Gulf Keystone Losses Widen

Gulf Keystone Petroleum (GKP) this morning announced its results for the year ended 31 December 2014.



  • 2014 gross production of 6,484,391 barrels of oil (2013: 496,921 barrels of oil) with significant growth expected in 2015
  • Gulf Keystone’s operations in the Kurdistan Region remained secure with production operations and crude oil export deliveries from the Shaikan field uninterrupted throughout 2014
  • The first production milestone of 40,000 barrels of oil per day (“bopd”) reached in December 2014 following a gradual ramp-up during the year
  • Current production in excess of 37,000 bopd is being delivered against the pre-payment of US$ 26 million gross (US$20.8 million net to Gulf Keystone) received for Shaikan crude oil sales on 25 February 2015, with further payments of a similar nature anticipated

Financial – as at 31 December 2014

  • Revenues of US$38.6 million achieved (FY13: US$6.7 million); additional revenue in the region of US$100 million owed but not yet recognised for crude oil export sales
  • Loss after tax of US$248.2 million (FY13: US$32.0 million)
  • Net proceeds of US$240 million raised from the issue of debt securities and associated warrants in April 2014

Financial – post period end

  • US$26 million gross (US$20.8 million net) received as pre-payment for Shaikan crude oil sales in February 2015
  • Successful placing of 85.9 million shares on 31 March 2015, raising gross proceeds for the Company of US$40 million
  • Discussions ongoing with a number of parties in relation to possible asset transactions or corporate sale
  • Book Equity Ratio Put Option successfully removed from the Trust Deed and Conditions of the US$250 million 13.0 per cent Guaranteed Notes due 2017 at the noteholder meeting on 7 April 2015
  • Cash balance at 8 April 2015 of US$84.7 million (31 Dec 2014: US$87.8 million) excluding recent share placing proceeds

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