Tag Archives | Gulf Keystone

The latest Gulf Keystone Business News – Kurdistan, oil finds / discoveries, Sheikh Adi near Erbil, Shaikan, share price rise – brought to you by Iraq Business News

GKP seeks Relief with Bondholders

By John Lee. Shares in Gulf Keystone Petroleum (GKP) closed down nearly 3 percent on Friday after it reached agreement with less than 75 percent of its bondholders to delay making interest payments. The company’s full statement: Further to the Company’s disclosure on 14 April 2016, Gulf Keystone confirms that constructive dialogue continues with a […]

GKP Announces Options; Shares Plunge to New Low

Shares in Gulf Keystone Petroleum (GKP) plunged 30 percent to a new low following the mid-morning announcement of details of fundraising and investment options: Gulf Keystone today publishes further details on potential interim investment scenarios to build a common foundation for stakeholder discussions on the Company’s need for near-term fundraising, upcoming debt obligations and possible […]

GKP Shaikan Payment Update

By John Lee. Gulf Keystone Petroleum (GKP) has announced that a gross payment of $7.5 million has been received from the Kurdistan Regional Government (“KRG”) for Shaikan crude oil exports in February 2016. This gross payment comprises the Company’s monthly contractual revenue entitlement under the Shaikan Production Sharing Contract for crude oil exports in February […]

GKP hits Seven-Year Low; Bondholder Nego Continues

By John Lee. Shares in Gulf Keystone Petroleum (GKP) fell to a seven-year low in early trading on Thursday, as the company said it is continuing discussions with bondholders. The company announced its results for the year ended 31 December 2015: Highlights to 31 December 2015 and post reporting period Operational Gulf Keystone’s operations in […]

KRG Authorises GKP Shaikan Payment

Gulf Keystone Petroleum (GKP) announced today that the Kurdistan Regional Government has authorised a gross payment of US$15 million (US$12 million net to Gulf Keystone) to the company. Further to the KRG’s Ministry of Natural Resources (“MNR”) press release of 1 February 2016, this payment is being made on the basis of the Company’s monthly […]

MOL Relinquishes Akri-Bijeel Licence

By John Lee. MOL Hungarian Oil and Gas Plc has announced that, in agreement with its partners Gulf Keystone Petroleum (GKP) and the Kurdistan Regional Government’s Ministry of Natural Resources, it has decided to relinquish the Akri-Bijeel Block in the Kurdistan Region of Iraq. The cpmpany said its decision was based on a comprehensive assessment […]

Gulf Keystone receives Shaikan Payment

Gulf Keystone Petroleum (GKP) has confirmed that a gross payment of US$15 million (US$12 million net to Gulf Keystone) has been received by the Company for Shaikan crude oil export sales. This payment satisfies the Company’s invoice for the month of December 2015 submitted to the Kurdistan Regional Government’s Ministry of Natural Resources (“MNR”). Following […]

GKP Rises following New Payment

Shares in Gulf Keystone Petroleum (GKP) traded up almost 10 percent in early trading on Thursday, after the company confirmed that a gross payment of US$15 million (US$12 million net to Gulf Keystone) for Shaikan crude oil exports had been received. This October 2015 payment follows a similar payment in September 2015 and is in […]

Gulf Keystone Announce Shaikan Milestone

By Simon Kent. Gulf Keystone have announced that the Shaikan field in the Kurdish region of Iraq (KRI) has now exceeded 15 million barrels of commercial production. According to the company, this amounts to a daily average production in excess of 40,000 barrels of oil gross. The oil is trucked to the Turkish border before […]

GKP Directors Step Down, Shares Fall Further

By John Lee. Gulf Keystone Petroleum (GKP) has announced that three of the company’s Non-Executive Directors are to quit their positions. V Uthaya Kumar has resigned from the Board on 2 July 2015, while Dr. Joseph Stanislaw and Maria Darby-Walker have decided to not seek re-appointment and will retire from the Board on the day […]

GKP Adopts “Diversified Marketing Strategy”

By John Lee. Gulf Keystone Petroleum (GKP), the operator of the Shaikan field in the Kurdistan Region of Iraq, confirmed on Monday that it continues to produce in excess of 40,000 barrels of oil per day following the successful completion of ‘de-bottlenecking’ (sic) operations at PF-1. According to a statement this morning, as a result of the continuing […]

GKP Confirms Maersk Exec as New CEO

By John Lee. Gulf Keystone Petroleum (GKP) has confirmed that it is in the process of appointing Jón Ferrier as CEO. Following a brief transition period, John Gerstenlauer will retire as CEO and, at the forthcoming Annual General Meeting, as a Director of the Company. A further announcement will be made in due course. Jón […]