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.