Gulf Keystone Petroleum: Half-Year Report

Corporate developments

• The Group continues to work towards the execution of the Second Shaikan PSC Amendment implementing the terms of the Bilateral MNR Agreement
• Mr Keith Lough appointed Non-Executive Chairman in July 2016
• As disclosed in the 2015 Annual Report, the Group relinquished the Sheikh Adi Block and terminated the Sheikh Adi PSC in March 2016
• The relinquishment of the Ber Bahr Block is being finalised
• Mr Tony Peart retired from his position as the Company's Legal and Commercial Director after 8 years with Gulf Keystone effective 6 September 2016

Outlook

• Continued safe and secure operations with the focus on achieving commercial sustainability
• Additional liquidity and regular revenue receipts will allow the Group to finance its ongoing operations and near-term investment plans
• Completion of the Restructuring

Jón Ferrier (pictured), Chief Executive Officer, said:

"Upon completion of the Restructuring we will be able to effectively relaunch Gulf Keystone.  We will benefit from an enhanced balance sheet, a well understood field which continues to perform above expectations and a clear path to significantly increasing production and growing value over time.

"With a regular payment schedule, Gulf Keystone will be in the strongest position it has been in for a number of years and faces the future with renewed confidence."

Further details here.

(Source: GKP)