Update on Shaikan Field local sales & Notice of 2023 Full Year Results
Shaikan Field local sales rebounded to 38,400 bopd in February 2024 at $25/bbl, generating $10m net revenue above monthly costs.
- Gross average sales (February 2024) c.38,400 bopd
- Realised price (February 2024) c.$25/bbl
- Expected net sales (February 2024) c.$10m
- Monthly capex and costs c.$6m
- Breakeven gross sales c.22,200 bopd
- GKP net entitlement 36%
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Gulf Keystone, a leading independent operator and producer in the Kurdistan Region of Iraq, is today providing an update on Shaikan Field local sales ahead of its 2023 Full Year Results on 21 March 2024.
Local sales update
Local sales volumes have rebounded in recent weeks with gross average sales this month to 26 February of c.38,400 bopd, reflecting higher market demand for certain refined products, the easing of seasonal logistic challenges and a realised price of c.$25/bbl. The increase has brought gross average sales in 2024 year to date to c.29,600 bopd.
At current volumes and realised prices, sales for February 2024 are expected to be c.$10m net to GKP, above expected monthly net capex and costs of c.$6 million (breakeven at gross sales of c.22,200 bopd), enabling the continued reduction of accounts payable balances. The Company continues to receive advance payments for its net entitlement of 36% of gross sales revenue.
Looking ahead, while we expect demand in 2024 to remain variable, we see strong local market demand as we enter March and are looking to increase sales above current levels.
Notice of 2023 Full Year Results
The Company confirms it will be announcing its results for the full year ended 31 December 2023 on Thursday 21 March 2024.
GKP’s management team will be hosting a presentation for analysts and investors at 10:00am (GMT) via live audio webcast:
In addition, management will also be hosting a webcast presentation focused on retail investors via the Investor Meet Company ("IMC") platform at 12:00pm (GMT).
The presentation is open to all existing and potential shareholders. Questions can be submitted prior to the event via the IMC platform up until 9:00am (GMT) the day before the meeting, or at any time during the live presentation. Investors can sign up to IMC for free using the following link:
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.