Gulf Keystone Petroleum Ltd - Bermuda-based oil & gas exploration company - Says gross average production for 2022 amounts to 44,202 barrels of oil per day, in line with guidance. This is up from 43,440 bopd the year before. Gross average production in 2023-to-date is about 47,800 bopd, with the recent increase driven by ‘the gradual ramp up of SH-16,’ Gulf Keystone says. Expects 2022 net capital expenditure of $115 million, which includes drilling costs of $65 million, facilities and future well pad preparation costs of $35 million, and intervention costs of $15 million.
Chief Executive Officer Jon Harris says: ‘2022 was a strong year for GKP, in which we made progress on multiple fronts that will position the company to maximise long-term value from the Shaikan field. We laid the initial groundwork for a material increase in production levels in 2023 and 2024, while progressing towards key project sanction milestones of the Shaikan field development plan.’
The field development plan is expected to ‘enhance the sustainability and longevity of the company’s capacity for shareholder distributions,’ Gulf Keystone says. Looking ahead, says it remains confident in the Shaikan field’s production growth potential. Expects gross average production in 2023 to be 46,000 to 52,000 bopd.
Current stock price: 202.00 pence each
12-month change: down 8.6%
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