3rd Sep 2020 10:23
Gulf Keystone Petroleum Ltd - Operator and producer in Iraq's Kurdistan region - Swings to USD32.6 million loss for six months ended June 30 from USD24.2 million profit as revenue drops 48% to USD49.9 million from USD95.6 million. Revenue decline results from oil price decline to lows of less than USD20 per barrel. Says Shaikan field production up over 2% compared to first half 2019. Identifies "simple, low-cost, high-impact investments", while waiting to resume its 55,000 barrels of oil per day project, that could increase base level gross production by around 5,000 bopd. These have the possibility of being implemented in the near-term.
Chief Executive Jon Ferrier: "We continue to maintain a tight focus on cost control and further savings will be reflected in the full year results. With our current measures in place, we are pleased to provide 2020 gross production guidance of 35,000 to 36,000 bopd. With continued improvement in macro and operating conditions, we are well positioned to deliver the long-term potential of the Shaikan Field and look forward to resuming shareholder distributions over time."
Current stock price: 82.00 pence
Year-to-date change: down 61%
By Anna Farley; [email protected]
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