Operational & Corporate Update
Gulf Keystone Petroleum announced that production and export operations are ongoing at full well capacity of approximately 45,000 barrels of oil per day, with a maiden top-up cargo lifted following allocation of additional barrels by SOMO. The company is preparing for a return to drilling and field development in 2027, though the water handling project at PF-2 is now expected to start up in Q2 2027 due to supply chain constraints. As of October 19, 2026, Gulf Keystone has a debt-free balance sheet with $48.2 million in cash. In a significant corporate development, Gulf Keystone and ShaMaran Petroleum have agreed to merge, aiming to create a leading independent oil producer focused on the Kurdistan Region of Iraq and Federal Iraq.
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Gulf Keystone, a leading independent operator and producer in the Kurdistan Region of Iraq (“Kurdistan”), today provides the following operational & corporate update.
Production and export operations continue with full well capacity of approximately 45,000 bopd
As previously reported, a maiden top-up cargo was recently lifted following the allocation of additional barrels by Iraq’s State Oil Marketing Organisation (“SOMO”) to reconcile a portion of Q4 2025 export sales to international prices
The Company continues to prepare for a return to drilling and field development in 2027 while progressing the installation of water handling facilities at PF-2 to unlock incremental production. Due to supply chain constraints, the Company now expects the water handling project to start-up in Q2 2027
The Company’s balance sheet is currently debt-free, with cash of $48.2 million as at 19 October 2026
Separately, GKP and ShaMaran Petroleum have today announced that they have agreed to merge to create a leading independent oil producer focused on the Kurdistan Region of Iraq and Federal Iraq
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.