Gulf Keystone Petroleum Ltd.
Not for release, publication or distribution, directly or indirectly, in whole or in part in or into the United States or any jurisdiction other than the United Kingdom and Bermuda where to do so would constitute a contravention of the relevant laws or regulations of such jurisdiction. This announcement (and the information contained herein) does not contain or constitute an offer to sell or the solicitation of an offer to purchase, nor shall there be any sale of securities in any jurisdiction where such offer, solicitation or sale would constitute a contravention of the relevant laws or regulations of such jurisdiction.
07 September 2015
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")
Payment confirmed for Shaikan crude oil exports
Gulf Keystone, an independent oil and gas exploration and production company and operator of the world class Shaikan field in the Kurdistan Region of Iraq, is pleased to announce that, further to the statement by the Kurdistan Regional Government of today regarding regular payments to the exporting international oil companies in the region, a payment of US$15 million gross (US$12 million net to Gulf Keystone) has been authorised by the KRG to be wired to the Company's account during the next seven days.
Gulf Keystone now looks forward to the establishment of regular payments for Shaikan export sales.
The statements by the Ministry of Natural Resources made on 3 August 2015 and 7 September 2015 and the statement by the Kurdistan Regional Council for Oil & Gas Affairs made on 27 August 2015 are available to view at:
http://mnr.krg.org/index.php/en/press-releases/476-update-on-payments-to-exporting-oil-companies-in-the-kurdistan-region
Commenting on today's news, Jón Ferrier, Gulf Keystone's Chief Executive Officer, said:
"At this critical time for our company and for the entire oil industry in the Kurdistan Region, we welcome the announcement of this payment of US$15 million gross for Shaikan export oil sales and we appreciate the support from our partner, the Kurdistan Regional Government."
Enquiries:
Gulf Keystone Petroleum: |
+44 (0) 20 7514 1400 |
Jón Ferrier, CEO |
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Sami Zouari, CFO |
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Anastasia Vvedenskaya, Head of Investor Relations |
+44 (0) 20 7514 1411 |
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Celicourt Communications: |
+44(0) 20 7520 9266 |
Mark Antelme Jimmy Lea |
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or visit: www.gulfkeystone.com
Notes to Editors:
· Gulf Keystone Petroleum Ltd. (LSE: GKP) is an independent oil and gas exploration and production company with operations in the Kurdistan Region of Iraq.
· Gulf Keystone Petroleum International (GKPI) holds Production Sharing Contracts for four exploration blocks in Kurdistan, the Shaikan, Sheikh Adi, Ber Bahr and Akri-Bijeel blocks.
· GKPI is the operator of the Shaikan block, which is a major commercial discovery, with a working interest of 75% and is partnered with MOL Kalegran Limited (a 100% subsidiary of MOL Hungarian Oil and Gas plc.) and Texas Keystone Inc., which have working interests of 20% and 5% respectively.
· Following the establishment of a regular payment cycle for all oil sales and arrears, Gulf Keystone plans to move into the large-scale phased development of the Shaikan field targeting 100,000 bopd of production capacity during Phase 1 of the Shaikan Field Development Plan.
Disclaimer
This announcement contains certain forward-looking statements. These statements are made by the Company's 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 uncertainties, including both economic and business factors, underlying such forward-looking information. 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.
