DJ 2025 AGM Operational & Corporate Update
Gulf Keystone Petroleum Ltd (GKP)
2025 AGM Operational & Corporate Update
20-Jun-2025 / 07:00 GMT/BST
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20 June 2025
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone", "GKP" or "the Company")
2025 AGM Operational & Corporate Update
Ahead of today's 2025 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:
"We are looking forward this morning to welcoming GKP shareholders to our 2025 AGM. The Company has performed well in
the year to date, with robust local sales demand enabling gross average production of c.44,900 bopd, supporting
continued free cash flow generation and an interim dividend of USD25 million paid in April.
Looking ahead, our 2025 annual guidance is unchanged. While we have seen no material impact on Shaikan Field operations
to date, we are closely monitoring the developing conflict between Israel and Iran. We are also continuing to engage
with government stakeholders regarding an exports restart solution. While there remains no timeline, we are hopeful of
ultimately reaching an agreement."
Operational & Financial
-- Strong safety track record, with Zero Lost Time Incidents for over 880 days
-- Gross average production of c.44,900 bopd in 2025 year to date (to 18 June 2025):
- Production supported by robust local market demand and optimisation initiatives offsetting field declines and
well maintenance
- Realised prices have remained at around USD27-USD29/bbl this year despite the recent fluctuations in Brent price
-- Continued disciplined capital expenditures and strict cost control have supported free cash flow:
- USD25 million interim dividend paid in April according to the Company's announced approach of semi-annual
dividend reviews; the next Board review is expected around the Half Year Results in August
- Debt-free balance sheet, with cash of USD100 million as at 19 June 2025
Outlook
2025 operational and financial guidance
-- 2025 gross average production guidance unchanged at 40,000 - 45,000 bopd:
- The planned PF-2 shutdown, expected to last c.3 weeks, has been deferred from Q4 2025 to Q2 2026, to support
production and provide greater work programme flexibility
- The Company continues to carefully manage natural field declines and production rates on certain wells
constrained by water and gas
- Production guidance remains subject to local market demand
-- 2025 net capital expenditure and cost guidance unchanged:
- Expect c.USD20 million net capex on PF-2 safety upgrades and maintenance, with the majority of the required
equipment purchases and activity taking place in 2025 despite the deferral of the facility shutdown to Q2 2026,
and USD5-USD10 million on production optimisation initiatives
- Continue to review plant initiatives to enhance production and improve reliability, including water handling
- Operating costs guidance of USD50-USD55 million and other G&A expenses guidance below USD10 million unchanged
Kurdistan exports
-- GKP continues to engage with government stakeholders regarding a solution to enable the restart of Kurdistan crude
exports through the Iraq-Türkiye Pipeline
- The Company remains ready to resume oil exports provided we have agreements on payment surety for future oil
exports, the repayment of outstanding receivables and the preservation of current contract economics
2025 AGM
Gulf Keystone is today hosting its 2025 AGM at 10 A.M. CET (9 A.M. BST) 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/gkpagm2025. Joining instructions are available on Gulf Keystone's website: https://
www.gulfkeystone.com/investors/agm.
The AGM will be hosted by David Thomas, Non-Executive Chair, and will include a presentation by Jon Harris, Chief
Executive Officer, and Gabriel Papineau-Legris, 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:
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.
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ISIN: BMG4209G2077 Category Code: MSCM TIDM: GKP LEI Code: 213800QTAQOSSTNTPO15 Sequence No.: 393334 EQS News ID: 2157926 End of Announcement EQS News Service =------------------------------------------------------------------------------------
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June 20, 2025 02:00 ET (06:00 GMT)
