GKP to Invest Further in Shaikan

Corporate Update

  • Gross production guidance for 2018 is being set at 27,000-32,000 bopd. The lower range compared to 2017 is due to the need to install downhole pumps in some wells, which are part of the investment programme delayed into 2018.
  • Chairman Keith Lough has informed the board of his intention to step down.  Keith joined GKP as a non-executive Director in October 2015 and assumed the role of Chairman in July 2016.  Keith successfully steered the Company through its financial restructuring in 2016 and oversaw the strengthening of GKP’s balance sheet and continued improvement of GKP’s corporate governance.  He leaves the Company ahead of a new phase of its development where the focus is on operations and investment.  The Company thanks Keith for his wise counsel and commitment to the business.  A search is underway for Keith’s successor as Independent Chairman and the Board will ensure a smooth and orderly transition.
  • The Company confirms that, after two and a half years’ service, Nadhim Zahawi, the Chief Strategy Officer, left the Company in December 2017. The Company thanks Nadhim for his valuable contribution.
  • Cash position of $157 million as at 19 January 2018.

Commenting, Jón Ferrier, CEO, said:

Following a further year of strong operational delivery where production guidance has been met, the Company is now focused on achieving the commercial framework to significantly increase investment in Kurdistan to step up gross production to 55,000 bopd in the near to medium term, a material step towards development of the full potential of the field and production around ca.100,000 bopd.

“We are very pleased with the progress made to date on the commercial and operational matters to implement this and look forward to concluding commercial matters in the near future.  On behalf of all the Company we wish Keith Lough well and thank him for his valued and constructive contribution to the Company and the Board.  We will update the market in due course on our progress throughout 2018.

(Source: GKP)

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