- Continue safe and secure operations with the focus on achieving commercial sustainability of the business
- Continue to manage expenditure in a responsible and prudent manner and, in line with the KRG statement on 3 August 2015, anticipate the establishment of a regular payment cycle for all crude oil export sales from September 2015, with arrears being addressed from early 2016
- Following the establishment of a regular payment cycle for all oil sales and the arrears, progress from the current production levels of in excess of 40,000 bopd to the Shaikan Phase 1 development target of 100,000 bopd
- Complete the Strategic Review process
Jón Ferrier (pictured), Gulf Keystone’s Chief Executive Officer, said:
“From an operational perspective Shaikan is continuing to perform strongly. However, there remain a number of challenges for producing operators in the region. Nevertheless, we are making good progress on all fronts at Gulf Keystone and are cautiously optimistic about the future.
“Chiefly, we are confident that our host government will be able to deliver on their recent pledge to establish a regular payment cycle for our crude from next month, and will start addressing the amount owed in arrears from 2016.
“Combined with revenue from our domestic off-taker agreement, this will provide us with the necessary means to recommence investment into the field and progress toward further increasing production, and subsequently value, for all stakeholders.“
(Sources: GKP, Yahoo!)