Shaikan Payment Update (1578129)
09 Março 2023 - 4:00AM
UK Regulatory
Gulf Keystone Petroleum Ltd (GKP) Shaikan Payment Update
09-March-2023 / 07:00 GMT/BST
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9 March 2023
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone", "GKP" or "the Company")
Shaikan Payment Update
Gulf Keystone confirms that a gross payment of USD34.3 million
(USD26.9 million net to GKP) has been received from the Kurdistan
Regional Government ("KRG") for Shaikan crude oil sales during
September 2022.
The payment reflects a new pricing mechanism proposed by the
Ministry of Natural Resources ("MNR") for Shaikan crude oil sales,
effective 1 September 2022. Under this mechanism, the realised
price for September reflects the average price for the Kurdistan
Blend ("KBT") sold by the KRG at Ceyhan in Turkey, adjusted for a
quality discount and transportation costs for use of export
pipelines.
For Shaikan crude oil sales in September 2022, the new pricing
mechanism results in an approximately USD11/bbl reduction in the
realised price versus the previous pricing mechanism leading to a
discount to Dated Brent of approximately USD34/bbl. The impact on
net payment is USD5.3 million.
The following table summarises pricing information for KBT
published by the KRG for the months from September 2022 to January
2023, including the impact on Shaikan realised prices versus the
previous pricing mechanism:
(USD/bbl) Sep-22 Oct-22 Nov-22 Dec-22 Jan-23
Dated Brent 90 93 92 81 83
KBT 72 75 72 63 67
Impact on Shaikan realised price (11) (12) (13) (12) (10)
If the new pricing mechanism had been in place throughout 2022,
the reduction in monthly Shaikan realised prices would have ranged
from USD4/bbl to USD13/bbl versus the previous pricing mechanism,
assuming KBT crude specs during Q3 2022 were representative of
those during H1 2022. Given fluctuations between Dated Brent and
KBT, and the widening differential in 2022 driven in part by
competition with heavily discounted Russian crude, the future KBT
discount to Dated Brent, and associated impact on Shaikan realised
prices, is uncertain.
The Company continues to engage with the MNR regarding the
proposed pricing mechanism and amendment to the Shaikan Lifting
Agreement.
Enquiries:
Gulf Keystone: +44 (0) 20 7514 1400
Aaron Clark, Head of Investor Relations aclark@gulfkeystone.com
FTI Consulting +44 (0) 20 3727 1000
Ben Brewerton
GKP@fticonsulting.com
Nick Hennis
or visit: www.gulfkeystone.com
Notes to Editors:
Gulf Keystone Petroleum Ltd. (LSE: GKP) is a leading independent
operator and producer in the Kurdistan Region of Iraq. Further
information on Gulf Keystone is available on its website
www.gulfkeystone.com
Disclaimer
This announcement contains certain forward-looking statements
that are subject to the risks and uncertainties associated with the
oil & gas exploration and production business. These statements
are made by the Company and its Directors in good faith based on
the information available to them up to the time of their approval
of this announcement but such statements should be treated with
caution due to inherent risks and uncertainties, including both
economic and business factors and/or factors beyond the Company's
control or within the Company's control where, for example, the
Company decides on a change of plan or strategy. This announcement
has been prepared solely to provide additional information to
shareholders to assess the Group's strategies and the potential for
those strategies to succeed. This announcement should not be relied
on by any other party or for any other purpose.
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Dissemination of a Regulatory Announcement, transmitted by EQS
Group. The issuer is solely responsible for the content of this
announcement.
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ISIN: BMG4209G2077
Category Code: MSCM
TIDM: GKP
LEI Code: 213800QTAQOSSTNTPO15
Sequence No.: 228497
EQS News ID: 1578129
End of Announcement EQS News Service
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(END) Dow Jones Newswires
March 09, 2023 02:00 ET (07:00 GMT)
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