Gulf Keystone Petroleum (GKP) confirmed on Friday morning that its operations in Kurdistan continue safely and securely with the Company achieving average production of 34,525 bopd from Shaikan since the beginning of October 2017.
Shaikan is performing as expected with cumulative production from the field now at 42.4 million barrels, an average of 35,966 bopd in 2017. The Company is on track to meet gross production guidance of 32,000-38,000 bopd for the year.
In line with the Ministry of Natural Resource's crude export strategy, Shaikan crude production is still being exported via trucks to Turkey. Trucking operations continue uninterrupted with approximately 200 trucks loaded daily.
Following the recent payment for the October 2017 Reinstated Notes coupon of $5 million, the Company's current cash position is $147.2 million.
Gulf Keystone will keep the market appraised of any changes to its normal operations.
Commenting on today's announcement, CEO, Jón Ferrier, said:
"We remain committed to ensuring safe and secure operations in Kurdistan, and we continue to monitor the geo-political situation closely. Despite the challenges facing the region, we are maintaining stable operations."
(Source: Gulf Keystone)