8th Oct 2024 15:05
Gulf Keystone Petroleum Ltd - oil producer in Kurdistan Region of Iraq - Says it has decided to declare an interim dividend for 2024 of USD20 million, or 9.216 US cents per share. Also launches USD10 million share buyback, starting immediately and completing by the end of December. The buyback will be run by brokers Canaccord Genuity Ltd and Peel Hunt LLP. The ability to restart shareholder returns is thanks to free cash flow generation from local sales of oil in Kurdistan, ahead of the restart of the export pipeline, Gulf Keystone says. Gross average production is about 48,500 barrels of oil per day in September and about 45,900 so far in October, and realised prices have remained stable at USD27 to USD28 per barrel.
"While local sales remain difficult to predict beyond the near term, given market demand dynamics or the upcoming PF-1 shutdown planned for safety-critical upgrades and maintenance in November, demand for Shaikan Field crude has continued to be robust," the company says.
Gulf Keystone says its cash balance as of Monday is USD110 million.
The company also confirms David Thomas as its permanent chair, effective immediately, having been interim chair for a month.
Current stock price: 133.56 pence, up 5.1% in London on Tuesday
12-month change: up 15%
By Tom Waite, Alliance News editor
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