Gulf Keystone announces Special Dividend

Gulf Keystone Petroleum (GKP) has announced that its Board has approved the declaration of a special dividend of $25 million.

Jon Harris (pictured), Gulf Keystone's Chief Executive Officer, said:

"Given continuing strong oil prices, improving macroeconomic conditions and our robust financial position, we are pleased to deliver on our commitment to consider further shareholder distributions and declare a $25 million special dividend, bringing total dividends for shareholder approval at the upcoming AGM to $50 million.

"We will continue to balance investment in growth and returns to shareholders as we develop and realise value from the Shaikan Field for the benefit of all stakeholders."

Following the previously announced resumption of the Company's annual dividend policy and declaration of a $25 million dividend, Gulf Keystone will be seeking shareholder approval at the Annual General Meeting ("AGM") on 18 June 2021 to pay total dividends of $50 million, comprising the $25 million annual dividend and today's announced $25 million special dividend.

The annual dividend of $25 million is expected to be paid on 2 July 2021, based on a record date of 25 June 2021. The special dividend of $25 million is expected to be paid on 6 August 2021, based on a record date of 30 July 2021.

Both dividends will be payable in pounds sterling and converted from dollars at the spot rate prevailing on the relevant record dates.

As at 12 May 2021, the Company had a cash balance of $179 million.

(Source: GKP)

One Response to Gulf Keystone announces Special Dividend

  1. MUHAMMAD WIJDAN IBRAHIM 15th May 2021 at 07:20 #

    Adnan Samarrai, B.Sc.
    (1934 –2021)

    A distinguished Iraqi Petroleum Geologist, Finder, Developer and Producer of Giant Oil Fields; Adnan Ismail Al-Samarrai, died in an Erbil hospital on the 1st of May 2021, one week after the death of his wife, following weeks of struggle with Coronavirus. Born on 1934 in Basrah- S. Iraq, the son of Ismail Al-Samarrai; an Iraqi government employee. Adnan received his B.Sc. in Geology from the University of Baghdad in 1962, after four years of stimulating lecturers and classmates at the Department of Geology of the old College of Sciences in Al-Aa’dhamiyah with thought-provoking questions and intelligent remarks.
    Adnan worked with Binnie & Partners in 1962 then joined Iraq Petroleum Company (IPC) as Field Geologist in 1965. After the nationalisation of IPC in 1972 and with years of oilfields development and production experience under his belt, Adnan was selected for the position of Deputy Head of Geology Department of North Oil Company that took-over the operations of Kirkuk and satellite oil fields from IPC, there he assembled and led a new exploration team that made several discoveries in northern Iraq.
    With 20 years of exploration, development and production experience, Adnan was relocated to Baghdad in 1985 to be the Chief Exploration Geologist and Deputy Head of Geology Department of Oil Exploration Company (OEC) of Iraq National Oil Company. There, he participated in planning, supervising and implementing the exploration strategy of the OEC (during the harsh years of two Gulf Wars and long UNs’ sanctions), when the OEC made several discoveries, including another satellite field of Kirkuk (Ismail Oil Field) on 1997.
    With 41 years of planning and implementing petroleum exploration, development and production experience Adnan retired from the OEC on December 1997 to work as Consultant Petroleum Geologist for several companies including British Gas, Pennzoil, and then headhunted by Gulf Keystone Petroleum Limited (GKP) in late 2006 to the position of Country Manager of their new venture in Iraqi Kurdistan. At the golden age of 73, Adnan moved to set up GKP head-office at Erbil in 2007, where “he played a major role in the capture of the company’s acreage in the country, and the discovery of the Shaikan Oil Field” according to the November 2009 corporate presentation of GKPI. Adnan was the direct driving force behind GKP’s north-eastern Iraq giant and supergiant discoveries of Shaikan Field (>2.8 Billion STBOIIP & Gas in 2009), Akri Bijeel Field (>0.5 Billion STBOIIP in 2010), Sheikh Adi Field (>1.0 Billion STBOIIP in 2012) and indirectly of Ber Bahr Field (>1.9 Billion STBOIIP in 2013) which is operated by Genel Energy. Adnan retired from GKP in 2012, and moved to be the Technical Advisor to Ministry of Natural Resources of Iraqi KRG until the end of the pandemic year of 2020.
    Adnan Samarrai was a talented and dedicated Petroleum Geologist, a Giant Fields Hunter, a Member of the Geological Society of Iraq, a Fellow of the Geological Society of London, and an Emeritus Member of the AAPG (of which he remained an AAPG member through decades of economic austerity following Iraq’s nationalisation of IPC-BPC’s assets in 1973, and three Gulf Wars). There is no record of the volume of oil and gas discoveries that Adnan participated in prior to joining GKP, but during his six years’ service with GKP, he planned, assembled and led a team that discovered more than 4.3 Billion Barrels of Oil in Place when he was 73 to 78 years old. Adnan Ismail Al-Samarrai survives by his son Bashar, daughters Nada and Sumer, and the gigantic legacy of petroleum resources that he discovered for the people of his fatherland; IRAQ.
    Muhammad W. Ibrahim, Ph.D. and Mohammad H. Al-Azzawi, Ph.D.
    London, UK.
    12 May 2021