Update on local Shaikan field sales from Gulf Keystone Petroleum Ltd

Gulf Keystone Petroleum Ltd (GKP), a major independent operator and producer in the Kurdistan Region of Iraq, announced an update on local sales from the Shaikan field. According to the company, local sales volumes have seen a significant increase in recent weeks, with a gross sales average of 38,400 barrels per day (bopd) through February 26. The increase is attributed to increased demand for certain refined products, easing seasonal logistics challenges and a realized price of $25 per barrel.

February 2024 sales are expected to be approximately $10 million net for GKP, which exceeds anticipated net monthly capital expenditures and costs of $6 million. This should allow the continued reduction of the accounts payable balance. The company continues to receive advance payments representing 36% of gross sales revenue.

Regarding the year 2024, although demand is expected to be variable, GKP anticipates strong demand in the local market in March and plans to increase its sales above current levels. It also confirmed the date of March 21, 2024 to announce its full results for the 2023 financial year.