Gulf Keystone Petroleum Ltd Com Shs

GKP · Main Market · Energy · mcap £422m · 197.6p

Gulf Keystone operates the Shaikan Field in Kurdistan, Iraq, and sells the crude it produces. Its revenue depends on oil prices, on export routes through the Iraq-Turkey pipeline and on payments from the Kurdistan government.

Target	Promise	Said	Status
2024
2024	Keep monthly net capex, operating costs and G&A at or below c.$6m in 2024	13 Dec 2023	✓ Kept
	“Expect to maintain aggregate net capex, operating costs and other G&A monthly run rate at or below c.$6 million in 2024” Also stated 31 Jan 2024 · 21 Mar 2024 Result Later updates through December 2024 still reported c.$6m monthly costs, and 2024 net capex was $18m. “Expect to maintain aggregate net capex, operating costs and other G&A monthly run rate at c.$6 million in 2024: Estimated 2024 net capex of c.$20 million”31 Jan 2024 · Operational & Corporate Update
2024	2024 net capex of about $20m	31 Jan 2024	✓ Kept
	“Estimated 2024 net capex of c.$20 million, comprising safety critical upgrades and production maintenance expenditures” Result 2024 net capex was $18m, below the estimate. “2024 net capex of $18 million (2023: $58 million) in line with guidance, primarily reflecting safety critical upgrades at PF-1, maintenance and production optimisation expenditures”23 Jan 2025 · Operational & Corporate Update
2025
23 Apr 2025	Pay $25m interim dividend by 23 April 2025	20 Mar 2025	✓ Kept
	“$25 million interim dividend announced today” Result The June 2025 update confirmed the $25m dividend was paid in April. “$25 million interim dividend paid in April according to the Company's announced approach of semi-annual dividend reviews”20 Jun 2025 · 2025 AGM Operational & Corporate Update
2025	2025 gross average production of 40,000-45,000 bopd, later narrowed to 40,000-42,000 bopd	23 Jan 2025	✗ Missed · target changed
	“2025 gross average production expected to be between 40,000 – 42,000 bopd” Also stated 20 Mar 2025 · 28 Aug 2025 Result Guidance was narrowed to 40,000-42,000 bopd in August 2025 after disruptions. Actual output was 41,560 bopd, inside the new range. “we have tightened 2025 gross average production guidance to 40,000 - 42,000 bopd primarily reflecting the production losses from recent temporary disruptions”28 Aug 2025 · 2025 Half Year Results Announcement “Gross average production of c.40,600 bopd in 2025 year to date (as at 26 August 2025)”28 Aug 2025 · 2025 Half Year Results Announcement
2025	2025 net capex of $25-30m	20 Mar 2025	✗ Missed
	“Net capital expenditure of $25-$30 million” Result Net capex for 2025 was $34m, above the range. 22 Jan 2026 · Operational & Corporate Update
2025	2025 operating costs of $50-55m	20 Mar 2025	✓ Kept
	“Operating costs of $50-$55 million” Result 2025 operating costs were $53m. 22 Jan 2026 · Operational & Corporate Update
2025-09	Restart Kurdistan crude exports through the pipeline	26 Sep 2025	✓ Kept
	“export volumes will reach full capacity in the coming days” Also stated 29 Sep 2025 Result Exports restarted on 27 September 2025, and the first payment came in November. 10 Dec 2025 · Operational & Corporate Update
Today · 10 Oct 2026
2026
2026	2026 gross average production of 37,000-41,000 bopd	22 Jan 2026	✗ Missed
	“Pipeline exports resumed in September 2025, with regular payments continuing into 2026” Result H1 2026 averaged only 14,600 bopd after security shut-ins, making the range very unlikely. “Gross average production of 14,600 bopd in H1 2026 (H1 2025: 44,100 bopd) reflects impact of precautionary shut-in between 28 February and 23 June 2026 due to regional security issues”25 Aug 2026 · 2026 Half Year Results Announcement “Gross production prior to the shut-in had averaged 41,303 bopd from the beginning of 2026, with volumes exceeding 44,000 bopd on several days towards the end of February 2026”25 Aug 2026 · 2026 Half Year Results Announcement
2026-04	Implement cross-border share transfers between Oslo and London by early April 2026	13 Feb 2026	✓ Kept
	“plans to implement cross-border share transfer arrangements in early April 2026” Result Cross-border transfers were activated on 2 April 2026. 2 Apr 2026 · Implementation of cross border transfers between the LSE and Euronext Growth Oslo
2026	Return to prior production levels after restart by the end of 2026	25 Aug 2026	… In progress
	“Shaikan Field production restarted on 16 August 2026, with gross volumes currently approaching 40,000 bopd” Status so far Not yet due.
2027
2027-03	PF-2 water handling start-up in Q1 2027, unlocking 4,000-8,000 bopd	28 Aug 2025	… In progress
	“Installation of water handling facilities at PF-2 remains on track for start-up in Q1 2027” Also stated 25 Aug 2026 Status so far Not yet due.
2027	Restart drilling and field development, now potentially in 2027	22 Jan 2026	✗ Missed · target changed
	“preparing for a potential return to field development and drilling in 2027, subject to receiving full PSC entitlement for its export sales” Also stated 25 Aug 2026 Result The 2026 restart was pushed to a potential 2027 return, conditional on full PSC entitlement.