Gulf Keystone Interim Results

Gulf Keystone (LSE: GKP), the independent oil and gas exploration company focused on exploration in the Kurdistan region of Northern Iraq, has announced its interim results for the six months to the end of June:

Interim Results for the six months ended 30 June 2010


Financial Summary

·      Loss after tax $3.1 million (1H09: $5.6 million)

·      Loss per share $0.01 (1H09: $0.01)

·      Cash of $161.7 million at 30 June 2010 (1H09: $16.7 million)

Operational Summary - First Half


· Significant increase in gross oil in place numbers for the Shaikan discovery with a range of 1.9 (P90) to 7.4 (P10) billion barrels, following independent evaluation by Dynamic Global Advisers
· Oil discovery announced on Bijeel-1 with flow rates of up to 3,200 barrels of oil per day ("bopd")
· 3D seismic acquisition commenced on the Shaikan structure


· Settlement agreement negotiated with BG North Sea Holdings Limited ("BG") for the immediate stay of arbitration between the parties and the proposed withdrawal of the Company from the Hassi Ba Hamou Permit in consideration for a net cash payment of $10.0 million from BG, subject to the necessary Algerian approvals
· During May 2010 Sonatrach exercised in its favour a guarantee of $15.6 million in relation to the Ben Guecha Permit Blocks 108 and 128b as the exploration commitments were not satisfied
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