbour provisions of the Regulations 
dealing with buyback programmes and accordingly the Company may not benefit from the exemption in Article 5(1) of that 
regulation. 
 
The sole purpose of the Buyback Programme is to reduce the capital of the Company. As such, all Shares purchased under 
the Buyback Programme will be cancelled. 
The Company will make announcements and publish on its website details of any Share repurchases. 
 
The information contained within this announcement is deemed to constitute inside information as stipulated under the 
Regulations. Upon the publication of this announcement, this inside information is now considered to be in the public 
domain and the Company confirms that it currently has no inside information. 
 
 
Enquiries: 
 
Gulf Keystone:              +44 (0) 20 7514 1400 
Aaron Clark, Head of Investor Relations 
& Corporate Communications        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.

----------------------------------------------------------------------------------------------------------------------- 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.: 320910 
EQS News ID:  1900847 
 
End of Announcement EQS News Service 
=------------------------------------------------------------------------------------
 

Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1900847&application_name=news

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